Governance And Enterprise Restructuring Of Macedonia

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Abstract:

This paper is a case study of the Republic of Macedonia (Southeast Europe), which focuses on examining governance and enterprise restructuring.

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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.

JEL Classifications: G30, G32, G38; L33; O11; P31

Keywords: governance, corporate governance, management strategy, transition, Southeast Europe, Macedonia

Acknowledgements: I would like to thank Prof. Nicola Bellini for the continuous support, as well as, the PhD Program in Management and MAIN Lab of Scuola Superiore Sant’Anna, Pisa, Italy

Introduction

The research in this paper is to be focused on examining governance and enterprise restructuring in Southeast Europe economies and in particular a case study of the Republic of Macedonia.

EBRD has governance and enterprise restructuring as basic indicator of economic transition and defines it as effective corporate governance and corporate control exercised through domestic financial institutions and markets, fostering market-driven restructuring. The corporate governance is most often defined in terms of the roles, responsibilities, and interactions of top management and the board of directors.

Using data of South-East Europe i.e. case study of Macedonia, will be examined the interrelationships between governance and enterprise restructuring and set of policies that influence the governance patterns.

Literature Review

There are several contemporary theories that set the foundations of governance and enterprise restructuring within a framework important for this research.

The institutional setting is of essence when governance and enterprise restructuring is analyzed in transition economies. Further, the literature on corporate governance is extensive and is linked to important theories, of which the agency theory is fundamentally predominant. The established agency theory highlights the function of corporate governance in the overall enterprise restructuring, ensuring that the firm protects the interests of shareholders in a given institutional context . Thus, the institutional setting has impact on the outcome of companies’ performance through the very nature of country’s ownership structure and policies undertaken to shape the governance system. When companies are analyzed, it is important to state the presence of different agency conflicts between shareholders and management in a given ownership structure of each country. Hence, different countries have divergent governance systems leading to variations in the nature of the agency problems,

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