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Corporate Governance in Transition Economies

In: Corporate Governance in Transition Economies

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  • Robert W. McGee

    (Florida International University)

Abstract

Corporate governance issues are especially important in transition economies, since these countries do not have the long-established financial institution infrastructure to deal with corporate governance issues. Before the fall of the Berlin Wall and the collapse of the Soviet Union, there was no need to discuss corporate governance issues because all enterprises were owned by the state and there were no shareholders. All that has changed since 1989. This chapter discusses how transition economies are dealing with corporate governance issues and the extra obstacles they have to overcome due to a lack of established financial institution infrastructure. Corporate governance has become an important topic in transition economies in recent years. Directors, owners and corporate managers have started to realize that there are benefits that can accrue from having a good corporate governance structure. Good corporate governance helps to increase share price and makes it easier to obtain capital. International investors are hesitant to lend money or buy shares in a corporation that does not subscribe to good corporate governance principles. Transparency, independent directors and a separate audit committee are especially important. Some international investors will not seriously consider investing in a company that does not have these things.

Suggested Citation

  • Robert W. McGee, 2008. "Corporate Governance in Transition Economies," Springer Books, in: Robert W. McGee (ed.), Corporate Governance in Transition Economies, chapter 1, pages 3-20, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-84831-0_1
    DOI: 10.1007/978-0-387-84831-0_1
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    Citations

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    Cited by:

    1. Marco Wölfle, 2009. "Information-based trade in Russia and the effects of listing abroad," Economic Change and Restructuring, Springer, vol. 42(4), pages 229-262, November.
    2. Ahnaf Ali Alsmady, 2018. "Ownership Structure and its Endogeneity Effect on the Quality of Financial Reporting," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(3), pages 509-526, March.
    3. Sergey Solntsev, 2013. "Senior management labor market: from economic growth to crisis. The case of Russia," HSE Working papers WP BRP 10/MAN/2013, National Research University Higher School of Economics.
    4. Christopher P.P. Shafuda & Rainer Lenz & Matthew Mirecki, 2020. "Corporate Governance of SOEs and Compliance With the SOE Governance Act in Namibia: A Survey," Journal of Public Administration and Governance, Macrothink Institute, vol. 10(4), pages 219249-2192, December.
    5. Dolgopyatova, Tatiana & Libman, Alexander & Yakovlev, Andrei, 2018. "Unintended Benefits of Empowering Boards in Conglomerates: A Case Study of AFK Sistema," Journal of East European Management Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 23(2), pages 177-202.
    6. Ancuta Alina Gheorghe & Moisescu Florentina, 2017. "Study Regarding The Financial Reporting Of Intangible Assets. Case Of Romanian Pharmaceutical Industry," Management Strategies Journal, Constantin Brancoveanu University, vol. 35(1), pages 163-172.
    7. Muravyev, Alexander, 2017. "Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects," Economic Systems, Elsevier, vol. 41(1), pages 5-25.
    8. Iuliana Oana MIHAI & Riana Iren RADU & Violeta ISAI, 2017. "Corporate Governance and Related Parties Transactions - Evidence from Romanian Listed Companies," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 124-134.
    9. Bryan K. Church & Narisa Tianjing Dai & Xi (Jason) Kuang & Xuejiao Liu, 2020. "The Role of Auditor Narcissism in Auditor–Client Negotiations: Evidence from China," Contemporary Accounting Research, John Wiley & Sons, vol. 37(3), pages 1756-1787, September.
    10. Iuliana Oana MIHAI & Riana Iren RADU, 2015. "Accounting Treatment for Separate and Consolidated Financial Statements," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 140-145.
    11. Nurlan Nurseiit, 2017. "The Consequences of the Choice of an Economic Model for the Development of CIS Countries," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 5(2), pages 110-140.
    12. Florin Alexandru Roman & Monica Violeta Achim & Robert W. McGee, 2023. "Fraud related to EU funds. The case of Romania," Journal of Financial Studies, Institute of Financial Studies, vol. 8(14), pages 120-142, May.
    13. Iuliana Oana MIHAI, 2013. "The Influence of Corporate Governance and Ownership Concentration on Company Performance - Evidence from Bucharest Stock Exchange," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 3, pages 79-88.
    14. Apostolov, Mico, 2010. "Governance and Enterprise Restructuring in Southeast Europe," MPRA Paper 27634, University Library of Munich, Germany.
    15. Grosu Maria, 2011. "Codes And Practices Of Implementation Of Corporate Governance In Romania And Results Reporting," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 251-256, December.

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