CHANGES IN CORPORATE GOVERNANCE PROCESS UNDER THE INFLUENCE OF GLOBALIZATION OF IN-TERNATIONAL BUSINESS – WITH REFERENCE TO SERBIA

Authors

  • Goran M. Jeličić Факултет за пословне студије Београд
  • Marina D. Kovinić Факултет за пословне студије Београд

Keywords:

globalization, corporate governance, corporate governance models, social responsibility, Serbia

Abstract

In this paper, we dealt with the expansion and the impact of globalization on the world economy and the effects of a rigid corporate governance. With the increasing globalization of markets, the concept of corporate governance is gaining in importance. Relying on the theory of stakeholders we have proved that the company should not be seen only as a mechanism to satisfy the interests of owners, but all interested stakeholders. Effective corporate governance contributes to sustainable economic development, capital allocation reduces costs, increases property companies minimize costs, significantly facilitates access to markets and ultimately contribute to the positive image and reputation of the company.

In practice, to differentiate the two models of corporate governance: the one and bimodal system. Superiority is not one of them has not been proven. The weakness of the single-mode system is reflected in the lack of protection of the rights of shareholders and investors, and the absence of the Supervisory Board as compulsory organ of society. On the other hand the benefits are: greater awareness of managers, accurate and precise distribution of tasks and responsibilities. Dvomodnog advantage of the system is to establish the Supervisory Board as an independent body of society whose role is to oversee the management and financial operations of the company, while the weakness in the lack of cooperation of management and supervisory board in terms of lack of information management, developing channels of communication between management and supervisory boards and the like.

As for Serbia, now it is bad state when it comes to the implementation of corporate governance in Serbia. Good corporate governance is based on the principles of transparency, accessibility, efficiency, timeliness, gradual and accurate information at all levels, contributes to sustainable economic growth, strengthens the efficiency of companies improving their access to all types of external financing. Increasing transparency in society in favor of the investors it offers the opportunity to gain insight into the business and financial data of the company. The system of corporate governance can determine the degree of ease with which companies can access the capital markets. Company that are well managed are suitable for investors, and inspire greater confidence when it comes to 'capacity to generate returns without violating the rights of shareholders. Businesses who have opted for high standards of corporate governance are usually successful in reducing costs when borrowing and provide funding for business, and thus able to reduce the cost of capital paid. This means that even modest improvements in corporate governance compared to other businesses, can be very important for investors and could lead to a reduction in the cost of capital. Finally, the basic recommendation is more investment in the education system of Serbia which is expected training of personnel necessary for efficient corporate management companies in Serbia.

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Остали извори:

http://www.sef.rs/marketing-i-menadzment/unapredenje-korporativnog-upravljanjausrbiji.html

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Published

2017-06-30

How to Cite

M. Jeličić , G. ., & D. Kovinić, M. . (2017). CHANGES IN CORPORATE GOVERNANCE PROCESS UNDER THE INFLUENCE OF GLOBALIZATION OF IN-TERNATIONAL BUSINESS – WITH REFERENCE TO SERBIA. KULTURA POLISA, 14(33), 433–449. Retrieved from https://kpolisa.com/index.php/kp/article/view/729

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Monographic study

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