Issue №1, 2018



The role of corporate governance in the economic development of Belarus: assessing the impact on the development of the stock market and attracting foreign capital

Full article 

O.I. Mazol, Belarusian Economic Research and Outreach Center, Minsk, Belarus, Researcher, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

S.I. Mazol, Center for Corporate Governance and Reporting, Minsk, Belarus, Ph.D., assistant professor, founder, e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The main purpose of the study is to evaluate the impact of quality corporate governance on the major parameters of economic development of transition economies, including the foreign capital inflow, the development of the stock market, and the pace of market reforms. The article presents the results of the study using the GMM-model, the analysis of the peculiarities of state regulation of the corporate governance at the enterprises with state participation in the Republic of Belarus The necessity of improving the corporate governance system is proved based on the analysis of economic trends in the corporate sector of Belarusian economy. The recommendations for improving the corporate governance system in the public sector are developed based on international best practices.

Keywords: corporate governance, enterprises with state participation, the principles of corporate governance, regression analysis, financial performance of the enterprise.


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For citation: Mazol O.I., Mazol S.I. The role of corporate governance in economic development: measuring the impact on the stock market growth and foreign capital inflow // Corporate governance and innovative economic development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Capital of Syktyvkar State University. 2018. № 1. P. 45-52.