Using panel data on large Polish firms this paper examines the relationship between corporatecontrol structures, sales growth and the determinants of employment change during the period 1996-2002. We find that privatised and de novo firms are the main drivers of employment growth andthat, in the...

This paper offers analysis of corporate governance issues behind the stock market performance(stock returns and activity) in nine Central and Eastern European (CEE) countries: the CzechRepublic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. Overthe period June 1994...

Using data on 157 large companies in Poland and Hungary this paper employs Bayesianstructural equation modeling to examine interrelationships between corporategovernance, managers’ independence from owners in terms of strategic decision-making,exporting and performance. It is found that...

This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship betweenownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are runfor each of these years using the return on assets (ROA) as the measure of performance. Both...

This paper presents a case study based on a full dataset related to 31 companies operating in thePolish beer industry during the 1990’s. It discusses the impact of privatisation and of secondaryownership transfers on market outcomes. It confirms the critical role played by foreign...

What is the role of alliances in the growth of Russian enterprises? Who is in control in alliances, i.e. are they shared alliances or is one party dominant? How do the various resources (technology, finance and market access) shape the dynamics of alliances? This paper tries to answer on these...

Recent financial crises and scandals have focused attention on the system of governance and disclosure in a way many may never have imagined and few welcomed. Not only do reforms appear to be necessary to protect shareholders as well as other stakeholders, but also to develop a different...

The theory of the firm and corporate governance are two fields of analysis traditionally tackled separately in the economic literature. This paper seeks to rediscover the link between the nature, boundaries and governance of the firm on the basis of changes in corporate industrial firms. We...

Profit manipulation has been largely studied through Positive Accounting Theory (PAT). However, the weakness of the results obtained would suggest using different theoretical and methodological approaches to examine this subject. In France, management controllers play a central role in profit...

We consider an optimal portfolio diversification model in which a large shareholder can influence shares return by monitoring efficiently managers. Less diversification decreases insurance but increases the stake in the ownership and then enhances efficiency of management monitoring. We analyze...