The Models of Corporate Governance

Abstract

The approaches to defining the concept of “corporate governance” by various authors have been considered, analyzed, and systemized in the present article. The world experience and corporate governance models used in various countries have been regarded, and the characteristics of these models have been analyzed. The main peculiarities and causes of the emergence of models in an economic system have been determined. It has been revealed that the English-American system is characterized by the dispersal of investors, i.e., there are many independent investors, both private and institutional. Due to the inconsiderable use of stock exchanges and external investments, the German system has provided commercial banks with the dominant share of the companies’ governance. The system is distinguished by a high concentration of equity. The Russian model is a hybrid transitional variant that had arisen because of “wild capitalism” at the dawn of the transition from the planned to the market economy.