Issue 1, 2003

Libman A. V. Role of the Corporate Governance System in Solving the Agency Problem

This article examines legislative mechanisms that help to solve the agency problem in modern corporations. The structure of corporate governance, advantages and disadvantages of the three-tier model of corporate control (shareholders — Board of Directors — managers) are analyzed. The author describes standard measures of investor legal protection. There is also an attempt to evaluate the Russian legislation maturity: is it adequate enough to provide the proper regulation of the corporate stakeholders relations comparing to the legislation in developed countries.

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