Archive Issue
International Interdisciplinary Scientific Journal "Expert"
Volume 1, Issue 2
(December 2023 – January 2024)
Language of the original article: Ukrainian
ОРГАНІЗАЦІЙНІ УМОВИ КОРПОРАТИВНОГО УПРАВЛІННЯ В АГРАРНОМУ ІНТЕГРОВАНОМУ ПІДПРИЄМСТВІ
ABSTRACT. The article is devoted to the study of scientific knowledge on the general organizational conditions for corporate governance in an agrarian integrated enterprise. Based on the analysis of scientific knowledge on the conditions and features of corporate governance in integrated agricultural structures, the authors have found that relations arise not between the owners of a corporation, but between the corporation and the owners, and thus relations in the group of owners are absent or minimized. In practice, the key element of contracting is not an attempt to determine the behavior of the CEO in all possible situations, but to develop a structured system of remuneration for managers. The main goal of this operation is to find the optimal combination of different types of remuneration for top managers, which will ensure mutually beneficial interests of both shareholders and managers of the corporation. The author proves that the most effective mechanism of internal control over the activities of a corporation's management personnel is to involve shareholders in protecting their interests through agents (outsiders) who are not employees of the corporation but are vested with certain controlling powers. It is assumed that these agents will not be directly related to the operational management of the corporation, and thus they become the defenders of the interests of the owners. It is found that there is a direct relationship between agency conflicts and corporate governance mechanisms. The result of the study is the identification of positive and negative aspects of capital concentration in a corporation. This leads to the conclusion that with an increase in the manager's shareholding, the level of agency conflicts decreases. The authors propose a detailed model of corporate governance that takes into account the interests of all participants. The conflict of interests between owners and managers of a corporate structure is investigated. The peculiarities of functioning of the external mechanism of control by the financial market in the corporate governance system and their shortcomings are highlighted. The institutional factors influencing the corporate governance system of an integrated agricultural enterprise are demonstrated.
Keywords: corporate governance, agricultural enterprise, integrated structure, financial market, control mechanism.
2. Baiura, D. (2008). Korporatyvne upravlinnia yak obiekt naukovoho doslidzhennia [Corporate governance as an object of scientific research]. Visnyk Kyivskoho natsionalnoho universytetu. Ekonomika, 99-100, 120.
3. Vakulchyk, O.M. (2003). Korporatyvne upravlinnia: ekonomiko-analitychnyi aspect [Corporate governance: Economic-analytical aspect]. Porohy.
4. Mayer, K. (1996). Korporatyvne upravlinnia v rynkovykh ta perekhidnykh ekonomikakh. U poshukakh krashchoho dyrektora: korporatyvne upravlinnia v rynkovykh ta perekhidnykh ekonomikakh [Corporate governance in market and transitional economies. In search of a better director: Corporate governance in market and transitional economies]. Osnovy.
5. Momot, T.V. (2006). Vartisno-oriientovane korporatyvne upravlinnia: vid teorii do praktychnoho vprovadzhennia [Value-oriented corporate governance: From theory to practical implementation]. KhNAMG.
6. Nazarova, G.V. (2004). Orhanizatsiini struktury upravlinnia korporatsiiamy [Organizational structures of corporate management]. VD “INZHEK”.
7. Palyha, Ye.M. (2002). Korporatyvne upravlinnia vyrobnytstvom v umovakh postpryvatyzatsiinykh vidnosyn [Corporate management of production in post-privatization relations]. NAN Ukrainy; Instytut rehionalnykh doslidzhen.
8. Rumiantsev, S.A. (2003). Ukrainska model korporatyvnoho upravlinnia: stanovlennia ta rozvytok [Ukrainian model of corporate governance: Formation and development]. Znannia.
9. Chernyshev, S. (n.d.). Sovremennye korporatsii [Modern corporations]. Available at: http://www.ckp.ru/biblio/tekxtokpr/16151.htm.
10. Slobodianyk, A.M., Mohylevska, O.Yu., & Shtanko, O.I. (2017). Suchasna paradyhma rozvytku naukovo-tekhnichnoho potentsialu pidpryiemstv promyslovoho kompleksu Ukrainy [Modern paradigm of the development of the scientific and technical potential of industrial complex enterprises in Ukraine]. Ekonomika ta suspilstvo, 9. Available at: https://economyandsociety.in.ua/journals/9_ukr/89.pdf
11. Slobodianyk, A.M. (2017). Zarubizhnyi dosvid praktychnoi realizatsii antykryzovykh instrumentiv upravlinnia pidpryiemstvom [Foreign experience in practical implementation of anti-crisis management tools for the enterprise]. Visnyk Kharkivskoho natsionalnoho tekhnichnoho universytetu silskoho hospodarstva imeni Petra Vasylenka, 185, 80-86.
