scholarly journals КОРПОРАТИВНАЯ СИСТЕМА УПРАВЛЕНИЯ АКЦИОНЕРНЫМИ ОБЩЕСТВАМИ В РЕСПУБЛИКЕ БЕЛАРУСЬ

2018 ◽  
pp. 19-22
Author(s):  
И. Н. Рабыко
Keyword(s):  
Corporate Governance ◽  
Management System ◽  
Supervisory Board ◽  
Independent Directors ◽  
Corporate Management ◽  
Financial Risks ◽  
Governance System ◽  
Corporate Governance System ◽  
The Republic ◽  
Corporate Management System

Formulation of the problem. The development of the economy of the Republic of Belarus actualizes the improvement of corporate governance in joint-stock companies, since the largest enterprises of the republic are joint-stock companies. The subject of the research is to assess the current state of the corporate management system of joint-stock companies. The aim of the research is to reflect the role of the corporate management system of joint-stock companies in the Republic of Belarus as a tool for minimizing financial risks. The object of research is the development processes of the corporate management system of joint-stock companies of the Republic of Belarus. The methods used of the research are logical, comparative, analytical, scientific and methodological. The hypothesis of the study is the assumption of the dependence of the quality of the corporate management system of joint-stock companies and their financial risks. The statement of basic materials. An analysis of the world experience of the corporate governance system of joint stock companies shows that the number of independent directors ranges from 15 to 50% of the members of the board of directors (supervisory board) of the joint stock company. These are primarily requirements for issuers of securities, their corporate management system. Originality and practical significance of the research. Banks have obliged to include in the supervisory board at least two independent directors, making high demands on them. They should confirm their business reputation by certification in the National Bank of the Republic of Belarus. Conclusions of the research. The stages of creating a corporate governance system for joint-stock companies confirm the existence of a sufficient regulatory framework and best practices for creating effective corporate governance systems that allow you to manage risks, especially financial ones, and attract international investors.

scholarly journals The effectiveness of the enterprise corporate management system: the socio-economic aspect and the evaluation methodology

2018 ◽  
Vol 27 (3) ◽  
pp. 258-263
Author(s):  
I.V. Perevozova ◽  
Kh.V. Obelnytska ◽  
D.D. Perevozova ◽  
A.V. Plikhtiak
Keyword(s):  
Corporate Governance ◽  
Negative Influence ◽  
Evaluation Methodology ◽  
Corporate Management ◽  
Governance System ◽  
The Social ◽  
Corporate Governance System ◽  
Corporate Management System ◽  
Further Development ◽  
Integral Indicator

Within the scope of the article a number of author's researches on the further development of methodological approaches to the construction of the overall integral indicator of the socio-economic efficiency of the enterprise corporate governance system are based on taxonomic analysis.  The author's approach allowed to reveal partial integral coefficients of the social and economic components of the overall integral indicator of the socioeconomic efficiency of the enterprise corporate governance system, the main directions of increasing the socioeconomic efficiency of the enterprise corporate governance system on the basis of partial equalization of the negative influence of disintegrate and the supportive effect of stimulating factors.  The method of estimating the synergy effect of the combination of social and economic aspects of the system of corporate governance of entities and subdivisions of the system is developed, which, unlike the others, allows determining the level of coherence and organization of interaction of its elements in the process of functioning, taking into account changes in time.

scholarly journals Methodology and practice of building a new end-to-end corporate governance system for the agro-industrial complex

2021 ◽  
Vol 1 (8) ◽  
pp. 18-28
Author(s):  
E. V. Gusakov
Keyword(s):  
Corporate Governance ◽  
Management System ◽  
Cluster Formation ◽  
Organizational Structures ◽  
Corporate Management ◽  
Industrial Complex ◽  
Governance System ◽  
Corporate Governance System ◽  
End To End ◽  
Definition Of

