Abstract
This paper analyses state-owned enterprises’ (SOEs) corporate governance, addressing whether there are differences between these and private enterprises that make it necessary to formulate a specific corporate governance theory for the former. This will be achieved through a case study based on Carris company, mitigating the lack of empirical knowledge in this field and taking a step forward by clearly proving what it is suggested by the literature: SOEs’ governance particularities actually influence their day-to-day business and financial viability. That helps to highlight the urgency to apply adequate corporate governance techniques to SOEs, more aligned with their characteristics. SOEs have a different legal status, more volatile operating goals, soft budget constraints, lack of public service contracts (and consequent mismatch of the corresponding compensatory allowances due for the public service provided), and different criteria for professional appointment and selection. More importantly, they suffer from multiple principals’ phenomenon: multiple principals, multiple problems. It is, therefore, recommended some changes regarding their corporate governance, such as the incorporation of the comply-or-explain principle; introduction of a code of best practices in the public managers’ appointment process; and contractual arrangements regarding the public service provided, with the multiannual allocation of the corresponding compensatory allowances.
Subject
General Business, Management and Accounting
Reference55 articles.
1. Cadbury, A. (1992). Report of the Committee on the financial aspects of corporate governance. Retrieved from https://ecgi.global/sites/default/files//codes/documents/cadbury.pdf
2. Câmara, P. (2002). Códigos de Governo das Sociedades. Cadernos do Mercado de Valores Mobiliários, 15, 65-90. Retrieved from https://blook.pt/publications/publication/87c2a41cb691/
3. Capobianco, A., & Christiansen, H. (2011). Competitive neutrality and state-owned enterprises: Challenges and policy options (OECD Corporate Governance Working Paper No. 1). https://doi.org/10.1787/5kg9xfgjdhg6-en
4. Carris. (2017). Corporate governance report 2016. Retrieved from https://www.carris.pt/media/hjtbdahs/relatoriogs_2016.pdf
5. Carris. (n.d.). Annual report and accounts 2008-2019. Retrieved from Carris website: https://www.carris.pt/a-carris/empresa/relatorios-e-legislacao/
Cited by
4 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献