Informace o publikaci

Legal aspects of corporate transparency during the transformation of the Czech economy

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ŠEDOVÁ Jindřiška

Rok publikování 2003
Druh Článek ve sborníku
Konference ICES 2003. From Transition to Development Globalisation and Political Economy of Development in transition Economies
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Obor Ekonomie
Klíčová slova legal system; corporate transparency; investment protection; EU directives; Czech economy transformation
Popis The paper addresses one of the most serious problems of the current transformation of the Czech economy. In the preceding period, this process was characterised by legal uncertainty of the investors deciding to invest in the Czech Republic. As the Czech Republic's economic relations are mostly directed towards the EU countries, the problem of an adequate legal framework is related to the EU law. Therefore, when assessing the business risks in the Czech Republic, we shall try to find out to what extent the Czech legislation is compatible with that of the EU countries. The paper aims to perform an analysis of the reasons for which many business and legal institutes were difficult to incorporate in the Czech legal order despite their being long taken for granted in the EU countries. Determining the specific conditions of the development of a market environment in the Czech Republic and their reflection in the functioning of the legal system will be an important issue. Using this as a basis, we will be able to conclude that the system, institutional and legal framework typical of the transformation of the Czech economy in the 1990's was inconsistent. By taking a closer look at the national specific destructions, we will also conclude that this destruction had been caused by a number of factors particularly by bad corporate governance and by a system of supervision. Some of the issues of the low transparency of business entities and the insufficient legal protection of investors will be dealt with in more detail. The analyses conducted will serve as a starting point for assessing the degree of compatibility of the Czech law with the European Union directives). A great deal of attention will be paid to the legal institutes and procedural rules designed to strengthen title to property, initiate changes in the corporate structure and functioning and improve the efficiency of the system of regulation. Then, those legal institutes will be identified in the Czech corporate law that, over the last two years, have marked an improvement of the compatibility of the Czech law with the European Union directives thus conditioning the degree of attractiveness of the Czech business environment for serious investment considerations.Contact:
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