Changes in corporate governance quality in Estonia between 1999 and 2007
This article documents significant improvements in the quality of corporate governance in Estonian listed firms between 1999 and 2007. Basing our approach in the agency theory framework, we construct a corporate governance index reflecting the specificities of transition economies in general and Estonia in particular. We base our index on best practice using a number of widely recognised sources. Using hand-collected publicly available data for 1999 and 2007, we calculate a corporate governance score for every listed company. Comparing the scores, we find an overall improvement in corporate governance during the period, which coincided with Estonia's accession to the EU. We find evidence that some corporate governance practices are better in cross-listed firms and those which were already in existence in 1989 and which were subsequently privatised. We identify some areas of corporate governance where practices could be enhanced.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 21 (2009)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CPCE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CPCE20|
When requesting a correction, please mention this item's handle: RePEc:taf:pocoec:v:21:y:2009:i:1:p:65-84. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.