Corporate Governance in Transition Economies (eBook)

Robert W. McGee is a professor at the Florida International University, USA. He has doctorates in accounting, economics, law and philosophy. He is an attorney, certified public accountant, certified management accountant and economist and has worked on the USAID Accounting Reform projects in Russia, Armenia and Bosnia & Herzegovina and was a nonresident advisor for the USAID Accounting Reform projects in Georgia and Kazakhstan. He has published more than 40 books and more than 300 scholarly articles in the fields of accounting, taxation, economics, law and philosophy. He is co-author of Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia, which is forthcoming from Springer Science. One of his other recent books is The Philosophy of Taxation and Public Finance, published by Kluwer Academic Publishers.

Preface 5
Contents 6
Selected Issues in Corporate Governance 10
Corporate Governance in Transition Economies 11
Rights of Shareholders 29
Equitable Treatment of Shareholders 36
The Role of Stakeholders in Corporate Governance 41
Disclosure and Transparency 46
The Responsibility of the Board 51
Insider Trading Regulation in Transition Economies 57
Some Thoughts on the Market for Corporate Control 74
Case Studies & Comparative Studies
Corporate Governance and the Timeliness of Financial Reporting: An Overview 93
The Timeliness of Financial Reporting: A Comparative Study of Russian and Non-Russian Banks 102
The Timeliness of Financial Reporting: The Russian Telecom Industry 115
The Timeliness of Financial Reporting: The Russian Oil, Gas and Power Industries 127
The Timeliness of Financial Reporting: A Comparative Study of Russian and Non-Russian Companies in the Transportation Industry 137
The Timeliness of Financial Reporting: A Comparative Study of Russian and Non-Russian Companies 146
The Timeliness of Financial Reporting: A Comparative Study of Companies in Russia and the USA 156
The Timeliness of Financial Reporting: A Comparative Study of Companies in Russia and the European Union 163
The Timeliness of Financial Reporting: A Comparative Study of the People’s Republic of China and Russia 170
The Timeliness of Financial Reporting in Russia: A Trend Analysis 177
The Timeliness of Financial Reporting: A Comparative Study of Selected EU and Transition Economy Countries 185
The Timeliness of Financial Reporting: A Comparative Study of the People’s Republic of China and the USA 196
The Timeliness of Financial Reporting: A Comparative Study of the People’s Republic of China and the European Union 206
What Kind of Financial Reporting Standards do Russian Companies Use? 212
Employee Ownership and Corporate Governance in Russia 216
Corporate Governance in Russia: A Consideration of Different Perspectives 238
Corporate Governance Formation in Poland, Kyrgyzstan, Russia, and Ukraine 245
Country Studies 283
An Overview of Corporate Governance Practices in Armenia 284
An Overview of Corporate Governance Practices in Azerbaijan 288
An Overview of Corporate Governance Practices in Georgia 292
An Overview of Corporate Governance Practices in Latvia 296
An Overview of Corporate Governance Practices in Lithuania 300
An Overview of Corporate Governance Practices in Moldova 304
A Survey of Corporate Governance in Russia 308
An Overview of Corporate Governance Practices in Ukraine 343
An Overview of Corporate Governance Practices in the Czech Republic 348
An Overview of Corporate Governance Practices in Hungary 352
An Overview of Corporate Governance Practices in Poland 356
An Overview of Corporate Governance Practices in Slovakia 360
An Overview of Corporate Governance Practices in Bosnia & Herzegovina
An Overview of Corporate Governance Practices in Bulgaria 369
An Overview of Corporate Governance Practices in Croatia 373
An Overview of Corporate Governance Practices in Macedonia 377
An Overview of Corporate Governance Practices in Romania 381
An Overview of Corporate Governance Practices in Slovenia 385
Summary and Analysis of Country Studies 390
Index 411