THEORIES OF CORPORATE GOVERNANCE AT STATE-OWNED ENTERPRISES

Spartak Keremidchiev () and Miroslav Nedelchev ()
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Miroslav Nedelchev: Economic Research Institute, Bulgarian Academy of Sciences

Economics and Management, 2020, vol. 17, issue 2, 61-71

Abstract: The aim of the article is to present the application of basic theories of corporate governance in state-owned enterprises. The modern theories of corporate governance were developed and applicable in the private sector only. State ownership fulfills more than one goal and makes it difficult to apply a specific theory of corporate governance. The results of the article give grounds for applying a specific theory to an individual stateowned enterprise. For the correct application of a given theory, it is necessary to disclose information to determine the goals of the state enterprise and to specify the stakeholders. The mechanical application of theories of corporate theories from the private sector to state-owned enterprises reduces the significance of each theory and leads to incorrect conclusions

Keywords: agency theory; stewardship theory; stakeholder theory (search for similar items in EconPapers)
JEL-codes: D86 G34 L33 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:neo:journl:v:17:y:2020:i:2:p:61-71

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