A conceptual model of the organization and functioning of the agro-industrial complex management system as a mega-cluster formation has been constructed, which includes four main blocks: organizational, economic, legal and institutional, which contain their inherent instruments and levers of regulation. Based on the above, the definition of the management model of the agro-industrial complex as a mega-cluster organization has been formulated. In development, an appropriate definition of the organizational and economic model of corporate governance of the agro-industrial complex as a mega-cluster is given. A set of factors that affect the management system in the agro-industrial complex has been established, and their brief interpretation is given. It has been established that in the modern practice of the agro-industrial complex, several main groups of models can be distinguished, typical for all levels of management: A. Incomplete – not all levels of management are covered; B. Traditional – all functions and organizational structures can be present in the management system; C. Market models – correspond to the specifics of management in market conditions; D. Innovative – based on combining the best aspects of all known models. On this basis, it was revealed that at present, the solution of most of the problems of the agro-industrial complex is possible, first of all, through the development of an end-to-end system of corporate management of agro-industrial production as a megacluster infrastructure.

The German Supervisory Board on its Way to Professionalism

2010 ◽  
Vol 11 (2) ◽  
pp. 115-158 ◽  
Author(s):  
Jan Lieder
Keyword(s):  
Corporate Governance ◽  
Internal Control ◽  
Supervisory Board ◽  
Decision Making Process ◽  
European Level ◽  
Governance System ◽  
Management Board ◽  
Corporate Governance System ◽  
Flow Of Information ◽  
Board System

The paper shows how the efficiency of the German supervisory board has been significantly improved in the last decade. These legal changes made the supervisory board climb to a higher position of power. In particular, the supervisory board is now significantly involved in the decision-making process on a company's overall strategic concept and on management decisions of fundamental importance. This emphasizes the future-oriented monitoring obligation of the supervisory board, which gained much more importance in the last decade. Furthermore, the new provisions increased the flow of information from the management board to the supervisory board, and they facilitated the monitoring efficiency of every single supervisory board member. In addition, several important changes improved the cooperation of supervisory board and auditors. The most recent changes strengthened the supervisory board's responsibility with regard to internal control and risk management.The vest majority of those changes in the German supervisory board system are very welcome. However, the current regime of German codetermination as well as the excessive size of the supervisory board has to be changed. Under the important developments on the European level, the time has come to act now in this direction. The advocated concept of codetermination by consensus provides a solid basis for more flexibility in the rigid German corporate governance system. It is also desirable to further limit the size of the supervisory board to no more than twelve members. Finally, the efficiency of the corporate governance system would be improved by allowing enterprises to choose between a one-tier and a two-tier board system.

Independent Directors: Decision-Makers in the us, Powerless Advisers in China

2016 ◽  
Vol 3 (1) ◽  
pp. 70-111
Author(s):  
Wenjia Yan
Keyword(s):  
Corporate Governance ◽  
Company Law ◽  
Decision Makers ◽  
Independent Directors ◽  
Minority Shareholders ◽  
Governance System ◽  
Governance Model ◽  
Corporate Governance System ◽  
Independent Decision ◽  
Corporate Governance Model

As a global popular corporate governance system developed in the us, independent directors were officially adopted by China through ‘Guiding Opinions on the Establishment of Systems of Independent Directors by Listed Companies’ (hereinafter Independent Directors Opinion) in 2001 and through Article 123 of Company Law when it was amended in 2005. The emphasis on minority shareholders’ protection by adopting independent directors in China can be attributed to the global influence of the American corporate governance model, which depends on disinterested directors as independent decision-makers. However, with more than 10 years having passed, independent directors serve as powerless advisers rather than decision-makers in China. Accordingly, this paper aims to ascertain some profound reasons for powerless advisers in China and provide recommendations to address this problem by comparing the role of independent directors in China and the us.

scholarly journals THE IMPACT OF THE GLOBALIZATION PROCESS ON THE DEVELOPMENT OF CORPORATE GOVERNANCE

2019 ◽  
Vol 31 (1) ◽  
pp. 355-362
Author(s):  
Zorica Siljanovska ◽  
Sreten Miladinovski ◽  
Elena Shalevska
Keyword(s):  
Corporate Governance ◽  
Global Market ◽  
Special Focus ◽  
Global Integration ◽  
Governance System ◽  
Global Trends ◽  
Republic Of Macedonia ◽  
Corporate Governance System ◽  
The Republic ◽  
The Impact

