Cheryl Williamson Gray Bücher

In this, the first of three volumes to be published by the CEU Press on corporate governance in Central Europe and Russia, distinguished economists, legal scholars, political scientists and sociologists examine the emerging institutions of corporate governance in privatized firms in transition economies. They investigate the role of banks, investment funds, and pension funds, as well as the role and impact of residual state ownership. Each paper combines experience from advanced market economies with in-country empirical work in transition settings. Together these papers represent the most comprehensive and up-to-date comparative analysis yet undertaken of privatization struggles and their impact on corporate governance in Central Europe and Russia.

The book examines the experiences of Central and Eastern European countries and the Commonwealth of Independent States as they reform their legal and judicial systems to align with market economy needs. It highlights a concerning trend: judicial reform has lagged behind other institutional reforms in these regions. Transitioning from socialism to capitalism necessitates a significant reorientation of legal and judicial frameworks. The study reviews the context leading up to these reforms, the forces driving them, and the agendas pursued since 1990. It critically assesses the impact of these reforms, identifies implementation gaps, and analyzes factors contributing to both success and failure. The performance of courts is evaluated, along with their effects on public opinion and the business climate. The authors explore the connections between various reforms and the public's demand for a fair judiciary. While challenges and opportunities differ across countries, common lessons emerge. The insights and data presented are valuable for policymakers, judicial personnel, and reform advocates. The study utilizes diverse data sources, including the World Bank, the European Bank for Reconstruction and Development, the American Bar Association-Central European and Eurasian Law Initiative, the World Values Survey, the World Economic Forum, and the University of Strathclyde.

In this, the second of three volumes to be published by the CEU Press on corporate governance in Central Europe and Russia, distinguished economists, legal scholars, political scientists and sociologists examine the emerging institutions of corporate governance in privatized firms in transition economies. They look at the nature of control exercised by insiders in Central and Eastern European firms and the emergence of indigenous corporate governance institutions. The volume also addresses the role of foreign investors and the many issues involved in the design of corporate and securities law. Each paper combines experience from advanced market economies with in-country empirical work in transition settings. Together these papers represent the most comprehensive and up-to-date comparative analysis yet undertaken of privatization struggles and their impact on corporate governance in Central Europe and Russia.