Historical Development of Corporate Governance as the Basis for Current Corporate Trends

Jovanović, Jelena and Grujić, Biljana (2016) Historical Development of Corporate Governance as the Basis for Current Corporate Trends. Ekonomika: časopis za ekonomsku teoriju i praksu, 62 (1). pp. 187-198. ISSN 0350-137X

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Abstract

The subject of this paper is to analyze different understandings of the term „corporate governance“ which is, from the 14th century to the present day, passing through various stages of development, definitions and procedures, stating the contributions of individual scientists. Then, it presents and analysis of corporate governance in the 21st century (the importance of corporate governance is growing) and the trends that have already begun, expected to significantly alter this area in the forthcoming period (greater involment of shareholders in the company’s operations, board’s performance audit, the number of women in boards, the transparency of the company). The aim is to present different aspects of the management and functioning of the company’s board, while increasing involvement of employees (shareholders) in corporate desicion-making. The purpose of this paper is to highlight the importance of corporate governance in modern business because with the increase in the number and scope of the organization there is also an increase of need for management.

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