Корпоративнотo управување во комерцијалните банки во Република Македонија

Abstract

This doctoral dissertation explores corporative governance in commercial banks in the Republic of Macedonia. The paper thoroughly analyses the theoretical foundations of corporative governance, related to the existence of asymmetric information in different market segments, including the financial markets, and which determine the principal - agent problem. The theoretical part of the research is finalized with a review of the core principles of good corporative governance - especially the ones coming from OECD, the Basel committee and the best world practices. The part focusing on corporative governance in the commercial banks in the Republic of Macedonia is of crucial character and it analyses in details several key issues: the determining factors of corporative governance in general and in commercial banks in particular (financial market development, the quality of regulation, the privatization models and the model of rehabilitation and privatization of banks); the internal structure of corporative governance in commercial banks; risk management, categorization of commercial banks according to their stock exchange rating and obligation to disclose data; the relationship with stakeholders (shareholders, institutional investors, employees and deponents) and other values of corporative governance - corporative social responsibility and ethical corporative culture. The research, which also includes a conducted survey of members of corporative authorities in selected Macedonian banks, diagnoses the results achieved in the transition period, the key weaknesses and problems of corporative governance in the commercial banks and the available approaches for their solution.