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Erschienen in:
2007 | OriginalPaper | Buchkapitel
Corporate Governance and Ownership Concentration on the Budapest Stock Exchange
verfasst von : Zsolt BedŐ, Éva Ozsvald
Erschienen in: Corporate Restructuring and Governance in Transition Economies
Verlag: Palgrave Macmillan UK
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The importance of good corporate governance has only recently been recognized in Hungary and efforts to implement modern structures have been slow. Moreover, it has been an ‘imported product,’ not a result of endogenous evolution. The lack of organic development in Hungary is understandable given the history of central planning up to 1990. During the subsequent ten-year transition period all the essential features of a well-functioning market economy were established. Notwithstanding this, strong corporate governance was treated as a low priority ingredient in the newly created capitalist institutions. The updated Company Law contained the necessary prescriptions for the formal corporate governance structures but for closely held private Hungarian companies — the dominant form of those domestically owned — the structures remain more or less an empty shell.