12. Slobodianyk, A.M., Sudyk, S.V., & Sandler, E. (2019). Optymizatsiia vyrobnychoi struktury pidpryiemstv ahrobiznesu [Optimization of the production structure of agribusiness enterprises]. Suchasni pytannia ekonomiky i prava: zb. nauk. prats, 1(9), 60-69.
13. Slobodianyk, A.M., Plotnyk, P.A., & Zazymko, S.A. (2020). Problema vprovadzhennia suchasnoho upravlinnia ahrokholdynhom v umovakh didzhitalizatsii [The problem of implementing modern management of agroholdings in the conditions of digitalization]. Efektyvna ekonomika, (4). Available at: http://www.economy.nayka.com.ua/?op=1&z=7808
14. Slobodianyk, A.M., & Syza, V.O. (2021). Udoskonalennia modeli intehrovanoi systemy menedzhmentu yakosti na ahropromyslovykh pidpryiemstvakh [Improvement of the model of integrated quality management system at agro-industrial enterprises]. Agrosvit, (4), 45–50.
15. Mohylevska, O.Yu., Romanova, L.V., & Slobodianyk, A.M. (2021). Problemy formuvannia liudskoho kapitalu v systemi upravlinnia personalom na promyslovykh pidpryiemstvakh mashynobudivnoho kompleksu Ukrainy [Problems of forming human capital in the personnel management system at industrial enterprises of the machine-building complex of Ukraine]. Ekonomika ta suspilstvo, (28). Available at: https://www.economyandsociety.in.ua/index.php/journal/article/view/512
ОРГАНІЗАЦІЙНІ УМОВИ КОРПОРАТИВНОГО УПРАВЛІННЯ В АГРАРНОМУ ІНТЕГРОВАНОМУ ПІДПРИЄМСТВІ
ABSTRACT. The article is devoted to the study of scientific knowledge on the general organizational conditions for corporate governance in an agrarian integrated enterprise. Based on the analysis of scientific knowledge on the conditions and features of corporate governance in integrated agricultural structures, the authors have found that relations arise not between the owners of a corporation, but between the corporation and the owners, and thus relations in the group of owners are absent or minimized. In practice, the key element of contracting is not an attempt to determine the behavior of the CEO in all possible situations, but to develop a structured system of remuneration for managers. The main goal of this operation is to find the optimal combination of different types of remuneration for top managers, which will ensure mutually beneficial interests of both shareholders and managers of the corporation. The author proves that the most effective mechanism of internal control over the activities of a corporation's management personnel is to involve shareholders in protecting their interests through agents (outsiders) who are not employees of the corporation but are vested with certain controlling powers. It is assumed that these agents will not be directly related to the operational management of the corporation, and thus they become the defenders of the interests of the owners. It is found that there is a direct relationship between agency conflicts and corporate governance mechanisms. The result of the study is the identification of positive and negative aspects of capital concentration in a corporation. This leads to the conclusion that with an increase in the manager's shareholding, the level of agency conflicts decreases. The authors propose a detailed model of corporate governance that takes into account the interests of all participants. The conflict of interests between owners and managers of a corporate structure is investigated. The peculiarities of functioning of the external mechanism of control by the financial market in the corporate governance system and their shortcomings are highlighted. The institutional factors influencing the corporate governance system of an integrated agricultural enterprise are demonstrated.
Keywords: corporate governance, agricultural enterprise, integrated structure, financial market, control mechanism.
References
1. Abramov, Y. (n.d.). Printsipy korporativnogo upravleniia v mire. Chi slid ikh zaprovadzhuvaty v Ukraini [Principles of corporate governance in the world. Should they be implemented in Ukraine?]. Available at: http://justinian.com.ua/article.php?id=12082. Baiura, D. (2008). Korporatyvne upravlinnia yak obiekt naukovoho doslidzhennia [Corporate governance as an object of scientific research]. Visnyk Kyivskoho natsionalnoho universytetu. Ekonomika, 99-100, 120.
3. Vakulchyk, O.M. (2003). Korporatyvne upravlinnia: ekonomiko-analitychnyi aspect [Corporate governance: Economic-analytical aspect]. Porohy.
