Korporatyvinio valdymo sistemos vertinimo modelis

Abstract

Straipsnyje analizuojami tradiciniai požiūriai į įmonių korporatyvinio valdymo (KV) vertinimą užsienio autorių moksliniuose darbuose, atskleidžiami jų metodologiniai skirtumai. Skirtingų KV vertinimo modelių bei metodų kritinė analizė rodo sisteminio požiūrio trūkumą, vertinant įmonių KV, identifikuojant jo būklę, praktikos ypatumus skirtingose šalyse. Remdamiesi identifikuotais KV sistemą apibūdinančiais veiksniais, autoriai formuoja įmonių KV sistemos vertinimo teorinį modelį

Corporate governance in this paper is analyzed in a systematic framework as a multilevel process, in which many subjects with diverse interests are being involved. In order for corporation to function efficiently those diverse interests have to be aligned. This results in corporate governance being a highly sophisticated and expensive process, which can be run by skilled professionals. Therefore the basic question arises – how to measure the quality of corporate governance? Despite the fact that the problem is being analyzed for well over one hundred years, the sole answer to the question does not exist. It is obvious that since the separation of ownership and control the ones in control of corporations, who should be acting as stewards of other peoples’ money and wealth, were not only tempted but also able to take advantage of the position they were in at the expenses of the owners, workers and the rest. Merely the existence of such a possibility resulted in the increased discount of corporate valuation. On the other hand side the effective solution of the problem – introduction of corporate governance – generated the substantial costs of its own. Therefore it became crucial to evaluate the quality of the corporate governance and to understand from what it is derived, in order to estimate, if it is worth investing in. The article analyses traditional approaches to assessment of company corporate governance in the research papers of R. La Porta, F. Lopez-de-Silanez, A. Shleifer (1998), A. Dittmar and J. Mahrt-Smith (2007), P. A. Gompers, J. L. Ishii and A. Metrick (2003), L. Bebchuk, A. Cohen and A. Farrell (2009), R. P. C. Leal and A. L. Carvalhal-da-Silva (2005), B. S. Black, H. Jang and W. Kim (2006), and others, revealing their methodological differences. The authors compare methods used for assessment corporate governance practices, and introducing the specifics of application of index instrument. [...]