1 Preliminary Draft Corporate Governance Systems and Restructuring : the Lessons from the Transition Experience
نویسنده
چکیده
This paper attempts to draw a synthetic picture of corporate governance in transition with emphasis on the efficiency implications of corporate governance, taking into account a) the heterogeneity of managerial skills, b) the diversity of restructuring tasks and financial situations of firms and c) political constraints. The focus is on the efficiency effects generated by the different kinds of privatization policies. A special emphasis is put on the broad dynamic effects of privatization. It is argued that different privatization policies have different effects on the distribution of economic power in society, with possible far-reaching consequences in terms of state capture, level of law enforcement, tax collection, underdevelopment of financial markets and of the private sector. In particular, it is argued that the development of legal reform is not an exogenous but an endogenous process influenced by the vested interests created by the initial privatization policy. ∗ Paper prepared for the 2000 ABCDE conference in Washington.
منابع مشابه
IN SEARCH OF OWNERS : Lessons of Experience with Privatization and Corporate Governance in Transition Economies
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