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Governance and Enterprise Restructuring - the case of Macedonia

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Listed author(s):
  • Apostolov, Mico

Abstract

This paper is a case study of the Republic of Macedonia (Southeast Europe), which focuses on examining governance and enterprise restructuring. Governance and enterprise restructuring is already defined indicator in EBRD’s studies and transition reports, measuring the effective corporate governance and corporate control exercised through domestic financial institutions and markets, fostering market-driven restructuring. As of the beginning of the transition process, governance and enterprise restructuring remains in the center, as essential pillar, that moves forward the society towards developed market economy. The data used in this article are analyzed with an econometric regression model, which as employed in this study examines the interrelationships between governance and enterprise restructuring and set of policies that influence the governance patterns.

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File URL: https://mpra.ub.uni-muenchen.de/29098/1/MPRA_paper_29098.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 29098.

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Date of creation: 2011
Handle: RePEc:pra:mprapa:29098
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Keywords: governance; corporate governance; management strategy; transition; Southeast Europe; Macedonia;

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Find related papers by JEL classification:
  • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
  • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
  • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
  • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
  • G30 - Financial Economics - - Corporate Finance and Governance - - - General
  • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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  1. John Bennett & Saul Estrin & James Maw & Giovanni Urga, 2004. "Privatisation Methods and Economic Growth in Transition Economies," Working Papers 2004.105, Fondazione Eni Enrico Mattei.
  2. Aggarwal, Raj & Goodell, John W., 2010. "Financial markets versus institutions in European countries: Influence of culture and other national characteristics," International Business Review, Elsevier, vol. 19(5), pages 502-520, October.
  3. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
  4. Mico Apostolov, 2013. "Governance and enterprise restructuring in Southeast Europe," International Journal of Social Economics, Emerald Group Publishing, vol. 40(8), pages 680-691, June.
  5. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
  6. Michael Weisbach, 2010. "Corporate Governance," NBER Books, National Bureau of Economic Research, Inc, number weis10-1, June.
  7. Apostolov, Mico, 2011. "Governance and Enterprise Restructuring in Southeast Europe – gross domestic product and foreign direct investments," MPRA Paper 29102, University Library of Munich, Germany.
  8. Yadong Luo & Mike W Peng, 1999. "Learning to Compete in a Transition Economy: Experience, Environment, and Performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 30(2), pages 269-295, June.
  9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
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  11. FFF1Jitka NNN1Rychtarikova, 2004. "The case of the Czech Republic," Demographic Research Special Collections, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 2(5), pages 105-138, April.
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  13. Simeon Djankov & Oliver Hart & Caralee McLiesh & Andrei Shleifer, 2008. "Debt Enforcement around the World," Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 1105-1149, December.
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  16. Klaus Uhlenbruck & Klaus E. Meyer & Michael A. Hitt, 2003. "Organizational Transformation in Transition Economies: Resource-based and Organizational Learning Perspectives," Journal of Management Studies, Wiley Blackwell, vol. 40(2), pages 257-282, 03.
  17. Hall, Peter A. & Gingerich, Daniel W., 2009. "Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis," British Journal of Political Science, Cambridge University Press, vol. 39(03), pages 449-482, July.
  18. Ernst Maug, 1998. "Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control?," Journal of Finance, American Finance Association, vol. 53(1), pages 65-98, 02.
  19. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
  20. Apostolov, Mico, 2010. "Corporate Governance in Macedonia – micro and macro analysis," MPRA Paper 27914, University Library of Munich, Germany.
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Cited by:

  1. Mico Apostolov, 2010. "Attributes To Corporate Governance And Enterprise Restructuring In The Macedonian Economy," Journal Articles, Center For Economic Analyses, pages 5-16, December.
  2. Mico Apostolov & Dusko Josevski, 2016. "Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 141-157.
  3. Apostolov Mico, 2016. "Foreign Direct Investments Induced Innovation? A Case Study − Macedonia," Comparative Economic Research, De Gruyter Open, vol. 19(1), pages 5-25, March.
  4. Mico Apostolov, 2016. "Cobb–Douglas production function on FDI in Southeast Europe," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 5(1), pages 1-28, December.
  5. Mico Apostolov, 2015. "Foreign Capital, GDP and Effects Affairs of Macedonia," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 1(3), pages 65-78, September.
  6. Mico APOSTOLOV, 2016. "Ownership And Control Structures A Case Study," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 8(2), pages 23-37, June.
  7. Apostolov, Mico, 2011. "Governance and Enterprise Restructuring in Southeast Europe – gross domestic product and foreign direct investments," MPRA Paper 29102, University Library of Munich, Germany.

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