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Corporate Governance Development in a Rapidly Changing Economy: Trends and Challenges in Estonia

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Corporate Governance in Emerging Markets

Part of the book series: CSR, Sustainability, Ethics & Governance ((CSEG))

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Abstract

Implications of the Estonian privatization and the two-tier board model on corporate governance development are discussed. Despite implementing OECD corporate governance guidelines the stock market has still limited role in Estonian economy. The chapter reflects empirical research conducted at the Estonian Business School in the field of corporate governance at different stages of Estonian integration to the European Union and in the change management context. Technology-based new ventures create situations, where entrepreneurs are choosing new owners able to offer smart capital. These examples cannot be fully explained by applying the traditional principal-agent logic. Cases presented by participants of training workshops highlight conflicts between owners with different future vision and difficulties of entrepreneurs to differentiate the role of corporate governance from the daily management of business operations.

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Author information

Authors and Affiliations

  1. Estonian Business School, Tallinn, Estonia

    Ruth Alas & Tiit Elenurm

Authors
  1. Ruth Alas
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  2. Tiit Elenurm
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Correspondence to Ruth Alas .

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Editors and Affiliations

  1. Department of Accounting and Finance, Champagne School of Management (Groupe ESC Troyes en Champagne), Troyes, France

    Sabri Boubaker

  2. IPAG Research Lab, IPAG Business School, Paris, France

    Duc Khuong Nguyen

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Alas, R., Elenurm, T. (2014). Corporate Governance Development in a Rapidly Changing Economy: Trends and Challenges in Estonia. In: Boubaker, S., Nguyen, D. (eds) Corporate Governance in Emerging Markets. CSR, Sustainability, Ethics & Governance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-44955-0_11

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