Suchergebnisse

The article points out that the process of introducing market relations in Ukraine and the growing role and importance of joint-stock companies in the economic development of the country and well-being of its citizens have created the need of corporate governance that emerged due to changing ownership structures and transition to market relations.The study shows that the corporate form of business organization is a new and complex phenomenon in Ukraine. Corporations (joint-stock companies) are the most widespread and significant form of business organization in the current conditions. It is emphasized that the defining feature of a corporation is that it is owned by shareholders who bought stock. This requires a completely different approach to management and control. The nature, role and principles of corporate governance framework are described. It is reasoned that since management and ownership are separated, there is a need to balance interests of shareholders and management.It is stressed that corporate governance is an important factor in the company's activity and development, the primary purpose of which is to provide owners with the opportunity to organize and exercise effective control over management. The essence of corporate governance is to achieve a balance of interests for participants of corporate governance, namely: shareholders, managers, supervisory board and other groups and individuals (suppliers, consumers, creditors, government authorities, etc). The role and place of management in corporate governance, their interests and powers are highlighted.The following responsibilities are associated with executive bodies, or management: solving currents problems related to the corporation's activities, ensuring decision-making by general meeting of shareholders and supervisory board, planning, organizing, motivating, coordinating, and monitoring.It is substantiated that management and corporate governance are different concepts. The key difference is that corporate governance is a wider concept, and management is an integral part of it. The effectiveness of corporate governance rests on the organization of the work of management.

The long-term nature of corporate legal relations necessitates the theoretical selection of certain moments of their emergence, change and termination. The update of the corporate legislation has necessitated a review of the established positions on the moment of termination of corporate legal relations, analysis and study of the legislation and resolution of problems that arise in connection with its application. The introduction of the institution of consent in corporate legal relations necessitated a scientific rethinking of certain aspects of the mechanism of termination of corporate legal relations. The article investigates the main scientific approaches to determining the moment of termination of corporate legal relations, analyzes the moment of termination of corporate legal relations depending on the grounds for their termination. Based on four main approaches to determining the moment of termination of corporate legal relations, the positions of scientists who adhere to them are studied, changes to the current corporate legislation are analyzed, inconsistencies regarding the moment of termination of corporate legal relations are revealed. The peculiarities of the moment of termination of corporate legal relations in case of alienation of a share (part of a share) in the authorized capital of the company, exclusion of a participant from the company, its withdrawal, withdrawal, recovery from the defendant (claim from his possession) to a share (part of the share) are analyzed. Peculiarities of state registration of changes in information about a legal entity in the aspect of determining the moment of termination of corporate legal relations are determined. A position has been formed regarding the application of a separate approach to determining the moment of termination of corporate legal relations on certain grounds for termination of corporate legal relations and suggested ways to resolve existing inconsistencies in corporate law regarding certain grounds for termination of corporate legal relations.

The elements of corporate culture and its impact on innovation management are investigated. A corporate culture tasks in the structure of enterprise activity innovative system are developed.

