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Institutional Framework Of Corporate Governance With Reference To The Former Yugoslav Transition Economies


  • Mimo Draskovic
  • Jelena Stjepcevic


The importance of institutional factors, particularly corporate governance regimes for the successful sustainable development and market-based reform in transition economies has been emphasized in burgeoning literature that has developed. The issue of best practices in the field of corporate governance is particularly important and debated. It plays a crucial role and maintains fundamental importance in all developed economies. Since corporate governance in former Yugoslav transition economies was not developed in their most important functional segments, it is clear that it could not have contributed to economic efficiency. This paper examines the underlying causes for extremely reduced role of corporate governance in the mentioned countries. It starts with two hypotheses, namely: first, that the underdeveloped social, political and particularly economic institutional framework are the most significant causes of inefficient corporate governance in the surveyed countries, and second, that the established imbalance in relationships between propertycontrol- corporate governance has dominantly contributed to negative economic results and reduced business environment (in terms of employment, results, business barriers, a chronic lack of investments, etc.).

Suggested Citation

  • Mimo Draskovic & Jelena Stjepcevic, 2012. "Institutional Framework Of Corporate Governance With Reference To The Former Yugoslav Transition Economies," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(4), pages 27-41.
  • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:4:p:27-41

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    References listed on IDEAS

    1. repec:hrv:faseco:30728046 is not listed on IDEAS
    2. Luigi Zingales, 1997. "Corporate Governance," NBER Working Papers 6309, National Bureau of Economic Research, Inc.
    3. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. Saul Estrin & Martha Prevezer, 2010. "The Role of Informal Institutions in Corporate Governance: Brazil, Russia, India and China Compared," Working Papers 31, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
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    Cited by:

    1. Andjelko Lojpur & Veselin Draskovic, 2013. "Institutional Context Of Corporate Governance And Corporate Social Responsibility," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(1), pages 27-44.

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