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Governance and enterprise restructuring in Southeast Europe

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  • Mico Apostolov

Abstract

Purpose - The purpose of this paper is examine governance and enterprise restructuring in Southeast Europe (SEE) (Western Balkans) transition economies. International organizations classify the following countries in SEE (Western Balkans): Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia. Design/methodology/approach - The European Bank for Reconstruction and Development (EBRD) has governance and enterprise restructuring as a basic indicator of economic transition and defines it as effective corporate governance and corporate control exercised through domestic financial institutions and markets, fostering market‐driven restructuring. The corporate governance is most often defined in terms of the roles, responsibilities, and interactions of top management and the board of directors. Using data of SEE economies, the interrelationships between governance and enterprise restructuring and set of policies that influence the governance patterns will be examined. Findings - Due to the analysis of the first assumption where a relation was made between governance and enterprise restructuring and imposed set of policies, the results have shown that there are mixed outcomes. The second hypothesis analyzed the importance and progress of corporate governance and enterprise restructuring. Originality/value - The paper shows that the overall outcome of SEE countries is mixed, as there are significant improvements in some countries and noteworthy lags in others. Indeed, needed considerable improvement is needed in corporate governance, institution‐building controlling agency problems and in imposing already adopted regulation; as well as adopting new ways of enterprise restructuring policies within existing policies of overall transition economy restructuring.

Suggested Citation

  • Mico Apostolov, 2013. "Governance and enterprise restructuring in Southeast Europe," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 40(8), pages 680-691, June.
    • Handle: RePEc:eme:ijsepp:v:40:y:2013:i:8:p:680-691
    DOI: 10.1108/IJSE-07-2012-0124
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    References listed on IDEAS

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    1. John Bennett & Saul Estrin & James Maw & Giovanni Urga, 2004. "Privatisation Methods and Economic Growth in Transition Economies," Working Papers 2004.105, Fondazione Eni Enrico Mattei.
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    6. Filatotchev, Igor & Wright, Mike & Uhlenbruck, Klaus & Tihanyi, Laszlo & Hoskisson, Robert E., 2003. "Governance, organizational capabilities, and restructuring in transition economies," Journal of World Business, Elsevier, vol. 38(4), pages 331-347, November.
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    1. Mico Apostolov & Dusko Josevski, 2016. "Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 141-157.
    2. Mico APOSTOLOV, 2016. "Ownership And Control Structures A Case Study," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 8(2), pages 23-37, June.
    3. Jonek Kowalska, Izabela, 2015. "Challenges for long-term industry restructuring in the Upper Silesian Coal Basin: What has Polish coal mining achieved and failed from a twenty-year perspective?," Resources Policy, Elsevier, vol. 44(C), pages 135-149.
    4. Nawrocki, Tomasz Leszek & Jonek-Kowalska, Izabela, 2016. "Assessing operational risk in coal mining enterprises – Internal, industrial and international perspectives," Resources Policy, Elsevier, vol. 48(C), pages 50-67.
    5. Mico Apostolov, 2015. "Foreign Capital, GDP and Effects Affairs of Macedonia," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 1(3), pages 65-78, September.
    6. Apostolov Mico & Scagnelli Simone Domenico, 2019. "Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’," Business Systems Research, Sciendo, vol. 10(2), pages 18-36, September.
    7. Apostolov, Mico, 2011. "Governance and Enterprise Restructuring in Southeast Europe – gross domestic product and foreign direct investments," MPRA Paper 29102, University Library of Munich, Germany.

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