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Theories Of Corporate Governance At State-Owned Enterprises

Author

Listed:
  • Spartak Keremidchiev

    (Economic Research Institute, Bulgarian Academy of Sciences)

  • Miroslav Nedelchev

    (Economic Research Institute, Bulgarian Academy of Sciences)

Abstract

The aim of the article is to present the application of basic theories of corporate governance in state-owned enterprises. The modern theories of corporate governance were developed and applicable in the private sector only. State ownership fulfills more than one goal and makes it difficult to apply a specific theory of corporate governance. The results of the article give grounds for applying a specific theory to an individual stateowned enterprise. For the correct application of a given theory, it is necessary to disclose information to determine the goals of the state enterprise and to specify the stakeholders. The mechanical application of theories of corporate theories from the private sector to state-owned enterprises reduces the significance of each theory and leads to incorrect conclusions

Suggested Citation

  • Spartak Keremidchiev & Miroslav Nedelchev, 2020. "Theories Of Corporate Governance At State-Owned Enterprises," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 17(2), pages 61-71.
    • Handle: RePEc:neo:journl:v:17:y:2020:i:2:p:61-71
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    References listed on IDEAS

    as
    1. Przemyslaw Kowalski & Max Büge & Monika Sztajerowska & Matias Egeland, 2013. "State-Owned Enterprises: Trade Effects and Policy Implications," OECD Trade Policy Papers 147, OECD Publishing.
    2. Augustin Landier & Julien Sauvagnat & David Sraer & David Thesmar, 2013. "Bottom-Up Corporate Governance," Review of Finance, European Finance Association, vol. 17(1), pages 161-201.
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    4. Soyeon Kim & Hyun-Han Shin & Seungwon Yu, 2019. "Performance of State-Owned Enterprises During Public Elections: The Case of Korea," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(1), pages 78-89, January.
    5. Ha-Joon Chang, 2007. "State-Owned Enterprise Reform," Policy Notes 4, United Nations, Department of Economics and Social Affairs.
    6. Taye Mengistae & Lixin Colin Xu, 2004. "Agency Theory and Executive Compensation: The Case of Chinese State-Owned Enterprises," Journal of Labor Economics, University of Chicago Press, vol. 22(3), pages 615-638, July.
    7. Alessandra Allini & Francesca Manes Rossi & Khaled Hussainey, 2016. "The board's role in risk disclosure: an exploratory study of Italian listed state-owned enterprises," Public Money & Management, Taylor & Francis Journals, vol. 36(2), pages 113-120, March.
    8. Marco Becht, 2005. "Corporate Governance: An Assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(2), pages 155-163, Summer.
    9. Lex Donaldson & James H. Davis, 1994. "Boards and Company Performance ‐ Research Challenges the Conventional Wisdom," Corporate Governance: An International Review, Wiley Blackwell, vol. 2(3), pages 151-160, July.
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    Cited by:

    1. Milena Filipova & Yulia Nedelcheva, 2022. "Value-Added Chain Of A New Pharmaceutical Product," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 19(1), pages 65-78.

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    More about this item

    Keywords

    agency theory; stewardship theory; stakeholder theory;
    All these keywords.

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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