У статті розглянуто специфіку корпоративного управління в Україні як результат процесу формування корпоративного сектору вітчизняної економіки. Проведено дослідження щодо наявності певних проблем корпоративного управління та проведена їх систематизація на зовнішні та внутрішні. Серед зовнішніх проблем увагу приділено: особливості процесу формування структури власності товариств в Україні, яка зумовила формування закритого для зовнішніх інвесторів капіталу вітчизняних корпорацій; проблемі взаємодії держави з корпораціями та необхідність перетворення держави в ефективного акціонера; недосконалості законодавчої бази з корпоративного управління та нерозвиненості фондового ринку. В статті також приділено увагу внутрішнім проблемам: відсутності на підприємствах розвиненої корпоративної культури, непорозуміння у відносинах між акціонерами (власниками) та управляючими (менеджерами), нерозуміння ролі корпоративного секретаря та важливості запровадження принципів корпоративного управління вітчизняними акціонерними товариствами. Зроблена в статті систематизація та розподіл проблем корпоративного управління на дві групи дозволила більш детально дослідити їх та обґрунтовано підійти до розробки заходів для подальшого їх вирішення. ; The article considers the specifics of corporate governance in Ukraine as a result of the process of forming the corporate sector of the domestic economy. The research on the presence of certain problems of corporate governance was conducted and their systematization was carried out. All existing corporate governance issues are divided into external and internal ones.Among the external problems, attention is paid to: the peculiarities of the process of formation of the ownership structure of the companies in Ukraine, since the ownership structure that has developed in the country does not contribute to the growth of the performance indicators of corporations, and on the contrary - led to the formation of the capital closed to foreign investors of domestic corporations; the problem of interaction between the state and corporations, which is connected with the necessity of transforming the state, as the shareholder of some joint-stock enterprises, into an effective shareholder; the imperfection of the legislative framework for corporate governance and the underdevelopment of the stock market. It is noted that the Ukrainian model of corporate governance is at the stage of its formation and combines elements of outsider and insider's models.The article also focuses on internal problems: lack of corporate culture in enterprises, misunderstanding in the relations between shareholders (owners) and managers (managers), misunderstanding of the role of corporate secretary and the importance of introducing corporate governance principles for domestic joint-stock companies.Such a systematization and division of corporate governance issues into two groups allowed them to investigate more closely and reasonably approach the development of measures for their further resolution.The article concludes that solving existing problems of corporate governance in the country, taking into account the world experience of management, its adaptation to national economic conditions are the necessary directions for improving corporate governance in Ukraine.

The article discusses the aspects of the formation of social responsibility of Ukrainian companies. The need in the analysis of the factors of development of the business corporate social responsibility concept is caused by a change of interaction between the government, business and society.The result of research represents the corporate social responsibility as a specific company's reaction to the demands of society to reflect in its actions the interests, values and expectations of stakeholders.The article determines and systematizes the main factors that impact on company's corporate social responsibility. To the external factors belong the policies of supranational and national governments in the area of corporate social responsibility, the level of economic development, the government support for entrepreneurship, the public opinion about corporate social responsibility and the external pressure of other stakeholders. The internal factors include the economic efficiency of enterprises, the ratio of benefits and costs of corporate social responsibility implementation, personal beliefs of owners and shareholders, the corporate culture of the organization.The research of the factors of corporate social responsibility development will provide the mass distribution of socially responsible business and will contribute to the creation of its own models of social responsibility. ; Розглянуто аспекти формування соціальної відповідальності українських компаній. Потреба в аналізі факторів розвитку концепції корпоративної соціальної відповідальності бізнесу викликана зміною взаємодії влада–бізнес–суспільство. В результаті досліджень корпоративна соціальна відповідальність являє собою специфічну реакцію компанії на вимоги суспільства відобразити в своїх діях інтереси, цінності та очікування зацікавлених сторін. Визначено та систематизовано основні зовнішні (політика наднаціональних і національних органів влади в області розвитку корпоративної соціальної відповідальності, рівень розвитку економіки, державна підтримка підприємницької діяльності, суспільна думка про корпоративну соціальну відповідальність і зовнішній тиск інших зацікавлених осіб) та внутрішні фактори (економічна ефективність підприємства, співвідношення вигоди й витрат на реалізацію корпоративної соціальної відповідальності, особисті переконання власників та акціонерів, корпоративна культура організації), що впливають на розвиток корпоративної соціальної відповідальності компанії. Дослідження факторів розвитку корпоративної соціальної відповідальності забезпечить масове розповсюдження соціально-відповідального бізнесу, сприятиме створенню власних моделей соціальної відповідальності.

