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Corporate Governance and Investment in Associated Candidate Countries: Theory, Empirical Evidence and the EU Proposals for Reform


The reform of corporate governance has gradually become a priority on the EU financial policy agenda. This project focuses on key issues of corporate governance and investment in Associated Candidate Countries (ACC), a region that is still insufficiently studied. The project has two objectives: research and training. The purpose of the research is to investigate: (1) How corporate governance affects investment in ACC? (2) How companies finance their investment and growth in these countries? (3) What are the differences between "state capture" in ACC and "business political strategies" in Member States? (4) What are the implications for the EU policy? The training aims at obtaining systematic knowledge of: (i) the latest theories in the sphere of industrial economics, international corporate governance, investment, mergers; (ii) the methodology of corporate governance and investment studies; (iii) "rent-seeking" literature. This project will build on the guest researcher's studies on corporate governance and firm performance in Bulgaria, Southeast Europe and transition countries since 1990 and on his collaboration already underway with an international research network on corporate governance (chaired by Prof. Dennis Mueller). The methodology lo be adopted will include two main components: theoretical study and empirical investigation. The theoretical study focuses on: (i) corporate governance, corporate finance and investment issues; (ii) business-government relationships. The empirical study of ACC consists of two elements: (i) testing for the effects of ownership and governance structures on investment; (ii) study of financial sources of corporate growth. The project is directly aimed at the search for solutions for more efficient allocation of capital in Enlarged Europe, enhancing the quality of an existing research network on corporate governance and the guest researcher's acquisition of a higher scholarly knowledge and s#

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Dr. Karl Lueger-Ring 1

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