Factors Influencing Corporate Governance in Postsocialist Companies: An Analytical Framework

Abstract

In explaining the corporate governance performance of post-socialist companies, this article identifies four factors of influence: (1) pressure from majority shareholders, (2) pressure from outside minority shareholders, (3) pressure resulting from internationalization/globalization and (4) pressure exerted by the state in the form of legal regulation. If all four factors have an impact on corporate governance performance, their interaction has to be explained. On the basis of research conducted thus far, this article suggests an analytical framework for the examination of corporate governance performance of postsocialist companies. Case studies of oil and gas firms from Central and Eastern Europe illustrate how the above factors influence a company's corporate governance performance.

Keywords: corporate governance, Russia, Central Eastern Europe, oil and gas industry

JEL Classification: G34, L71, M14, P21, P28, P31