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Corporate Governance and Law Enforcement in Albanian Joint Stock Companies

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Listed:
  • Amali Çipi
  • Enida Pulaj
  • Raman Ismaili

Abstract

Proper implementation of CG regulations by the companies brings advantages both for companies and countries. Furthermore, the quality of legal rules determines the shape of the ownership concentration structure of the firm and, in many cases, assumes a monitoring role. In this sense for Albanian economy improving the use and enforcement of “good” CG practices will lead to higher foreign investment and soft passage towards modern economy. In this paper, we aim to analyze the evolutionary patterns of CG legal framework in Albania and, based on an application of the Delphi technique, provide development prospects considering the perceptions of a panel of Joint Stock Companies – JSCs- Chief Executive Officers –CEOs. Our essay demonstrates that CEOs expresses overall satisfaction with the CG legislation but its implementation isn’t at the required levels. Additionally, larger gaps and variations exist in areas where regulations and guidelines are less demanding or enforcement is difficult.

Suggested Citation

  • Amali Çipi & Enida Pulaj & Raman Ismaili, 2016. "Corporate Governance and Law Enforcement in Albanian Joint Stock Companies," International Business Research, Canadian Center of Science and Education, vol. 9(11), pages 201-207, November.
    • Handle: RePEc:ibn:ibrjnl:v:9:y:2016:i:11:p:201-207
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    References listed on IDEAS

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    1. Klapper, Leora F. & Love, Inessa, 2004. "Corporate governance, investor protection, and performance in emerging markets," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
    2. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
    3. Martynova, Marina & Renneboog, Luc, 2011. "Evidence on the international evolution and convergence of corporate governance regulations," Journal of Corporate Finance, Elsevier, vol. 17(5), pages 1531-1557.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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