SPECIFICS OF CORPORATE MANAGEMENT IN AGRIBUSINESS IN TRANSITIONAL CONDITIONS
Corporate governance in agribusiness describes an agency problem resulting from separation of ownership from control in modern corporations and represents a huge cost to the shareholders. The agency problem is regulated by legal protection of minority shareholders, by constituting the Board of Directors as a Supervisory authority to monitor managers and an active agribusiness market for corporate control in agribusiness (against hostile takeover). These mechanisms are regulated by regulations on securities (at the federal level), corporate law (at the state level), and the corporate statutes, regulations and other Contracting Rules (at the company level). These regulations, laws and decrees actually defne distribution of power between shareholders and managers. Such techniques of defense against takeover can be benefcial to shareholders, if managers use them to strengthen the bargaining power and increase the selling price of an agribusiness company. However, if managers use it for preservation of position and for the achievement of personal interests these regulations do not contribute to the realization of shareholders’ interests.
2. Bubić, J., Hajnrih, J. (2012): The analyses business performances of agricultural enterprises in Vojvodina during the curent crisis, Economics of agriculture, The Balkan cientifc Association of Agrarian Economists, Institute of Agricultural Economics, Academy of Economic Studies, No 2, Belgrade.
3. Chauffour, J. P., Maur, J. C. (2011): Preferential Trade Agreement Policies for Development: A Handbook, The International Bank for Reconstruction and Development, (ISBN: 978-0-8213-8643-9) Washington.
4. European corporate governance institute, (available at: http://www.ecgi.org/).
5. Gompers, P. A., Ishii, J. L., Metrick, A. (2001): Corporate Governance and Equity Prices, National Bureau of Economic Research Working Paper 8449, Cambridge.
6. Hunya, G. (2000): International Competitiveness Impacts of FDI in CEECs, Vienna Institute for International Economic Studies, Research Reports, No. 268.
7. Kay, R. D., Edwards, W. M., Duffy P. A. (2004): Farm management, V edition, McGraw-Hill, New York.
8. Kroupova, Z., Cervena, G., Antouskova, M. (2009): Tools for Agriculture and Rural Development Policy Evaluation, The Business Review, Cambridge.
9. La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R. (2000): Investor Protection and Corporate Govemance, Journal of Financial Economics, Vol. 58, No. 1-2, pp. 3-27.
10. La Porta, R., Lopez de Silanes, F., Shleifer, A., Vishny, R. (2001): Investor Protection And Corporate Governance, Harvard University Faculty Research Working Paper Series, Harvard.
11. Megginson, L., William, M., Netter, S., Chahyadi, S. (2006): Size and Impact of Privatisation - A Survey of Empirical Studies, Journal for Institutional Comparisons, Vol. 3, No. 1, pp. 48-62.
12. Mihajlović, M. (2014): Menadžment znanja kao factor povećanja efkasnosti organizacije, Oditor, no. 9, pp. 33-38, CEFIS, Beograd, Srbija.
13. Moody’s, (available at: http://www.moodys.com/).
14. National bureau of economic research, (available at: http://www.nber.org).
15. Pistor, K., Martin, R., Gelfer, S. (2004) Law and Finance in Transition Economies, European Bank for Reconstruction and Development, Working paper No. 49, pp. 171- 213.
16. Porter, B., Hatherley, D., Simon J. (2002): Principles of External Auditing, 2th Edition, (ISBN 007-286-12319-5), Cranfeld School of Management.
17. Sheshinski, E., Lopez Calva, F. (1999): Privatization and its Benefts: Тhеоrу and Evidence, Harvard Institute for International Development Paper No. 698, pp. 54-71.
18. Shileifer, A., Vishny, W. (1997): A Survey of Corporate Governance, The Journal of Finance, The Journal of the American Finance Association, Vol. 52, No. 2, pp. 737- 783.
19.Shleifer, A., Johnson, S. (2004): Privatization and Corporate Governance, MIT and Harvard University.
20. Standard and poors, (available at: http://www.standardandpoors.com).
21.Volk, T. (2010): Agriculture in the Western Balkan Countries, Leibniz Institute of Agricultural Development in Central and Eastern Europe, IAMO, Vol. 57.