The Albanian corporate governance framework
18/2006 , p43..59
Author(s):
Esmeralda URUCI
Albana BEGANI
Keywords:
corporate governance, public company, single owner company, partnership company, Credins Bank
Abstract:
The goal of this paper is the presentation of the core corporate governance models as well as the identification of the framework currently being used in Albania which definitely has been influenced by the long transition period in our country and the bad functioning of the Albanian capital market.
According to some authors who have studied corporate governance, there are two main variables that should be taken into consideration in order to identify and classify the three main corporate governance models:
• Composition of the shareholder group, and
• Stability of the shareholder group
Based on these variables, three main corporate governance models can be drawn:
1. The public company or the Anglo-Saxon model
2. The company with a single main owner or the Italian model
3. The partnership or the Japanese model
This paper presents Credins Bank as case study, in order to identify which of the above mentioned models is more common through big companies operating in Albania.
There are three main problems which currently concern corporate governance issues in Albania: the lack of tradition in enforcing the law, the lack of qualified and experienced managers, as well as the problems associating the privatization process. This paper also tends to explain the effect of each of these problems on corporate governance both theoretically and practically.
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