The article substantiates the economic and legal nature of corporate agreement against the background of economic and civility discussion about the definition of such an agreement as civil or economic one. The author emphasizes the imperfect regulation of the Economic Code of Ukraine of economic agreements, what complicates the classification of the corporate agreement as economic and requires a systematic analysis of the relevant articles of the said Code and requires the study of doctrinal approaches to defining the economic contractual conception. Based on the analysis of the generally accepted features of the economic agreement, the author analyzes the correspondence of the corporate agreement characteristics to mentioned features. The conclusion is about the necessity of updating the approaches of the economic legislation that defining the economic contract and systematizing its features and about the necessity of bringing them into line with the realities of economic processes in Ukraine. The analysis of scientific approaches of corporate agreements definition concluded that there is no conceptual approach to determine its essence. On this basis, we proposed to put the act theory of the agreements as the basis for the definition of the corporate agreement. The critical analysis of the normatively fixed definitions of different types of corporate agreements has been conduct, in particular the corporate agreement (Article 7 of the Law on Limited Liability and Additional Liability Companies) and the agreement between the shareholders (Article 26-1 of the Law on Joint Stock Companies). Here are the legislation amendments that are able to simplify the understanding of the provisions of mentioned articles for law enforcement practice. ; У статті обґрунтовано господарсько-правову приро-ду корпоративних договорів на фоні господарсько-ци-вілістичної дискусії про визначення такого договору як цивільного чи господарського. Автором наголошу-ється на недосконалості регулювання Господарським кодексом України господарських договорів, що усклад-нює віднесення корпоративного договору до кола гос-подарських і потребує системного аналізу відповідних статей зазначеного Кодексу та вивчення доктриналь-них підходів до визначення господарсько-договірної концепції. Базуючись на аналізі загальноприйнятих у науці оз-нак господарського договору, автором проаналізовано відповідність характеристик корпоративного договору цим ознакам. Зроблено висновок про необхідність онов-лення підходів господарського законодавства до визна-чення господарського договору та систематизації його ознак і про необхідність приведення їх у відповідність із реаліями господарських процесів в Україні. Також здійснено аналіз наукових підходів до визна-чення корпоративних договорів, на основі якого зробле-но висновок про відсутність концептуального підходу як серед цивілістів, так і серед представників господар-сько-правової науки до визначення його сутності, на основі цього запропоновано в основу визначення корпоративного договору покласти актову теорію догорів. Проведено критичний аналіз нормативно закріпле-них визначень різних видів корпоративних договорів, зокрема корпоративного договору (ст. 7 ЗУ «Про това-риства з обмеженою та додатковою відповідальністю») та договору між акціонерами (ст. 26-1 ЗУ «Про акціо-нерні товариства»), запропоновано ряд змін до назва-них статей, які здатні спростити розуміння положень вказаних статей для правозастосовної практики.

The article considers bank lending to corporate clients in Ukraine overcoming the issues related to economic cycles. The dynamics of gross domestic product, total assets, and credit portfolios of Ukraine's banks over the period between 2012 and 2016 is analyzed. The changes in the composition of bank loans to non-financial corporations are analyzed in terms of scheduled payments, forms of currencies, target allocation and economic activities. Additionally, the dynamics and composition of residents' deposits mobilized by deposit-taking corporations are considered in terms of scheduled payments over the above period. The major factors that hinder the recovery of bank lending to corporate clients are identified. It is highlighted that the main obstacles to the development of banking lending to corporate clients in Ukraine in times of economic cycles are as follows: high interest rates; a significant percentage of unprofitable enterprises and loan arrears in bank loan portfolios; an increase of non-performing loans (NPL); the fact that banks, having sufficient liquidity for lending to economy-boosting projects, prefer to purchase government securities; corrupt practices of granting loans to affiliated companies (insider loans). The percentage of unprofitable enterprises in Ukraine in 2016 is determined and analyzed by type of economic activity. Based on the analysis performed, some assumptions are made about the trends of the development of bank lending to corporate clients in Ukraine and proposals on further harmonization of bank lending to corporate clients in times of economic cycles are set out.

