Corporate Governance in Transition Economies: A Comparative Study of Armenia, Azerbaijan and Georgia

Abstract

Corporate governance has become an increasingly important issue in recent years, both as a result of corporate scandals and because more than 20 transition economies in the former Soviet Union, Eastern and Central Europe are in the process of converting their economies from a central planning model to a market model. The present study uses the data from the World Bank ROSC studies on Armenia, Azerbaijan and Georgia and assigns points based on the extent of compliance with the OECD's Principles and compares the relative scores using a five-point Likert Scale.