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Pravna in ekonomska analiza sistemov korporativnega upravljanja delniških družb
ID Smrkolj, Lina (Author), ID Zajc, Katarina (Mentor) More about this mentor... This link opens in a new window

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Abstract
Kakovostno korporativno upravljanje je ključno za povečevanje vrednosti družbe in je v korist tako delničarjem kot ostalim deležnikom. Gonilne družbe slovenskega gospodarstva ali t. i. blue chipi so primer dobre prakse korporativnega upravljanja družb, saj jih zaznamuje visoka donosnost delnice, transparentnost, dolgoletna tradicija in ugled ter provenienca države v lastniški strukturi. Deloma gre za »nedokončano« privatizacijo, deloma pa gre za nacionalni interes in ohranitev strateško pomembnih družb v domačih rokah zaradi boljše prerazporeditve bogastva v državi. V malih tržnih sistemih, kot je Slovenija, trg sam le stežka poskrbi za učinkovit nadzor. Vmešavanju države na tak ali drugačen način se ni mogoče izogniti. Lastniška struktura, tako stopnja koncentracije kot provenienca lastnikov, je eden temeljnih elementov korporativnega upravljanja. Oblikovanje optimalnega sistema upravljanja je odvisno od pravne norme in institucionalnega okolja, ki znatno vplivata na lastniško strukturo. Ko se država vmeša v lastniško strukturo družb in sama postane veliki delničar, se nam porodi vprašanje, ali s tem rešuje problem velike koncentracije lastništva ali tudi sama povzroča zastopniške stroške velikega delničarja. Vodilne družbe so se prilagodile zakonitostim trga in so zaslužne za dobršen del prihodkov slovenskemu gospodarstvu ter posledično povečevanju družbene blaginje. Vseh devet obravnavanih blue chipov ohranja dvotirni sistem upravljanja.

Language:Slovenian
Keywords:korporativno upravljanje, zastopniški problem, delniška družba, blue chip, lastniška struktura, država, koncentracija lastništva, dvotirni sistem upravljanja
Work type:Master's thesis/paper
Organization:PF - Faculty of Law
Year:2023
PID:20.500.12556/RUL-152111 This link opens in a new window
COBISS.SI-ID:174223875 This link opens in a new window
Publication date in RUL:04.11.2023
Views:893
Downloads:59
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Secondary language

Language:English
Title:Legal and economic analysis of corporate governance of blue chips
Abstract:
Quality corporate governance is key to increasing the company's value and benefits both shareholders and other stakeholders. Driving companies of the Slovenian economy, or i. blue chips are certainly an example of good corporate governance practice. They are characterized by a high return on shares, transparency, long-standing tradition and reputation, and the country's origin in the ownership structure. This is partly about "unfinished" privatization, and partly about the national interest and the preservation of strategically important companies in local hands for a better redistribution of wealth in the country. In small market systems like Slovenia, the market alone can hardly ensure effective control. State interference in one way or another is imminent. The ownership structure, both the degree of concentration and the origin of the owners, is one of the fundamental elements of corporate governance. The possibility of creating an optimal management system depends on the legal norm and the institutional environment, which significantly influence the ownership structure. When the state intervenes in the ownership structure of companies and becomes a large shareholder, the question arises whether it solves the problem of high concentration of ownership or whether it itself causes the agency costs of the large shareholder. However, the leading companies have adapted to the laws of the market and are responsible for a good part of the revenues of the Slovenian economy and the resulting increase in social welfare. All nine blue-chips maintain a two-tier management system.

Keywords:corporate governance, agency problem, corporation, blue chip, shareholder structure, state, ownership concentration, two-tier system

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