Apostolov, Mico (2011): Governance and enterprise restructuring - the case of Macedonia. Forthcoming in:
Download (755kB) | Preview
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.
|Item Type:||MPRA Paper|
|Original Title:||Governance and enterprise restructuring - the case of Macedonia|
|Keywords:||governance, corporate governance, management strategy, transition, Southeast Europe, Macedonia|
|Subjects:||G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation
G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
P - Economic Systems > P3 - Socialist Institutions and Their Transitions > P31 - Socialist Enterprises and Their Transitions
G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
L - Industrial Organization > L3 - Nonprofit Organizations and Public Enterprise > L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
O - Economic Development, Technological Change, and Growth > O1 - Economic Development > O12 - Microeconomic Analyses of Economic Development
|Depositing User:||Mico Apostolov|
|Date Deposited:||09. May 2011 17:54|
|Last Modified:||15. Feb 2013 11:27|
Aggarwal, R., & Goodell, J. W. 2010. Financial markets versus institutions in European countries: Influence of culture and other national characteristics. International Business Review, 19(5): 502-520.
Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. 2008. An Organizational Approach to Comparative Corporate Governance: Costs, Contingencies, and Complementarities. Organization Science, 19(3): 475-492.
Aguilera, R. V., & Jackson, G. 2003. The Cross-National Diversity of Corporate Governance: Dimensions and Determinants. The Academy of Management Review, 28(3): 447-465.
Bennett, J., Estrin, S., Maw, J., Urga, G. . 2004a. Privatization methods and economic growth in transition economies. Fondazione Eni Enrico Mattei Nota di Lavoro 105.
Bennett, J., Estrin, S., Maw, J., Urga, G. . 2004b. Privatization methods and economic growth in transition economies. CEPR 4291.
Claessens, S., Djankov, S., & Lang, L. H. P. 2000. The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2): 81-112.
Djankov, S., Hart, O., McLiesh, C., & Shleifer, A. 2008. Debt Enforcement around the World. Journal of Political Economy, 116(6): 1105-1149.
Djankov, S., & Murrell, P. 2002. Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature, 40(3): 739-792.
Douma, S., George, R., & Kabir, R. 2006. Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market. Strategic Management Journal, 27(7): 637-657.
EBRD. 1994-2009. Transition report: European Bank for Reconstruction and Development, London.
Fama, E. F., & Jensen, M. C. 1983. Separation of Ownership and Control. The Journal of Law and Economics, 26(2): 301.
Freedman, D. A. 2005. Statistical Models: Theory and Practice: Cambridge University Press
Gouret, F. 2007. Privatization and output behavior during the transition: Methods matter! Journal of Comparative Economics, 35(1): 3-34.
Hall, P. A., & Gingerich, D. W. 2009. Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis. British Journal of Political Science, 39(03): 449-482.
Hitt, M. A., Keats, B. W., & DeMarie, S. M. 1998. Navigating in the New Competitive Landscape: Building Strategic Flexibility and Competitive Advantage in the 21st Century. The Academy of Management Executive (1993-2005), 12(4): 22-42.
Hoskisson, R. E., Cannella, A. A., Tihanyi, L., & Faraci, R. 2004. Asset restructuring and business group affiliation in French civil law countries. Strategic Management Journal, 25(6): 525-539.
Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. 2000. Strategy in Emerging Economies. The Academy of Management Journal, 43(3): 249-267.
IFC. 2008. Corporate Governance Manual for Macedonian Companies: International Finance Corporation.
Kaplan, S. N., Martel, F., & Stromberg, P. J. 2003. How Do Legal Differences and Learning Affect Financial Contracts? Working paper. University of Chicago
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. 2000. Investor protection and corporate governance. Journal of Financial Economics, 58(1-2): 3-27.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, Robert W. 1998. Law and Finance. Journal of Political Economy, 106(6): 1113-1155.
Luo, Y., & Peng, M. W. 1999. Learning to Compete in a Transition Economy: Experience, Environment, and Performance. Journal of International Business Studies, 30(2): 269-295.
Makhija, M. V. 2004. The value of restructuring in emerging economies: the case of the Czech Republic. Strategic Management Journal, 25(3): 243-267.
Maug, E. 1998. Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control? The Journal of Finance, 53: 65-98.
Newman, K. L. 2000. Organizational Transformation during Institutional Upheaval. The Academy of Management Review, 25(3): 602-619.
North, D. C. 1990. Institutions, institutional change and economic performance. Cambridge: Cambridge University Press.
Peng, M. W. 2004. Outside directors and firm performance during institutional transitions. Strategic Management Journal, 25(5): 453-471.
Porta, R. L., Lopez-De-Silanes, F., & Shleifer, A. 1999. Corporate Ownership Around the World. The Journal of Finance, 54(2): 471-517.
Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W. 1997. Legal Determinants of External Finance. The Journal of Finance, 52(3): 1131-1150.
Sanders, W. M. G., & Mason, A. C. 1998. Internationalization and Firm Governance: The Roles of CEO Compensation, Top Team Composition, and Board Structure. The Academy of Management Journal, 41(2): 158-178.
Scott, W. R. 2002. Institutions and organizations. Thousand Oaks: Sage Publications.
Uhlenbruck, K., Meyer, K. E., & Hitt, M. A. 2003. Organizational Transformation in Transition Economies: Resource-based and Organizational Learning Perspectives. Journal of Management Studies, 40(2): 257-282.
Zinnes, C., Eilat, Y., & Sachs, J. 2001. The Gains from Privatization in Transition Economies: Is "Change of Ownership" Enough? IMF Staff Papers, 48(ArticleType: research-article / Issue Title: Transition Economies: How Much Progress? / Full publication date: 2001 / Copyright © 2001 International Monetary Fund): 146-170.