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Corporate governance in transition countries

Author

Listed:
  • Anton Marcinèin

Abstract

The author examines theoretical issues of the relationship between investor (owner) and manager, and cites empirical literature that supports the importance of corporate governance to transition countries. In summary, owners need managers for specific human capital and managers need owners for funds?the corporate governance system enables owners to secure returns on investment; if the system is faulty, firms will lack capital. Ownership matters because owners hold residual rights to property. Transition economies have tried different yet unsuccessful privatization techniques. Their failures are due mainly to the corresponding neglected reform of legal and institutional frameworks. OECD principles should serve to guide transitional economies? reforms of corporate governance.

Suggested Citation

  • Anton Marcinèin, 2000. "Corporate governance in transition countries," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 50(2), pages 97-112, February.
  • Handle: RePEc:fau:fauart:v:50:y:2000:i:2:p:97-112
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    File URL: http://journal.fsv.cuni.cz/mag/article/show/id/139
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    More about this item

    Keywords

    corporate governance; transition;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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