THE ROLE OF CORPORATE GOVERNANCE IN TRANSITION ECONOMIES: CONTRIBUTION AND DEVELOPMENT

Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie

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VESNA GEORGIEVA SVRTINOV¹  BLAGICA KOLEVA²  OLIVERA GJORGIEVA-TRAJKOVSKA²  KRUME NIKOLOSKI² 

[1] INSTITUTE OF ECONOMICS - SKOPJE, REPUBLIC OF MACEDONIA ;

[2] UGD, FACULTY OF ECONOMICS-STIP, REPUBLIC OF MACEDONIA;

关键词: corporate;    governance;    transition;    principles;   

DOI  :  

来源: DOAJ

【 摘 要 】

With more evident process of globalization of the world market, the concept of corporate governance gainsimportance. The global economic crisis highlighted the problems of corporate governance both in developed countriesand developing economies. Analyzing the effects of the global economic crisis, including striking collapse of manycompanies, the huge increase in unemployment and the increased number of people living on the poverty line andbelow, it can be concluded that some of these problems are result of various weaknesses and failures of corporategovernance. Even though the introduction of a number of rules, codes and practices of corporate governance havebeen made, the global economic crisis has shown that more effective application of the standards of corporategovernance is necessary. Corporate governance issues are especially important in transition economies, since thesecountries do not have the long-established financial institution infrastructure to deal with corporate governance issues.Before 1989 there was no need to discuss corporate governance issues, because all enterprises were owned by the stateand there were no shareholders. All that has changed. This paper discusses the importance of corporate governance,with special reference to transition economies. Directors, owners and corporate managers have started to realize thatthere are benefits that can accrue from having a good corporate governance structure. Good corporate governancehelps to increase share price and makes it easier to obtain capital. International investors are hesitant to lend moneyor 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.

【 授权许可】

Unknown