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Changes in corporate governance quality in Estonia between 1999 and 2007

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  • Helen Bollaert
  • Antoine Dile

Abstract

This article documents significant improvements in the quality of corporate governance in Estonian listed firms between 1999 and 2007. Basing our approach in the agency theory framework, we construct a corporate governance index reflecting the specificities of transition economies in general and Estonia in particular. We base our index on best practice using a number of widely recognised sources. Using hand-collected publicly available data for 1999 and 2007, we calculate a corporate governance score for every listed company. Comparing the scores, we find an overall improvement in corporate governance during the period, which coincided with Estonia's accession to the EU. We find evidence that some corporate governance practices are better in cross-listed firms and those which were already in existence in 1989 and which were subsequently privatised. We identify some areas of corporate governance where practices could be enhanced.

Suggested Citation

  • Helen Bollaert & Antoine Dile, 2009. "Changes in corporate governance quality in Estonia between 1999 and 2007," Post-Communist Economies, Taylor & Francis Journals, vol. 21(1), pages 65-84.
    • Handle: RePEc:taf:pocoec:v:21:y:2009:i:1:p:65-84
    DOI: 10.1080/14631370802663653
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    Cited by:

    1. Luu Thi-Minh-Ngoc & Nguyen Phuong Mai, 2024. "An Application of the Scorecard Tool to Measure Corporate Governance Quality: Empirical Study in a transition country," Foundations of Management, Sciendo, vol. 16(1), pages 127-138.
    2. Morar Triandafil, Cristina & Poanta, Dorina, 2011. "Central and East European Corporate Finance: Between Commonality and Heterogeneity," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 132-161, September.
    3. Ingrid-Mihaela Dragotă & Andreea Curmei-Semenescu & Raluca Moscu, 2020. "CEO Diversity, Political Influences, and CEO Turnover in Unstable Environments: The Romanian Case," JRFM, MDPI, vol. 13(3), pages 1-22, March.

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