Economics & Sociology

ISSN: 2071-789X eISSN: 2306-3459 DOI: 10.14254/2071-789X
Index PUBMS: f5512f57-a601-11e7-8f0e-080027f4daa0
Article information
Title: Level (Quality) of Corporate Governance in Adriatic Seaports
Issue: Vol. 11, No 1, 2018
Published date: 30-03-2018 (print) / 30-03-2018 (online)
Journal: Economics & Sociology
ISSN: 2071-789X, eISSN: 2306-3459
Authors: Jelena Stjepcevic
University of Montenegro
Keywords: corporate governance, institutions, seaports, institutional framework
DOI: 10.14254/2071-789X.2018/11-1/21
Index PUBMS: 4bb83809-869e-11e8-911b-901b0efa6e97
Language: English
Pages: 325-334 (10)
JEL classification: G34, P37

Institutions and institutional structures always determine the development (social and economic), and therefore the level (quality) of microeconomic institutions, including that of corporate governance. The subject of this research is the level (quality) of corporate governance (as a dependent variable in the given model) in relatively undeveloped Adriatic seaports. The aim of this paper is to demonstrate the importance of institutional framework in regulating corporate governance and to verify the hypothesis on a significant dependency of the dependent variable from the selectively chosen independent variables of a dominant institutional character. Field survey methods and multiple linear regression analysis are used in this paper. It is concluded that the offered research has verified the initial hypothesis.


1. Acemoglu, D., Johnson, S., Robinson, J. (2004). Institutions as the Fundamental Cause of Long-Run Growth, In: Aghion, Ph., Durlauf, St. (eds.). Handbook of Economic Growth, North Holland.

2. Aguilera, R. V., Jackson, G. (2003). The Cross-national Diversity of Corporate Governance Dimensions and Determinants. Academy of Management Review, 28(3), 447-465.

3. Aoki, M. (2000). Information, Corporate Governance and Institutional Diversity: Competitiveness in Japan, the USA and Transitional Economies. Oxford University Press, Oxford.

4. Apreda, R. (2008). The Semantics of Governance, In: Clarke, T. and dela Rama, M. (eds.), The Fundamentals of Corporate Governance, Volume 1: Ownership and Control, SAGE Publications, London, pp. 10-23.

5. Balakrishnan, N., Render, B., Stair, R. M. (2007). Managerial Decision Modeling with Spreadsheets. Prentice-Hall Inc., New Jersey.

6. Bertskas, D. P., Tsitsiklis, J. N. (2008). Introduction to probability. Athena Scientific, USA.

7. Coakes, S. J. (2013). SPSS 20.0 for Windows – Analysis without Anguish. Willey Publishing, Inc.

8. Delibasic, M. (2016). Hypothetical Matrix for Institutional Modeling of the Basis for Economic Development in the Countries of Southeast Europe. Montenegrin Journal of Economics, 12(2), 147-159. DOI: 10.14254/1800-5845.2016/12-1/9

9. Demski, J. S. (2003). Corporate conflicts if interest. Journal of Economic Perspectives, 17(2), 51-72.

10. Dixit, A (2009). Governance Institutions and Economic Activity. American Economic Review, 99(1), 5-24.

11. Draskovic, M. (2016). Roots and Paradoxes of the Neoliberal Apologetics. Economics and Sociology, 9(1), 209-219, DOI: 10.14254/2071-789X.2015/9-1/1.

12. Draskovic, M. (2017). Possibilities and Limitations of Neoinstitutional Economic Theory in Explaining the Transition Crisis – the Case of Montenegro. Transformations in Business & Economics, 16(3/4), 164-174 .

13. Draškovic, M., Stjepcevic, J. (2012). Institutional Framework of Corporate Governance With Reference to the Former Yugoslav Transition Economies. Montenegrin Journal of Economics, 8(4), 27-41.

14. Draskovic, M., Bauk, S., Delibasic, M. (2016). Testing the Level and Factors of Institutional Rationality in Montenegro, Serbia and Bosnia and Herzegovina. Economics and Sociology, 9(2), 22-40.

15. Draskovic, V., Popov, E., Peleckis, K. K. (2017). Modelling of Institutional Changes in Transition Countries – the Gap Between the Theory and Practice. Montenegrin Journal of Economics, 13(1), 125-140. DOI: 10.14254/1800-5845/2017.13-1.9

16. Estrin, S., Prevezer, M. (2011). The Role of Informal Institutions in Corporate Governance: Brazil, Russia, India and China Compared. Asia Pacific Journal of Management, 28(1), 41-67.

17. Fiss, P. C. (2008). Institutions and Corporate Governance, In: The Sage Handbook of Organizational Institutionalism. Sage Publications, Los Angeles, pp. 389-410.

18. Nee, V. (2003). New Institutionalism, Economic and Sociological. Princeton University Press, Princeton.

19. Nellis, J. (2001). The World Bank, Privatization and Enterprize Reform in Transition Economies: A Retrospective Analysis. Working Paper, Center for Global Development. Washington, D. C.

20. North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press, Cambridge, MA.

21. Pallant, J. F. (2011). SPSS Survival Manual: A Step by Step Guide to Data Analysis Using SPSS. Allen & Unwin, Australia.

22. Polterovich, V. (2012). Reform Design: How to Search for Interim Institutions. Montenegrin Journal of Economics, 8(2), 25-44.

23. Popov, E. V., Ersh, E. V. (2016). Institutions for Decreasing of Employee Opportunism. Montenegrin Journal of Economics, 12(2), 131-146. DOI: 10.14254/1800-5845.2016/12-1/2.

24. Postma, T., Hermes, N. (2002). Institutions, Corporate Governance and Corporate Governance Institutions: The Case of Estonia. Getting Ready for a Larger EU: Governance, Institution Design and the Transformation of Business Systems, pp. 20-21, Groningen, h

25. Roe, M. (2004). The Institutions of Corporate Governance. Discussion Paper, No. 488-08, 1-24.

26. Vickers, J., Yarrow G. (1991). Economic perspectives on privatization. Journal of Economic Perspectives, 5(2), 111-132.

27. Weingast, B. (1993). Constitutions as Governance Structures: the Political Foundations of Secure Markets. Journal of Institutional and Theoretical Economics, 149, 286-311.

28. Williamson, O. E. (1993). Transaction Cost Economics and Organization Theory. Industrial and Corporate Change, 2(2), 107-156.

29. World Economic Forum (2017). WEF's Global Competitiveness Index, Geneva.

30. Zingales, L. (1995). Insider Ownership and the Decision to Go Public. Review of Economic Studies, 62, 425-448.

31. Zingales, L. (1997). Corporate Governance. NBER Working Paper, 6309, Cambridge, Mass.