Corporate Governance in Macedonia - Micro and Macro Analysis
Sant'Anna School of Advanced Studies - Istituto di Management; European Corporate Governance Institute (ECGI); University of California, Berkeley - Haas School of Business
Risk Governance and Control - Financial Markets and Institutions, Vol. 1, No. 1, pp. 124-134, Winter 2011
The corporate governance issue in Macedonian companies has been brought forward during the recent few years. The main reason is the fact that the privatization process completion of socially-owned and partly state-owned enterprises has put emphasis to the challenge to reasonably regulate relationships established within companies on one hand, and relationships between companies and larger society on the other. All market economies, including those with longest tradition, have faced this kind of challenge so far.
Corporate governance becomes an increasingly important issue for the Macedonian economy. It is being taken with greater consideration by the companies, regulators and government. The strong wave of privatization programs from mid-90’ have resulted in an altered business environment, and new legal and institutional frameworks have been established. Indeed, corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to external sources of capital.
In this paper we will make attempt to analyze the predominant factors that create prolific corporate governance environment in two terms; a) micro level and macro level.
Number of Pages in PDF File: 10
Keywords: Corporate Governance, Management Strategy, Transition, SEE, Macedonia
JEL Classification: G30, G32, G38, L33, O11, P31Accepted Paper Series
Date posted: December 19, 2010 ; Last revised: April 3, 2011
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