4. Mayer, K. (1996). Korporatyvne upravlinnia v rynkovykh ta perekhidnykh ekonomikakh. U poshukakh krashchoho dyrektora: korporatyvne upravlinnia v rynkovykh ta perekhidnykh ekonomikakh [Corporate governance in market and transitional economies. In search of a better director: Corporate governance in market and transitional economies]. Osnovy.
5. Momot, T.V. (2006). Vartisno-oriientovane korporatyvne upravlinnia: vid teorii do praktychnoho vprovadzhennia [Value-oriented corporate governance: From theory to practical implementation]. KhNAMG.
6. Nazarova, G.V. (2004). Orhanizatsiini struktury upravlinnia korporatsiiamy [Organizational structures of corporate management]. VD “INZHEK”.
7. Palyha, Ye.M. (2002). Korporatyvne upravlinnia vyrobnytstvom v umovakh postpryvatyzatsiinykh vidnosyn [Corporate management of production in post-privatization relations]. NAN Ukrainy; Instytut rehionalnykh doslidzhen.
8. Rumiantsev, S.A. (2003). Ukrainska model korporatyvnoho upravlinnia: stanovlennia ta rozvytok [Ukrainian model of corporate governance: Formation and development]. Znannia.
9. Chernyshev, S. (n.d.). Sovremennye korporatsii [Modern corporations]. Available at: http://www.ckp.ru/biblio/tekxtokpr/16151.htm.
10. Slobodianyk, A.M., Mohylevska, O.Yu., & Shtanko, O.I. (2017). Suchasna paradyhma rozvytku naukovo-tekhnichnoho potentsialu pidpryiemstv promyslovoho kompleksu Ukrainy [Modern paradigm of the development of the scientific and technical potential of industrial complex enterprises in Ukraine]. Ekonomika ta suspilstvo, 9. Available at: https://economyandsociety.in.ua/journals/9_ukr/89.pdf
11. Slobodianyk, A.M. (2017). Zarubizhnyi dosvid praktychnoi realizatsii antykryzovykh instrumentiv upravlinnia pidpryiemstvom [Foreign experience in practical implementation of anti-crisis management tools for the enterprise]. Visnyk Kharkivskoho natsionalnoho tekhnichnoho universytetu silskoho hospodarstva imeni Petra Vasylenka, 185, 80-86.
12. Slobodianyk, A.M., Sudyk, S.V., & Sandler, E. (2019). Optymizatsiia vyrobnychoi struktury pidpryiemstv ahrobiznesu [Optimization of the production structure of agribusiness enterprises]. Suchasni pytannia ekonomiky i prava: zb. nauk. prats, 1(9), 60-69.
13. Slobodianyk, A.M., Plotnyk, P.A., & Zazymko, S.A. (2020). Problema vprovadzhennia suchasnoho upravlinnia ahrokholdynhom v umovakh didzhitalizatsii [The problem of implementing modern management of agroholdings in the conditions of digitalization]. Efektyvna ekonomika, (4). Available at: http://www.economy.nayka.com.ua/?op=1&z=7808
14. Slobodianyk, A.M., & Syza, V.O. (2021). Udoskonalennia modeli intehrovanoi systemy menedzhmentu yakosti na ahropromyslovykh pidpryiemstvakh [Improvement of the model of integrated quality management system at agro-industrial enterprises]. Agrosvit, (4), 45–50.
15. Mohylevska, O.Yu., Romanova, L.V., & Slobodianyk, A.M. (2021). Problemy formuvannia liudskoho kapitalu v systemi upravlinnia personalom na promyslovykh pidpryiemstvakh mashynobudivnoho kompleksu Ukrainy [Problems of forming human capital in the personnel management system at industrial enterprises of the machine-building complex of Ukraine]. Ekonomika ta suspilstvo, (28). Available at: https://www.economyandsociety.in.ua/index.php/journal/article/view/512
© 2024 The Author(s)
This work is licensed under the Creative Commons Attribution 4.0 International (CC BY 4.0).
Filchenko, I., Sartakov, D., Kryzhniy, V. & Laiko, A. (2024). ORGANIZATIONAL CONDITIONS OF CORPORATE GOVERNANCE IN AN AGRARIAN INTEGRATED ENTERPRISE. International Interdisciplinary Scientific Journal "Expert", 1(2), 130-144. https://doi.org/10.62034/2815-5300/2024-v1-i2-009
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