A FRAMEWORK FOR ANALYSIS OF CORPORATE CONTROL IN TRANSITION COUNTRIES

摘要

Corporate control is integrative concept of corporate governance. This paper offers novel perspective on elaborating corporate control in transition countries. The research framework that we propose hold that most important feature of corporate governance is its stability in achieving two major functions of corporate governance: macro perspective which is represented with balance between shareholders and micro perspective which is represented by enterprise performance. We argue that nature of corporate control is not solely determinant of ownership concentration as most literature suggests but is also a matter of identity of shareholders and that the level of corporate control can be approximated by attributes of structure and work of board of directors. Framework for analysis is in this paper described from perspective of transition economy where corporate control mechanism are more unstable and fragile that they are in countries with longer tradition of market for corporate control.