Apostolov, Mico (2011): Attributes to corporate governance and enterprise restructuring in the Macedonian economy.
Download (342kB) | Preview
Corporate governance is most often defined in terms of the roles, responsibilities, and interactions of top management and the board of directors. Using information on Macedonia, obtained through various sources, this study is an attempt on determining some of the factors that influence the development of governance and enterprise restructuring in this economy.
This study is founded on governance-conduct-performance paradigm in strategic management. We will examine the possibilities that lead to the fallowing outcomes: A) The degree to which governance and enterprise restructuring is positively related to foreign direct investments, exports and value added (industry and services) in Macedonian economy; B) The degree to which governance and enterprise restructuring is related to: listed domestic companies, market capitalization of listed companies and stocks traded, and presumably that relation is somewhat ambiguous, nonetheless important.
|Item Type:||MPRA Paper|
|Original Title:||Attributes to corporate governance and enterprise restructuring in the Macedonian economy|
|Keywords:||corporate governance, enterprise restructuring, transition, SEE, Macedonia|
|Subjects:||G - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and Regulation
G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
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
L - Industrial Organization > L3 - Nonprofit Organizations and Public Enterprise > L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions ; Privatization ; Contracting Out
G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O12 - Microeconomic Analyses of Economic Development
|Depositing User:||Mico Apostolov|
|Date Deposited:||01. Mar 2011 20:11|
|Last Modified:||31. Dec 2015 22:26|
Apostolov, M. 2010a. Governance and Enterprise Restructuring - the case of Macedonia. 2nd International Conference on Economies of Central and Eastern Europe: Convergence, Opportunities and Challenges organised by the Society for the Study of Emerging Markets (USA), Tallinn, Estonia
Apostolov, M. 2010b. Governance and Enterprise Restructuring in Southeast Europe. London School of Economics and Political Science Symposium, 2010.
Apostolov, M. 2011a. Corporate Governance in Macedonia Micro and Macro Analysis. Risk Governance and Control - Financial Markets and Institutions, 1(1): 124-134.
Apostolov, M. 2011b. Governance and Enterprise Restructuring in Southeast Europe – gross domestic product and foreign direct investments. Journal for Labour and Social Affairs in Eastern Europe (SEER), 1(1).
Aulakh, P. S., Kotabe, M., & Teegen, H. 2000. Export Strategies and Performance of Firms from Emerging Economies: Evidence from Brazil, Chile, and Mexico. The Academy of Management Journal, 43(3): 342-361.
Bernard, A. B., & Bradford Jensen, J. 1999. Exceptional exporter performance: cause, effect, or both? Journal of International Economics, 47(1): 1-25.
Clerides, S. K., Lach, S., & Tybout, J. R. 1998. Is Learning by Exporting Important? Micro-Dynamic Evidence from Colombia, Mexico, and Morocco. The Quarterly Journal of Economics, 113(3): 903-947.
Djankov, S., & Murrell, P. 2002. Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature, 40(3): 739-792.
EBRD. 1994-2009. Transition report: European Bank for Reconstruction and Development, London.
Freedman, D. A. 2005. Statistical Models: Theory and Practice: Cambridge University Press
Gelman, A. 1996. Inference and Monitoring Convergence. In S. R. Walter R. Gilks, D. J. Spiegelhalter (Ed.), Markov chain Monte Carlo in practice: Chapman & Hall.
Gilks, W., Richardson, S., & Spiegelhalter, D. 1996. Markov chain Monte Carlo in practice: Chapman & Hall.
Hitt, M. A., Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. 1996. The Market for Corporate Control and Firm Innovation. The Academy of Management Journal, 39(5): 1084-1119.
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., Eden, L., Lau, C. M., & Wright, M. 2000. Strategy in Emerging Economies. The Academy of Management Journal, 43(3): 249-267.
IFC. 2007. Corporate Governance Manual for Macedonian Companies: International Finance Corporation.
Iii, L. G. T., & Waring, G. 1999. Competing capitalisms: capital investment in American, German, and Japanese firms. Strategic Management Journal, 20(8): 729-748.
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.
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.
Shleifer, A., & Vishny, R. W. 1997. A Survey of Corporate Governance. The Journal of Finance, 52(2): 737-783.
Thomas L. Wheelen, & Hunger, J. D. 2008. Strategic Management And Business Policy: Concepts And Cases: Prentice Hall.
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.
Available Versions of this Item
Attributes to corporate governance and enterprise restructuring in the Macedonian economy. (deposited 01. Mar 2011 20:11)
- Attributes to corporate governance and enterprise restructuring in the Macedonian economy. (deposited 30. Mar 2011 19:14)