Naslov
A cross-country comparison of corporate governance quality: Applying SEECGAN methodology to determine differences between Croatia, Slovenia and Macedonia

Autori
Tipurić, Darko ; Čeh Časni, Anita ; Lovrinčević, Marina

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 4th International OFEL Conference on Governance, Management and Entrepreneurship: New Governance for Value Creation, Towards Stakeholding and Participation / Tipurić, Darko ; Kovač, Ivana - : Centar za istraživanje i razvoj upravljanja (CIRU), 2016

ISBN
978-953-8097-01-6

Skup
4th International OFEL Conference on Governance, Management and Entrepreneurship: New Governance for Value Creation, Towards Stakeholding and Participation

Mjesto i datum
Dubrovnik, Hrvatska, 15.04.2016. - 16.04.2016

Vrsta sudjelovanja
Ostalo

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Corporate governance; corporate governance quality; corporate governance quality index; SEECGAN index

Sažetak
The primary objectives of this paper are to provide a theoretical and empirical framework for corporate governance quality assessment in selected SEE countries and to investigate differences in corporate governance practices using our original methodology. Construction of composite SEECGAN index and its evolution is explained. It’s seven building blocks, (1) structure and governance of boards, (2) shareholders’ rights, (3) transparency and disclosure of information, (4) audit and internal control, (5) compensation/remuneration, (6) corporate risk management, and (7) corporate social responsibility along with the four groups classification of companies, (A) companies having first-class governance practices, (B) companies having good governance practices, (C) companies having unsatisfactory governance practices, and (D) companies having poor governance practices are used to capture the differences in corporate governance quality in three countries ; Croatia, Slovenia and Macedonia. Our study contributes to scarce empirical evidence on corporate governance quality in analysed counties and yields several important findings. First, overall corporate governance quality in Croatia and Macedonia is not at satisfactory level (average firm rating is C), while firms in Slovenia meet standards of good corporate governance quality (average firm rating is B). Second, statistically significant differences between Croatia, Slovenia and Macedonia can be observed for all segments of SEECGAN index and for the overall index as well. Third, major weaknesses of corporate governance in all countries are found to be compensation and corporate social responsibility aspects. Finally, all of the analysed countries have great opportunities for quality enhancements in all of the important aspects of corporate governance.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA