The Impact of Interplay between Formal and Informal Institutions on Corporate Governance Systems : a Comparative Study of CEECs

• Autorzy: Małgorzata Godlewska , Tomasz Pilewicz

Warianty tytułu

Wpływ oddziaływania instytucji formalnych i nieformalnych na system ładu korporacyjnego : studium porównawcze państw EŚIW

• Języki publikacji: EN

Abstrakty

EN

The central point of this paper is to present the results of comparative case study research concerning the impact of the interplay between formal and informal institutions in the corporate governance systems (CGS) of Central and Eastern European Countries (CEEC). Particular focus was put on the values of the corporate governance codes (CGC) of CEECs, as well as on transparent ownership structures, transactions with related parties, the protection of minority shareholders, independent members of supervisory boards, and separation between the CEO position and the chairman of the board of directors. The main subject of interest concerns two research areas: the character of the relationship between formal and informal institutions, as well as whether the interplay between them is relevant to the CGSs of CEECs. Moreover, the author investigates whether the CGCs of CEECs consist of regulations that are compatible with the values set up in preambles using research methods such as individual case study or deductive reasoning. The conclusion presented in the paper was drawn on the basis of a review of the literature and research on national and European corporate governance regulations, as well as the CGC of CEECs. The primary contribution this article makes is to advance the stream of research beyond any single country setting, and to link the literature on the interplay between formal and informal institutions related to CGSs in a broad range of economies in transition ('catch up' countries) like CEECs. This paper provides an understanding of how the interplay between formal and informal institutions may influence the CGCs of CEECs. (original abstract)

Głównym celem niniejszego artykułu jest zaprezentowanie wyników badań porównawczych nad wpływem wzajemnego oddziaływania pomiędzy instytucjami formalnymi i nieformalnymi na system ładu korporacyjnego (SŁK) w państwach Europy Środkowej i Wschodniej (EŚiW). Szczególny nacisk położono na wartości leżące u podstaw kodeksów ładu korporacyjnego (KŁK) w państwach EŚiW, a także na przejrzystość struktur własności, transparentność transakcji z podmiotami powiązanymi, ochronę akcjonariuszy mniejszościowych, niezależność członków rad nadzorczych czy rozdzielenie uprawnień zarządczych od nadzorczych w systemach monistycznych. Głównym przedmiotem zainteresowania były dwa obszary badawcze: charakter relacji pomiędzy instytucjami formalnymi i nieformalnymi, a także ustalenie czy ich wzajemne oddziaływanie miało znaczenie dla SŁK państw EŚiW. Ponadto zbadano KŁK państw EŚiW pod kątem spójności i zgodności regulacji zawartych w tych kodeksach z wartościami leżącymi u ich podstaw. Badanie porównawcze przeprowadzono przy użyciu takich metod badawczych jak studia przypadku czy rozumowanie dedukcyjne. Przedstawione wnioski zostały sformułowane na podstawie przeglądu literatury oraz badań krajowych i europejskich regulacji ładu korporacyjnego, a także KŁK państw EŚiW. Najważniejszym aspektem tego artykułu jest przeprowadzenie badań wykraczających poza ramy danego kraju, a także powiązanie literatury dotyczącej wzajemnych oddziaływań między instytucjami formalnymi i nieformalnymi SŁK z problemami gospodarek w okresie przejściowym, w jakim znajduje się większość państwa EŚiW. Niniejszy artykuł pokazuje jak wzajemne oddziaływanie pomiędzy instytucjami formalnymi i nieformalnymi wpływa na KŁK państw EŚiW. (abstrakt oryginalny)

Słowa kluczowe

EN

Corporate governance; Good practice; Informal organizations

PL

Ład korporacyjny; Dobre praktyki; Organizacje nieformalne

• Czasopismo: Comparative Economic Research
• Rocznik: 2018
• Tom: 21
• Numer: nr 4
• Strony: 85--104

Twórcy

autor

Małgorzata Godlewska

• Warsaw School of Economics, Poland

autor

Tomasz Pilewicz

• Warsaw School of Economics, Poland

Bibliografia

• Bauwhede, H.V., Willekens, M. (2008), Disclosure on Corporate Governance in the European Union, 'Corporate Governance An International Review', Vol. 16, No. 2.
• Blankenburg, E. (1994), The Infrastructure for Avoiding Civil Litigation: Comparing Cultures of Legal Behaviour in the Netherlands and West Germany, 'Law & Society Review', No. 28.
• Bohle, D., Greskovits, B. (2007), Neoliberalism, Embedded Neoliberalism, and Neocorporatism: Paths Towards Transnational Capitalism in Central-Eastern Europe, 'West European Politics', No. 30(3).
• Cadbury, A. (1992), Report The Financial Aspects of Corporate Governance, UK: The Committee On the Financial Aspects of Corporate Governance and Gee and Co. Ltd., London.
• Collins, K. (2002), Clans, Pacts, and Politics in Central Asia, 'Journal of Democracy', Vol. 13, No. 3.
• Cuervo, A. (2002), Corporate Governance Mechanisms: a plea for less code of good governance and more market control, 'Corporate Governance', Vol. 10, No. 2.
• Czerniawski, R. (2011), Kierunki regulacji ustawowych w zakresie ładu korporacyjnego w Polsce [Directions of statutory regulations in the field of corporate governance in Poland], [in:] Dobija, D., Koładkiewicz, I. (eds.) Ład korporacyjny, Wolters Kluwer, Warszawa.
• Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings, (Official Journal of the EU, L224/1).
• Djankov, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A. (2002), The regulation of entry. 'Quarterly Journal of Economics', No. 117.
• EBRD (2017), Corporate Governance in Transition Economies Country Report from Bulgaria, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia, Slovenia, European Bank for Reconstruction and Development.
• Estrin, S., Prevezer, M. (2011), The role of informal institutions in corporate governance: Brazil, Russia, India, and China compared, 'Asia Pacific Journal of Management', Vol. 28, No. 1.
• European Commission (2011), Green Paper The EU corporate governance framework, COM (2011) 164 final.
• European Commission (2012), Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions Action Plan: European company law and corporate governance - a modern legal framework for more engaged shareholders and sustainable companies, COM (2012) 740 final.
• European Commission (2014), Proposal for a Directive of the European Parliament and of the Council amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement and Directive 2013/34/EU as regards certain elements of the corporate governance statement, COM (2014) 2013 final.
• European Commission (2017), Special Eurobarometer 470, Corruption, https://data.europa.eu/euodp/data/dataset/S2176_88_2_470_ENG (accesed: 24.05.2018).
• European Commission (2018a), Flash Eurobarometer 461, Report Perceived independence of the national justice systems in the EU among the general public, https://data.europa.eu/euodp/data/dataset/S2168_461_ENG (accesed: 24.05.2018).
• European Commission (2018b), Standard Eurobarometer 89, http://ec.europa.eu/commfrontoffice/publicopinion/index.cfm/Survey/getSurveyDetail/instruments/STANDARD/surveyKy/2180 (accesed: 24.05.2018).
• Eurostat (2013), Subjective well-being and trust items, by country, http://ec.europa.eu/eurostat/statistics-explained/index.php?title=File:Subjective_well-being_and_trust_items,_by_country,_2013.png&oldid=235236 (accesed: 24.05.2018).
• ESS (2014), European Social Survey Round 7, http://www.europeansocialsurvey.org/download.html?file=ESS7e01&y=2014 (accesed: 24.05.2018).
• Filatotchev, I., Jackson, G., Nakajima C. (2013), Corporate governance and national institutions: An emerging research agenda, 'Asia Pacific Journal of Management', No. 30(4).
• Gad, J. (2015), The Relationship Between Supervisory Board And Management And Their Communication Process In Publicly Listed Companies In Poland, 'Comparative Economic Research. Central and Eastern Europe', Vol. 18, No. 2.
• Gibson, J.L., Caldeira, G.A. (1996), The legal cultures of Europe, 'Law & Society Review', Vol. 30, No. 1.
• Gilson, R.J. (1996), Corporate Governance and Economic Efficiency: When Do Institution Matter?, 'Washington University Law Review', Vol. 74, No. 327, Issue 2.
• Godlewska, M. (2018), Wpływ instytucji formalnych i nieformalnych na działalność innowacyjną polskich przedsiębiorstw sektora MSP [Impact of formal and informal institutions on innovative activities of Polish SMEs], 'Nierówności Społeczna a Wzrost Gospodarczy', No. 54(2).
• Hamilton-Hart, N. (2000), The Singapore State Revisited, 'The Pacific Review', Vol. 13, No. 2.
• Hampel, R. (1998), Committee on Corporate Governance Final Report, UK: The Committee on Corporate Governance and Gee Publishing Ltd., London.
• Healy, P.M., Palepu, K.G. (2001), Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, 'Journal of Accounting and Economics', Vol. 31, No. 1-3.
• Helmke, G., Levitsky, S. (2004), Informal Institutions and Comparative Politics: A Research Agenda, 'Perspectives on Politics', Vol. 2, No. 4.
• Higgs, D. (2003), Review of the role and effectiveness of non-executive directors, UK: The Department of Trade and Industry, London.
• Hopt, K.J. (2011), Comparative Corporate Governance: The State of the Art and International Regulation, 'American Journal of Comparative Law', Vol. 59.
• Inglehart, R., Haerpfer, C., Moreno, A., Welzel, C., Kizilova, K., Diez-Medrano, J., Lagos, M., Norris, P., Ponarin, E., Puranen, B. (eds.) (2014). World Values Survey: Round Six - Country-Pooled Datafile 2010-2014, JD Systems Institute, Madrid.
• Judge, W., Douglas, T., Kutan, A. (2009), Institutional antecedents of corporate governance legitimacy, 'Journal of Management', No. 34.
• Juttig, J., Drechsler, D., Bratsch, S., de Soysa, I. (eds.), (2007), Informal institutions, How social norms help or hinder development, OECD.
• La Porta, R., Lopez-de-Silanes, F., Pop-Eleches, C., Shleifer, A. (2004), Judicial checks and balances, 'Journal of Political Economy', No. 112(2).
• La Porta, R., Lopez-de-Silanes, F., Shleifer, A. (2008), The economic consequences of legal origins, 'Journal of Economic Literature', No. 46(2).
• La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. (1998), Law and finance, 'Journal of Political Economy', No. 106(6).
• Lewis, R.D. (2006), When Cultures Collide: Leading Across Cultures, Nicholas Brealey International, London.
• Mallin, C. (2002), The Relationship between Corporate Governance, Transparency and Financial Disclosure, 'Corporate Governance: An International Review', No. 10.
• North, D.C. (1990), Institutions, Institutional Change, and Economic Performance. Cambridge University Press, New York.
• Pajuste, A. (2002), Corporate Governance and Stock Market Performance in Central and Eastern Europe. A Study of nine countries, 1994-2001, 'UCL SSEES Economics and Business Working Paper Series 22', UCL School of Slavonic and East European Studies.
• Patel, S.A., Balic, A., Bwakira, L. (2002), Measuring transparency and disclosure at firm-level in emerging markets, 'Emerging Markets Review', No. 3.
• Peng, M.W., Heath, P.S. (1996), The growth of the firm in planned economies in transition: institutions, organizations, and strategic choice, 'Academy of Management Review', Vol. 21, No. 2.
• Peng, M.W. (2002), Towards an institution-based view of business strategy. 'Asia Pacific Journal of Management', No. 19(1-2).
• Scerbina-Dalibagiene, S., Levisauskaite, K. (2009), The Conception of Corporate Governance in the European Union, 'Taikomoji ekonomika: sisteminai tyrimai', No. 3(2).
• Schmidt, R.H., Spindler, G. (2000), Path Dependence, Corporate Governance and Complementarity, 'Working Paper Series: Finance & Accounting', No. 27.
• Schwartz, S.H., Bardi, A. (1997), Influences of Adaptation to Communist Rule on Value Priorities in Eastern Europe, 'Political Psychology', Vol. 18, No. 2.
• Scott, R.W. (1987), The Adolescence of Institutional Theory, 'Administrative Science Quarterly', Vol. 32, No. 4.
• Siems, M.M. (2006), Legal Origins: Reconciling Law & Finance and Comparative Law, 'Working Paper No. 321', Centre for Business Research, University of Cambridge.
• Słomka-Gołębiewska, A., Urbanek, P. (2014), Executive Remuneration Policy At Banks In Poland After The Financial Crisis - Evolution Or Revolution?, 'Comparative Economic Research. Central and Eastern Europe', Vol. 17, No. 2.
• Steier, L. (2009), Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia, 'Asia Pacific Journal of Management', No. 26(3).
• Studziński, J. (2016), Ład korporacyjny w Polsce [Corporate governance in Poland], Warszawa.
• Stulz, R.M., Williamson, R. (2003), Culture, openness, and finance, 'Journal of Financial Economics', Vol. 70, Issue 3.
• Tirole, J. (2001), Corporate Governance, 'Econometrica', Vol. 69, No. 1.
• Urbanek, P. (2009), CEOs Remuneration in Corporate Governance Codes in EU Member Countries, 'Comparative Economic Research. Central and Eastern Europe', Vol. 12, No. 1-2.
• Williams, N., Vorley, T., Williams, C. (2017), The Causes and Consequences of Institutional Asymmetry, Rowman & Littlefield International Ltd., London, New York.
• Williamson, O.E. (2000). The new institutional economics: taking stock, looking ahead, 'Journal of economic literature', Vol. XXXVIII.
• Ząbkowicz, A., Gruszewska, E. (2016), Instytucje w działaniu - skutki motywacyjne w dziedzinie polityki gospodarczej [Institutions in action - motivational effects in the field of economic policy], [in:] Rudolf S. (ed.) Nowa Ekonomia Instytucjonalna a Nauki o Zarządzaniu, Prace Naukowe Wyższej Szkoły Bankowej w Gdański, Tom 48, Wyższa Szkoła Bankowa w Gdański, Gdańsk.
• Zattoni, A., Cuomo, F. (2008), Why Adopt Codes of Good Governance? A Comparison of Institutional and Efficiency Perspectives, 'Corporate Governance', Vol. 16, No. 1.
• Bulgaria (2012), Bulgarian Code For Corporate Governance, Bulgarian National Code For Corporate Governance.
• Croatia (2010), Corporate Governance Code, The Zagreb Stock Exchange, Croatian Financial Services Supervisory Agency.
• The Czech Republic (2004), Corporate Governance Code based on the OECD Principles, Czech Securities Commission.
• Estonia (2006), Corporate Governance Recommendations, The Tallinn Stock Exchange.
• Hungary (2012), Corporate Governance Recommendations, Budapest Stock Exchange.
• Latvia (2010), Principles of Corporate Governance and Recommendations on Their Implementation, NASDAQ OMX Riga.
• Lithuania (2009), The Corporate Governance Code for the Companies Listed on NASDAQ OMX Vilnius.
• Poland (2016), Best Practice for GPW Listed Companies, GPW.
• Romania (2015), Code of Corporate Governance, Bucharest Stock Exchange.
• Slovakia (2008), Corporate Governance Code for Slovakia, Central European Corporate Governance Association.
• Slovenia (2016), Slovenian Corporate Governance Code for Listed Companies, Ljubljana Stock Exchange.

Identyfikatory

DOI

https://doi.org/10.2478/cer-2018-0028