The corporate governance is concerned with both the rules and regulations and institutions that influence the management mode within corporations as well as the manner in which they allocate their resources and returns. The globalization process, especially, the global integration of financial markets, puts pressures on national systems and models of corporate governance to converge i.e. comply with the global trends and developments in the area of corporate governance by opening their economies towards the global markets. This paper analyzes this very issue, or, in other words, the impact of the globalization on corporate governance, with special focus on the Republic of Macedonia. Consequently, it is demonstrated that the Republic of Macedonia is included in the process of globalization, companies are interested in presence and competition on the global market, and therefore building a good corporate governance system is a need, not a choice. Moreover, the Republic of Macedonia has substantially harmonized its regulations pertaining to the corporate governance on the basis of the principles commonly accepted at an international level.

scholarly journals Interconnection of functional subsystems of corporate governance

2020 ◽  
Vol 12 (1) ◽  
Author(s):  
Svetlana Sharokhina ◽  
Olga Pudovkina
Keyword(s):  
Corporate Governance ◽  
Management System ◽  
Enterprise Management ◽  
Corporate Management ◽  
Control Analysis ◽  
Governance System ◽  
Governance Process ◽  
Enterprise Management System ◽  
Accounting Control ◽  
Management Functions

The article discusses the features of corporate governance associated with the distribution of ownership and management functions. The components of corporate governance elements are considered in two directions: from the standpoint of the requirements of the current law; from the position of identifying corporate governance with the overall management system in the enterprise. The necessity of applying a systematic approach to the allocation of management functions is justified and their relationship in the corporate governance system is determined. The authors argue that in analyzing corporate governance, one cannot identify it with the enterprise management system in general and exclude the influence of owners on the corporate governance process. The authors propose from the set of corporate governance functions called the following list of functions arranged according to their priority, ambiguity, essence: planning, organization, accounting, control, analysis, regulation. The article describes the goals of implementing individual corporate governance functions and outlines the relationship of some functions with others. The authors call the features of the implementation of the analytical function associated with the opposite of interests. So, if for the management of the company carrying out analytical calculations should contribute to the scientific justification of management decisions, then carrying out analytical calculations by owners is most often aimed at assessing the effectiveness of the enterprise through the activities of management personnel. It is substantiated that the need to study the analytical subsystem, taking into account the requirements of a system-functional approach, is dictated by the fact that it is a subsystem in the general corporate management system, which has an informational relationship with other functional subsystems and is implemented both by the owners and the management of the enterprise. In the course of the study, it was found that the main feature of corporate governance is associated with the distribution of the overall management system between the enterprise management and its owners. At the same time, certain functions are implemented only by certain corporate governance bodies, while others are inherent to both owners and management.

Corporate Governance and Internationalization in Japanese Brewing Companies

2020 ◽  
pp. 273-298
Author(s):  
Kanako Kitayama ◽  
Christopher Williams ◽  
Seijiro Takeshita
Keyword(s):  
Corporate Governance ◽  
Absorptive Capacity ◽  
Management System ◽  
International Strategy ◽  
Corporate Management ◽  
Internationalization Strategy ◽  
Corporate Management System ◽  
The Relationship

This study explores the relationship between Japanese corporate governance and internationalization strategy by looking at the cases of Suntory and Kirin Breweries. It examines the internationalization activities of the two companies from 1980 to 2015. We find that executing an international strategy can impact the corporate governance of Japanese brewers, especially where the brewer already had pre-existing diversity in its management system. We argue that absorptive capacity allows the brewing company to transform its corporate governance on the basis of its internationalization. Our analysis also suggests that rejuvenation of the firms’ corporate management system can be a motive for expanding abroad in the brewing sector, something that has not been identified in prior research.

scholarly journals Between controlled co-option and direct election

2005 ◽  
Vol 1 (1) ◽  
pp. 38-50
Author(s):  
Rienk Goodijk
Keyword(s):  
Corporate Governance ◽  
Research Method ◽  
Supervisory Board ◽  
Key Factors ◽  
Governance System ◽  
Direct Election ◽  
Corporate Governance System ◽  
Recent Developments ◽  
Option Model ◽  
Pros And Cons

This paper first describes the complex Dutch corporate governance system and the functioning of the Supervisory Board under the rules of the structure regime and co-option model up to the present time. The critiques of the parties and stakeholders involved in this model are investigated next, followed by a description and explanation of the recent developments of the Dutch model and a discussion of the pros and cons of the alternatives with regard to the interests of the various stakeholders. Finally, some key factors for improving the boards’ functioning in the – changing – Dutch corporate governance system are presented. The findings and recommendations are based on case-studies and interviews conducted in large Dutch companies over several years and on extensive analyses of documents and recent evolutions. This research method however, is only suitable for a process of exploration, clarification and development of hypotheses.

Agency problem in management as a challenge for the corporation accounting system

2019 ◽  
pp. 103-115
Author(s):  
Vasyl Tsaruk
Keyword(s):  
Corporate Governance ◽  
Institutional Theory ◽  
Agency Theory ◽  
Agency Problem ◽  
Corporate Management ◽  
Accounting System ◽  
Corporate Structure ◽  
Governance System ◽  
Advantages And Disadvantages ◽  
Corporate Governance System

Introduction. Corporate governance, as a basis for ensuring the efficient use of corporate resources, can be built on a range of models that have both advantages and disadvantages. Neo-institutional theory, in particular its separate component is agency theory. It is one of the theories that allows to substantiate the reasons for the decline in the quality of implemented corporate governance systems and to formulate ways to improve it, in particular, taking into account the role of accounting in ensuring the effectiveness of their functioning. Purpose. The aim of the article is to monitor essence and peculiarities of manifestation of agency problem in corporate governance and substantiation of place of accounting in its solution. Methods. The range of research methods related to the solution of the agent problem in the corporate governance system is applied. Dialectical method of cognition and the systematic approach to the interpretation of corporate governance, the monographic method for monitoring the positions of scientists in the sphere of solving the agent problem, the abstract and logical method for theoretical generalizations and formulation conclusions are used in the research. Results. The necessity of accounting development in solving the agency problem in corporate management is substantiated. The peculiarities of the development of neo-institutional theory as a theoretical basis of corporate governance are revealed. The necessity to study agency theory as a means of solving problems in corporate governance is substantiated. The essence of agency problem in corporate structures is revealed and the causes of its occurrence are identified. The theoretical principles of agency problem in corporate structures are highlighted. Cases of manifestation of agency problem in corporate structures are analyzed. The basic directions of improvement of the accounting system of the corporate structure with the purpose of minimizing consequences of occurrence of agency problem are highlighted. Discussion. It is advisable to focus on optimizing specific elements of the corporate accounting system in further research in order to avoid agency issues in the corporate governance system.

scholarly journals Dynamics of the transition of corporate governance models of the Republic of Tatarstan from “oligarchic” to innovative ones through strategic regional management

2020 ◽  
Vol 89 ◽  
pp. 01009
Author(s):  
Nazilya Zarifovna Sayfudinova ◽  
Daniya Kalimullovna Shigapova ◽  
Aleksej Vasilevich Bolshov ◽  
Aelina Askhatovna Barieva ◽  
Irina Anatolievna Akhmetova
Keyword(s):  
Corporate Governance ◽  
Regional Development ◽  
Positive Impact ◽  
Five Factor Model ◽  
Development Strategies ◽  
Governance System ◽  
Corporate Governance System ◽  
The Republic ◽  
Regional Development Strategies ◽  
The Impact

The article examines the dynamics of the transformation of corporate governance in the Republic of Tatarstan. The author’s approach is presented, according to which the strategic regional development affects the corporate governance system of the organization. The analysis of enterprises from various industries of the Republic of Tatarstan has been carried out and the leading ones have been selected. Further, according to the indicators of these organizations, calculations were made using the Altman five-factor model for 5 years. The chosen model and time period allow to reliably trace the dynamics of the company’s economic potential and the results of its development for the reporting periods. The obtained results of the analysis and calculations showed that the corporate governance of enterprises changed the trend and began to move to an innovative type. Regional development strategies have a positive impact on corporate governance of enterprises. Moreover, an important point is that by means of regional development strategies, organizations themselves are interested in improving the corporate governance system. Thus, the impact on enterprises and their changes do not occur “top-down” (authoritarian, edifying), but “bottom-up” (the organization itself seeks to meet modern requirements in order to be economically efficient).

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