The article discusses the status and development trends of corporate governance at domestic enterprises in comparison with foreign ones, identifies problems and suggests possible ways to improve efficiency. The domestic model of corporate governance is analyzed, the diagnosis of its advantages and disadvantages is carried out, the effectiveness of its use in the national economy is isolated. The corporate governance diagnostics of individual domestic corporations was carried out and the prospects for their further development were determined precisely with an increase in the level of corporate governance efficiency. There is no single, generally accepted model of corporate governance that would be used by all countries. However, there are certain defined principles, standards, basic criteria and provisions. The Ukrainian model of corporate governance, in contrast to countries with developed market economies, was formed mainly artificially - by almost simultaneous corporatization and privatization of a huge number of state-owned enterprises. The process of formation of corporate relations in Ukraine was somewhat different from the world and has already passed three stages. The effectiveness of corporate governance is defined as the result of a combination of four factors: features of national legislation, type of ownership, governing bodies, social pressure. The main problems of modern corporate governance, in our opinion, are: the uncertainty of the external environment, the difficulty in using the domestic model of corporate governance, violations of shareholder rights. The transition to a market economy, rapid processes of restructuring and privatization of certain sectors of the national economy have introduced into economic circulation a rather complex category as "corporate governance", which has become the key to successful management of any business unit. Today, the creation of new corporate enterprises is becoming increasingly popular, which in most cases is manifested in the creation of joint stock companies. The effectiveness of their work directly depends on the qualifications of staff, including management, the ability to make and implement decisions, the right management system and so on. The effectiveness of corporate governance is a crucial factor in the success of any company. The problem of the effectiveness of corporate governance is becoming increasingly important in times of economic and political crises, in the period of outflow of qualified personnel, in periods of stagnation of some and the rise of other sectors of the national economy. Today, corporate governance at Ukrainian enterprises is accompanied by many problems that need to be addressed immediately. The main ones are the lack of a single methodology for assessing the effectiveness of corporate governance, unregulated corporate relations. Therefore, it is necessary to develop a method of corporate governance that would take into account all the problems and peculiarities of the functioning of domestic enterprises and meet the needs of stakeholders in corporate relations. ; У статті розглянуті стан та тенденції розвитку корпоративного управління на вітчизняних підприємствах у порівнянні з іноземними, виявлено проблеми та запропоновано можливі шляхи підвищення ефективності. Вивчено вітчизняну модель корпоративного управління, проаналізовано її переваги та недоліки, узагальнено результативність її використання у національній економіці. Проведено діагностику корпоративного управління окремих вітчизняних корпорацій та визначено перспективи їх подальшого розвитку саме при підвищенні ефективності їх корпоративного управління.

У статті проведено аналіз законодавчих норм в аспекті спадкування корпоративних прав, розглянуті всі можливі випадки та проблеми з якими юристи стикаються на практиці. Здійснено визначення об'єкта спадкування, спираючись на чинні норми цивільного та господарського законодавства, а також спираючись на думки видатних науковців. ; В статье проведен анализ законодательных норм в аспекте наследования корпоративных прав, рассмотрены все возможные случаи и проблемы, с которым юристы сталкиваются на практике. Осуществлено определение объекта наследования, опираясь на действующие нормы гражданского и хозяйственного законодательства, а также на мнения выдающихся ученых. ; The legislation in the aspect of inheritance of corporate rights is analyzed in the article and all possible cases and problems which lawyers encounter in practice are reviewed. The definition of the objects of inheritance is made, based on current rules of civil and сommercial legislation, as well as based on the views of prominent scholars.

