An Institutional and Empirical Analysis of Corporate Governance in Transition Economies

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In the framework of this research project, we executed mainly the following three investigation activities :Firstly, to analyze the corporate governance issues in the Russian Federation, we together with the staffs at State University-Higher School of Economic in Moscow conducted a large-scale questionnaire survey for more than 800 manufacturing and communications enterprises in the 64 regions in the first half of 2005. Basing on the survey results, we examined the organization of internal control system, impacts of business integration on corporate performance, and interrelationship between surveyed firms and external players including commercial banks, business associations and the state.Secondly, we took Hungary as a second target country for our empirical research. We carried our various interviews with Hungarian scholars, governmental officials. We also visited some domestic firms to correct vivid information of their corporate restructuring and governance. Basing on these results, we empirically studies the impact of EU enlargement upon restructuring processes and governance reforms in industrial enterprises and private pension funds in Hungary.Thirdly and lastly, we also organized an international academic study for comparative analysis of the governance mechanisms in transition economies inviting Czech, Hungarian, Italian, Japanese and Russian researchers. In this study, we focused on ownership structure of major industrial firms after their privatization, the legal framework of corporate governance and practices, and the impact of foreign direct investment on enterprise reform.The research outcomes from the above investigation activities have published in several refereed international journals and academic books.