On the Role of Bank Competition for Corporate Finance and Corporate Control in Transition Economies PDF Download
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Author: Monika Schnitzer
Publisher:
ISBN:
Category : Bank investments
Languages : en
Pages : 44
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Author: Monika Schnitzer
Publisher:
ISBN:
Category : Bank investments
Languages : en
Pages : 44
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Book Description
Author: Monika Schnitzer
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Author: World Bank
Publisher: Washington, D.C. : The World Bank
ISBN:
Category : Business & Economics
Languages : en
Pages : 500
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Author: W. Cheryl Gray
Publisher:
ISBN:
Category : Electronic books
Languages : en
Pages :
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June 1995 The motivation for most of the reforms debated in transition economies is to impose market-based constraints on enterprise managers, whether through competition or through direct corporate governance. Baer and Gray explore debt's role as a control device in such economies, focusing on Hungary and Poland. The basic economic challenge in the transition from socialism to capitalism is creating incentive structures and institutions that promote enterprise change and restructuring. This is the motivation for most of the reforms debated during the transition--whether privatization, demonopolization, trade reform, or financial sector reform. Most research on corporate governance and privatization has focused on the role of owners--whether on the problems inherent in the separation of ownership and management (most Western literature) or on the need for true owners who represents the interests of capital (most literature on transition economies). But debt is also an important control device, as Western literature on corporate finance increasingly recognizes. Baer and Gray explore debt's role as a control device in transition economies, focusing especially on Hungary and Poland, which are relatively far along in the reform process. They ask, first, in what ways creditors exert control over firms in advanced market economies and how such control interacts with that exerted by equity holders. They then ask whether creditors in Central and Eastern European countries play similar roles and, if not, what roles they should play, and what can be done to give them the capacity and incentives to play those roles. They focus on three fundamental requirements for debt to function as a control device: information, proper incentives for creditors (including banks, suppliers, and government), and an efficient legal framework for debt collection (including collateral, workout, and bankruptcy regimes). While both countries are making progress in all three areas, there is still much to be done. Hungary and Poland illustrate only two of many approaches. Other transitional economies, such as the Czech Republic, Estonia, and Russia, are following different approaches that should be explored in future analysis. This paper--a joint product of the Finance and Private Sector Development Department and the Transition Economics Division, Policy Research Department--is part of a larger effort in the Bank to explore issues of corporate governance in transition economies.
Author: Herbert L. Baer
Publisher: World Bank Publications
ISBN:
Category : Credito - Hungria
Languages : en
Pages : 56
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Author: Herbert L. Baer
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
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Book Description
The motivation for most of the reforms debated in transition economies is to impose market-based constraints on enterprise managers, whether through competition or through direct corporate governance. Baer and Gray explore debt's role as a control device in such economies, focusing on Hungary and Poland.The basic economic challenge in the transition from socialism to capitalism is creating incentive structures and institutions that promote enterprise change and restructuring. This is the motivation for most of the reforms debated during the transition - whether privatization, demonopolization, trade reform, or financial sector reform. Most research on corporate governance and privatization has focused on the role of owners - whether on the problems inherent in the separation of ownership and management (most Western literature) or on the need for true owners who represents the interests of capital (most literature on transition economies). But debt is also an important control device, as Western literature on corporate finance increasingly recognizes.Baer and Gray explore debt's role as a control device in transition economies, focusing especially on Hungary and Poland, which are relatively far along in the reform process. They ask, first, in what ways creditors exert control over firms in advanced market economies and how such control interacts with that exerted by equity holders. They then ask whether creditors in Central and Eastern European countries play similar roles and, if not, what roles they should play, and what can be done to give them the capacity and incentives to play those roles. They focus on three fundamental requirements for debt to function as a control device: information, proper incentives for creditors (including banks, suppliers, and government), and an efficient legal framework for debt collection (including collateral, workout, and bankruptcy regimes). While both countries are making progress in all three areas, there is still much to be done.Hungary and Poland illustrate only two of many approaches. Other transitional economies, such as the Czech Republic, Estonia, and Russia, are following different approaches that should be explored in future analysis.This paper - a joint product of the Finance and Private Sector Development Department and the Transition Economics Division, Policy Research Department - is part of a larger effort in the Bank to explore issues of corporate governance in transition economies.
Author: Morten Balling
Publisher: Springer Science & Business Media
ISBN: 9780792348252
Category : Business & Economics
Languages : en
Pages : 378
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Book Description
The papers in this volume were presented in Budapest at the 20th Colloquium of the Société Universitaire Européenne de Recherches Financières (SUERF), arranged in association with the Robert Triffin-Szirák Foundation. Each paper deals with a different aspect of the characteristics of and trends in corporate governance. The three main topics are: Corporate governance of financial institutions; Corporate governance as exerted by financial institutions; Financial instutions as participants in the transfer of corporate governance. £/LIST£ The structure of financial markets and institutions has a significant impact on the ways in which the power to manage corporate resources is allocated. The relative roles of different types of owners and the legal framework within which they operate are currently in a state of flux throughout Europe. Financial integration in the European Union, the transition to open market economies in Central and Eastern Europe and privatization, have a profound effect on the behaviour and influence of different enterprises. This collection of papers demonstrates the range of aspects of corporate governance in a world characterized by rapid technological, political and institutional change which is currently concerning researchers and practitioners. The authors come from a wide number of countries and disciplines, and include people from leading banks and corporations, public officials and academics, providing different perspectives on corporate governance, financial markets and global convergence in eastern and western Europe. Their contributions will be of considerable interest to academics in the fields of finance and banking, monetary economics and macro-economics, and also to professionals in banks, securities houses, corporate treasuries, pension funds, consultancies, law firms, central banks and regulatory bodies.
Author: Roman Frydman
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
In this, the first of three volumes to be published by the CEU Press on corporate governance in Central Europe and Russia, distinguished economists, legal scholars, political scientists and sociologists examine the emerging institutions of corporate governance in privatized firms in transition economies. They investigate the role of banks, investment funds, and pension funds, as well as the role and impact of residual state ownership. Each paper combines experience from advanced market economies with in-country empirical work in transition settings. Together these papers represent the most comprehensive and up-to-date comparative analysis yet undertaken of privatization struggles and their impact on corporate governance in Central Europe and Russia.
Author: Robert W. McGee
Publisher: Springer Science & Business Media
ISBN: 0387848312
Category : Business & Economics
Languages : en
Pages : 418
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Book Description
"Corporate Governance in Transition Economies" will appeal to a wide segment of the academic market including accounting and finance professors and students because the main theme of the book deals with accounting and financial system reform. Economists in the subfields of transition economics and development economics for it addresses current issues in their field. It will also appeal to scholars in the field of Russian and East European Studies because the book discusses topics involving Russia, Ukraine and other East European countries. Policy analysts who deal with accounting, finance, transition economics or Russia or Eastern Europe will also find this book to be a valuable reference and source of current information.
Author: Gerhard Pohl
Publisher: World Bank Publications
ISBN:
Category : Europa oriental - Sector financiero
Languages : en
Pages : 22
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Book Description
