engleski

The Role of Institutional Investors in Closed Systems of Corporate Governance – The Case of Croatia

Institutional investors have a very important role in corporate governance. Their importance is widely discussed in developed countries, especially in the Anglo-Saxon business environment. This paper analyses the importance and the role of institutional investors in corporate governance in Croatia which is characterized by a closed system of corporate governance. In Croatia the situation is specific and related to problems of transition. Besides the typical institutional investors, in Croatia there are unique institutions that are shareholders and have control rights in Croatian publicly held companies. Empirical research conducted on a sample of 50 largest publicly held Croatian companies shows that the issue of institutional investors in Croatia is mainly governed by the laws. Even though their average ownership is smaller in comparison to developed counties and there is no institutional investors association, institutional investors have a complex and an important role in corporate governance in Croatia.

institutional investors; corporate governance; transition

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