In the article the legislative improvement of corporate management principles in Ukraine have been grounded ; Обґрунтовано законодавче вдосконалення принципівкорпоративного управління в Україні

The current progress economy of Ukraine takes place under pressure from external and internal destabilizing factors, which causes an instant initiation of qualitative changes in development of the corporate sector as a component that can provide social and economic growth and meet the needs of civil society. Corporate structures determine the level and pace of economic development of the state, improve the internal structure of social and economic support, saturate the system of movement of goods, and create a financial platform for the system functioning, etc. Thus, the need to search for new progressive instruments for improving the efficiency of functioning of domestic corporate structures. It is necessary to investigate the state and tendencies of the corporate sector development and find out its role in Ukraine's economy. The purpose of the article is the comprehensive inspection of the status and trends of development of the national corporate sector and defining its strategic directions. Within the article the key features of corporations are outlined, without understanding the entity which impossible to form effective managerial decisions and the qualitative characteristics of their functioning. The structure of corporate sector taking into account organizational forms of management, its share in national economy and division by type of economic activity, the number of employees at enterprises and profitability / lossare analyzed. The study showed that the structure of the economy corporate sector comprises joint stock companies (public and private under the law of Ukraine "On joint stock companies") and integrated corporate structures.Consequently, theyare based on corporate capital, operate the principles of corporatism and often formed on the organizational and legal form of joint stock companies or use a similar system of management of corporate capital. In recent years, there have been a tendency to increase the number of corporate structures while reducing the number of unprofitable enterprises, which may indicate a slow "recovery" of the country's economy. It is proved that the results of the financial and economic activities of corporations depend on the effectiveness of forms and methods of economic activity management, favourable conditions of the environment and balanced state economic policy. Peculiarities of corporate system formation in modern conditions are defined. The main factors preventing effective activity of corporate type enterprises are the following: Monopolization of the country's economy, especially in the energy sector, lack of transparency of corporations' activities, managers'ignoring innovative management methods and imperfection the legislative base. As the result of the survey, the main measures for overcoming negative tendencies in the corporate sector are proposed. ; Стаття присвячена дослідженню сучасного стану корпоративного сектору України, яке спрямоване на оцінку основних показників його функціонування та встановлення ключових факторів, що деструктивно впливають на ефективність розвитку вітчизняних корпоративних структур. Наведено основні ознаки корпорацій, а також переваги і недоліки їх функціонування. Доведено, що результати фінансово-господарської діяльності корпорацій напряму залежать від дієвості форм та методів управління економічною діяльністю, сприятливих умов зовнішнього середовища та виваженої державної економічної політики. Визначено особливості формування корпоративної системи країни в сучасних умовах. Автором запропоновано основні заходи для подолання негативних тенденцій у діяльності корпоративного сектору.

The current progress economy of Ukraine takes place under pressure from external and internal destabilizing factors, which causes an instant initiation of qualitative changes in development of the corporate sector as a component that can provide social and economic growth and meet the needs of civil society. Corporate structures determine the level and pace of economic development of the state, improve the internal structure of social and economic support, saturate the system of movement of goods, and create a financial platform for the system functioning, etc. Thus, the need to search for new progressive instruments for improving the efficiency of functioning of domestic corporate structures. It is necessary to investigate the state and tendencies of the corporate sector development and find out its role in Ukraine's economy. The purpose of the article is the comprehensive inspection of the status and trends of development of the national corporate sector and defining its strategic directions. Within the article the key features of corporations are outlined, without understanding the entity which impossible to form effective managerial decisions and the qualitative characteristics of their functioning. The structure of corporate sector taking into account organizational forms of management, its share in national economy and division by type of economic activity, the number of employees at enterprises and profitability / lossare analyzed. The study showed that the structure of the economy corporate sector comprises joint stock companies (public and private under the law of Ukraine "On joint stock companies") and integrated corporate structures.Consequently, theyare based on corporate capital, operate the principles of corporatism and often formed on the organizational and legal form of joint stock companies or use a similar system of management of corporate capital. In recent years, there have been a tendency to increase the number of corporate structures while reducing the number of unprofitable enterprises, which may indicate a slow "recovery" of the country's economy. It is proved that the results of the financial and economic activities of corporations depend on the effectiveness of forms and methods of economic activity management, favourable conditions of the environment and balanced state economic policy. Peculiarities of corporate system formation in modern conditions are defined. The main factors preventing effective activity of corporate type enterprises are the following: Monopolization of the country's economy, especially in the energy sector, lack of transparency of corporations' activities, managers'ignoring innovative management methods and imperfection the legislative base. As the result of the survey, the main measures for overcoming negative tendencies in the corporate sector are proposed. ; Стаття присвячена дослідженню сучасного стану корпоративного сектору України, яке спрямоване на оцінку основних показників його функціонування та встановлення ключових факторів, що деструктивно впливають на ефективність розвитку вітчизняних корпоративних структур. Наведено основні ознаки корпорацій, а також переваги і недоліки їх функціонування. Доведено, що результати фінансово-господарської діяльності корпорацій напряму залежать від дієвості форм та методів управління економічною діяльністю, сприятливих умов зовнішнього середовища та виваженої державної економічної політики. Визначено особливості формування корпоративної системи країни в сучасних умовах. Автором запропоновано основні заходи для подолання негативних тенденцій у діяльності корпоративного сектору.

