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Management efficiency of state-owned enterprises (SOE) is being widely discussed not only in Lithuania, Central Eastern Europe, but also globally (mainly focusing on such countries as China, having state monopoly in most of the industries). Moreover, this topic is interesting to scholars both in the context of public governance reforms and a specif...
Context in source publication
Context 1
... one of the tests applied in this research was related to a comparison of managerial efficiency in the SOEs that could be attributed to the group of natural monopolies and those working in the competitive market. The results of such a comparison have showen that managerial efficiency is rather different (EBITDA p = 0.031, ROE p = 0.003) (see Table 3). One of the hypotheses raised in this paper states that natural monopolies would first of all be interested in raising their turnover (EBIDTA), however (should this not be closely monitored by the regulatory bodies), they would be less motivated to increase their ROE. ...Citations
... Hasil penelitian dari Gibbet Murambiwa Magaisa, Satinder Duggal (2013) mengungkapkan bahwa CG tidak diterapkan di organisasi Usaha Kecil dan Menengah (UKM), karena kebutuhan untuk mengembangkan teori umum CG dengan sistem hukum (hukum umum atau hukum perdata) dan mempertimbangkan pemangku kepentingan lainnya berdasarkan resource dependence theory, serta stewardship theory (Al-Baidhani, 2014). Sedangkan, hasil pembahasan dari Jurkonis & Petrusauskaitė (2014) menyebutkan bahwa hasil self-assessment CG Badan Usaha Milik Negara (BUMN) positif dalam banyak hal dan menunjukkan keyakinan yang cukup kuat terhadap kualitas manajemen di mata eksekutif BUMN Lithuania. ...
This study aims to determine corporate governance (CG) with principal-agent
theory (PAT). Using a critical review, several theories were found related to CG
and PAT research. The procedure used is to discuss the theoretical aspects,
methods, and research results. It was found that CG using PAT has great
potential to be widely developed measures the extent to which the research
constructs incentives, disciplines, ethics and feminist perspectives, property
rights, company performance, executive remuneration, securitization, ownership
systems, Small and Medium Enterprises (SMEs), conjunction legal systems, State-Owned Enterprises (BUMN), hospitals public, compensation, environmental
protection, not-for-profit organizations, and CG systems.
... This subject matter dominates among European researchers. Examples of paper topics are corporate social responsibility and ethical tax corporate governance (Hauptman & Belak, 2015), positive effects of the implementation of corporate governance principles in Lithuanian state-owned enterprises (Jurkonis & Petrusauskaitė, 2014), analysis of key corporate governance factors (Domokos et al., 2016), and implementation of good practises of corporate governance in Romania (Dumitraşcu et al., 2015). ...
Background
The state sector continues to play a significant role in the development of the global economy. Proper corporate governance is crucial to ensure the positive contribution of state-owned enterprises to the efficiency of the economy and its competitiveness. Despite the increasing importance of state-owned enterprises for the development of global gross domestic product and the quality of public services provided, research on corporate governance in state-owned enterprises is not widely represented in the world literature.
Research aims
This article provides a bibliographic analysis of the existing scientific work on corporate governance in state-owned enterprises. The aim of the analysis is to systematise the scientific output in this field, to demonstrate the scale of interest in this subject among researchers, and to indicate the predominant directions of research, taking into account their geographical origin.
Methodology
This study uses a systematic literature review.
Findings
The results of the research show that the existing scientific work in this field is insignificant in relation to the number of state-owned enterprises operating worldwide and their importance for the development of the global economy. Research by dominant research groups from the point of view of geography has shown that there is a clear variation in the dominant direction of research on corporate governance in state-owned enterprises, which is an indication of the different interests of researchers in different geographic areas. Analysing the factors underlying the differentiation just described could provide an incentive for further empirical research in this area.
... Moreover, in most cases, those studies did not distinguish between private companies and SOEs in their analysis. A few studies have obtained SOE-specific data from a limited number of countries, such as China (Fan, Wong, and Zhang 2007), Italy (Menozzi, Gutiérrez Urtiaga, and Vannoni 2011), Lithuania (Curi, Gedvilas, and Lozano-Vivas 2016;Jurkonis and Petrusauskaitė 2014), Kenya (Miring'u and Muoria 2011), and countries in the Latin America and Caribbean region (Andrés, Guasch, and Lopéz Azumendi 2011;Andrés, Schwartz, and Guasch 2013). ...
