The Legal Framework for Effective Corporate Governance: Comparative Analysis of Provisions in Selected Transition Economies

Abstract

The development of market economies in Central and Eastern Europe, and the imminent accession of some of these countries to EU membership, has only strengthened the view that corporate governance is of fundamental importance to the process of transition and to the economic regeneration and growth of former socialist countries. The paper identifies the differences between the systems of corporate governance existing in various transition countries. It aims at comparing the legal framework for corporate governance in selected transition economies in order to highlight the progress made so far as well as the shortcomings of the existing framework.