PROBLEMI KORPORACIJSKOG UPRAVLJANJA U POSTPRIVATIZACIJSKOM RAZDOBLJU
PROBLEMS OF CORPORATE GOVERNANCE IN THE POST-PRIVATIZATION PERIOD

Summary/Abstract: Corporate governance in Western and Eastern European large enterprises is linked with the way how that owners are controlling the present managers, trying to achieve the most effective and the most profitable output of corporations. Perhaps the best known among Western models of corporate governance are the German and American-British models – the so-called bank-based and market-based models of corporate control. In this paper the problem of corporate governance in Eastern Europe has been outlined with special attention put on the role of banks and other financial institutions (privatization investment funds) in the development of corporate control. The post-privatization experience of several countries (Czech Republic, Poland, Hungary), as well as other empirical researches, suggest that Western practice of corporate control is hardly recognizable in Eastern European circumstances. The future development of market economy institutions and the termination of privatization projects in these countries will determine whether the existing corporate control will evolve into one of the known Western models of corporate control or into a special (Eastern European) type of corporate control practice.

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