... Curi, Gedvilas, and Lozano-Vivas (2016) assessed the impacts of corporate governance on the efficiency of commercial SOEs in Lithuania and found that good corporate governance, particularly board quality and strategic planning, enhanced firm efficiency. Jurkonis and Petrusauskaitė (2014) investigated Lithuanian SOEs and 5 found that improved corporate governance practices, particularly board independence, led to better financial performance. Miring'u and Muoria (2011) examined SOEs in Kenya and demonstrated that larger board size and a higher ratio of nonexecutive directors on the board had positive impacts on financial performance. ...
... Understanding corporate governance is important factor in improving value and performance (Okiro et al., 2015), processes governed and directed by corporate managers to make decisions that align with shareholder objectives in maximizing revenue (Akbar, 2015), process of directing and managing business affairs towards improving business prosperity and corporate accountability (Mensah & Adams, 2014), set of laws, policies, customs, processes and institutions affecting way in which corporation is granted, directed or controlled is called corporate governance (Jain & Namgia, 2014), corporate governance effective to achieve and maintain trust and community beliefs that have dimensions of ownership structure, financial transparency (Lipunga, 2014), structural systems, rights, duties and obligations under which the company is directed and controlled (Jurkonis & Petrusauskaite, 2014), set of mechanisms in influencing decisions made by managers during separation of ownership (Larcker, 2007). Independent is required in implementation of good corporate governance so that in each organ contained in company does not happen to dominate each other and can't be intervened by other parties either internal or external. ...
... The definition of concept evolved by Larcker et al. (2007) was not used in this study because of different research backgrounds in which used research on money and stock markets while this research was conducted in companies in industrial estates. Based on definition of corporate governance from several experts, this research develops corporate governance constructs which means that corporate governance is policy in corporate control to achieve business objectives and increase long-term value of corporate through optimization in implementation of ownership structure (Lipunga, 2014;Okiro et al., 2015), transparency (Mensah & Adams, 2014;Jurkonis & Petrusauskaite, 2014), audit systems (Jain & Namgia, 2014;Okiro et al., 2015), accountability (Mensah & Adams, 2014) and independence. ...
This study was conducted as empirical study of companies in industrial estates who experienced a decline in business after the economic crisis. The purpose of this research is to know the influence of corporate reputation in creating company that has good business stability in industrial estate. The study has been conducted through data collection and testing the proposed model of company's management on industrial estate in Indonesia. The sample selection was collected by using random sampling. The observation is conducted in time horizon as cross-sectional in 2017. Data were tested using structural equation modeling. The results of study suggest that corporate reputation is influenced by corporate social responsibility, dynamic capabilities and corporate governance. While corporate reputation is influenced by corporate identity either directly or indirectly. This research reveals that the reputation of the company in industrial estate needs to be considered to solve the problems in business decline.
Die Public Corporate Governance stellt eine Herausforderung für den Staat dar. Darauf weisen Fehlverhalten von öffentlichen Unternehmen hin, die oft spät erkannt werden und entsprechend negative Folgen zeitigen. In der Prinzipal-Agent-Theorie wird dieses Fehlverhalten mit der Informationsasymmetrie zwischen Eigner und Unternehmen erklärt. Um dieser Asymmetrie zu begegnen, sind die Ausgestaltung der Steuerungsinstrumente, der Informationsflüsse und des Eigenmodells von zentraler Bedeutung. In diesem Beitrag werden theoretische Anforderungen an die Public Corporate Governance staatlicher Unternehmen in diesen Bereichen dargestellt und mittels vier Fallstudien in der Umsetzung aufgezeigt. Die Resultate zeigen, dass sich Mängel in der Public Corporate Governance weniger aus dem Fehlen von Steuerungsinstrumenten als vielmehr in deren Anwendung ergeben. Weiter hat sich gezeigt, dass sich sowohl zentrale wie auch dezentrale Eignermodelle gleichermassen eignen, ein öffentliches Unternehmen zu steuern.
