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Corporate Governance in Macedonia – micro and macro analysis

By Mico Apostolov

Abstract

The corporate governance issue in Macedonian companies has been brought forward during the recent few years. The main reason is the fact that the privatization process completion of socially-owned and partly state-owned enterprises has put emphasis to the challenge to reasonably regulate relationships established within companies on one hand, and relationships between companies and larger society on the other. All market economies, including those with longest tradition, have faced this kind of challenge so far. Corporate governance becomes an increasingly important issue for the Macedonian economy. It is being taken with greater consideration by the companies, regulators and government. The strong wave of privatization programs from mid-90’ have resulted in an altered business environment, and new legal and institutional frameworks have been established. Indeed, corporate governance contributes to sustainable economic development by enhancing the performance of companies and increasing their access to external sources of capital. In this paper we will make attempt to analyze the predominant factors that create prolific corporate governance environment in two terms; a) micro level and macro level.

Topics: O11 - Macroeconomic Analyses of Economic Development, G38 - Government Policy and Regulation, G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill, P31 - Socialist Enterprises and Their Transitions, G30 - General, L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out
Year: 2010
OAI identifier: oai:mpra.ub.uni-muenchen.de:27914

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