The article is devoted to the issue on protecting the employees' labour rights in case of an employment dispute, which is considered regarding corporate rights of company owners. The article emphasizes that during work employees are bearing more and more rights and obligations that are realized in different types of relationships. It is also stated that in case of disputes arising from employment relations, courts need to take into ac- count basic factors of labour law. The purpose of this article is to develop proposals for to improving the mechanism of for the protection of emplyees' labour rights. In order to achieve this goal, the author analyses judicial practice regarding the protection of employees' labour rights in disputes related to business entities' functioning, as well as it reveals the contractual nature of labour relations and formulates the proposals on creation of legal conditions for the pro- tection of employees' labour rights. The subject of the study is the judicial protection of company owners' corporate rights and the labour rights of employees. The object of the study is the protective legal relations that arise in the process of resolving labour disputes by the courts of Ukraine. The deductive method used in the work made it possible has allowed the author to substantiate the need for a clear distinction between labour and corporate rightslaw, consider- ing labour disputes and as well as the necessity to take into account the specifics of the method of legal regulation in labour law, in particular the contractual nature of the entrenching of on rights and obligations. The method of induction has revealed the theoretical and practical problems of the distinction between corporate and labour rights. The theo- retical and prognostic method has been used to substantiate the proposals for the improvement of labour legislation to protect the labour rights of employees. Categories and methods of formal logic have been widely used in the work: concepts, definitions, proofs, judgments, analysis, synthe- sis, analogy, comparison, generalizations, etc. The paper focuses on the judicial bodies' powers on the necessity to allocate the specialization of judges for the consideration of labor cases. Based on the case law analysis, the improvement of the national labour legislation on wrongful dismissal is proposed. In fact, every court case in which labour disputes are settled has its own peculiarities and specifics, which in its turn requires the specialization of judges who have to consider labour disputes. It is the specialization of judges in Ukraine that will provide an opportunity not only to guarantee the emploees' labour rights, but to practically improve the mechanism for the protection of employees' labour rights enshrined in collective and employmentagreements.

The article considers theoretical approaches to the definition of corporate social responsibility. The content and characteristics of corporate social responsibility theories (integral, instrumental, political and ethical) are presented. The author paid special attention to the group of instrumental theories in the article. Theories of strategies for achieving competitive advantages are characterized. These theories consider CSR as a tool to improve the efficiency of companies by acquiring and retaining competitive advantages. The basic theories on which theories of achieving competitive advantages are constructed are considered in the article. The author has determined the features of the use of CSR theoretical approaches in the construction of the relationship of the companies with the stakeholders.