The Czech Republic: the Case of Delayed Transformation
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Corporate governance, in a broader sense (that is not limited to the principal-agent problem), is an opportunity to describe and analyze the successes and failures in 12 years of efforts aimed at overall institutional change, the transformation of the economic system and its outcomes for the whole economy. The notion of corporate governance enables us to identify actors as stakeholders in the transformation process (state, banks, enterprises, managers, trade unions, and other institutional actors) and to trace their motivation. This broader understanding of institutional and formal relations among shareholders associated with companies and understanding of networks created by these actors can contribute to formulating and identifying their strategies. Moreover, the influence of institutional changes on strategy formulation at the enterprise level, including enterprise restructuring, can be discussed in the framework.1
KeywordsCorporate Governance Foreign Investor Banking Sector State Ownership Supervisory Board
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