Corporate governance and performance of private SMEs
Date
2021-04-19
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Ettevõtete valitsemine käsitleb ettevõtte omanike, nõukogu ja juhatuse vahelisi suhteid: rollide, võimu ja vastutusalade jaotust. Vastav rolli- ja võimujaotus mõjutab ettevõtte tipptasemel tehtavaid otsuseid ning seeläbi tulemuslikkust. Varasemad ettevõtete valitsemise uuringud on keskendunud peamiselt suurtele börsiettevõtetele. Väikese ja keskmise suurusega eraettevõtete kontekst pole saanud piisavalt tähelepanu, kuigi enamus ettevõtteid globaalselt on just väikesed eraettevõtted ning suurte börsiettevõtete kohta tehtud järeldused ei ole nende puhul tihti asjakohased. Doktoritöö keskendub just väikeste eraettevõtete valitsemisele.
Doktoritöö tugineb kolmel empiirilisel uurimusel. Esimene uurimus esitleb praktilist ettevõtte valitsemise mudelit, mida kasutavad professionaalsed eraettevõtete omanikud (erakapitalifondi näitel). Uurimus näitab, milliseid probleeme ja kuidas selle valitsemise mudeliga lahendatakse. Teine uurimus analüüsib seoseid erinevate ettevõtte juhatuse karakteristikute ja ettevõtte finantstulemuslikkuse vahel ning kolmas uurimus keskendub seostele juhatuse koosseisus tehtavate muudatuste ning ettevõttes toimuvate strateegiliste muutuste vahel.
Doktoritöö annab panuse nii teoreetilisse kirjandusse kui ka praktikutele: väikeste eraettevõtete omanikele, nõukogu ja juhatuse liikmetele. Üldistatult öeldes analüüsib doktoritöö väikeste ja keskmise suurusega eraettevõtete tulemuslikkuse tõstmise võimalusi tõhusama ettevõtte valitsemise abil. Näiteks, kuidas saavad panustada omanikud isegi juhul, kui nad ei osale ettevõtte igapäevases juhtimises, või kuidas rakendada nõukogu ettevõtte tulemuslikkuse tõstmisse laiemalt kui pelgalt seaduses ettenähtud kontrollorgani rollis.
Corporate governance deals with allocation of roles, responsibilities and authority among firms’ owners, supervisory and management boards. Such division of power and roles at the top of the firm influences the key decisions and consequently the performance of the firm. While corporate governance of large public firms has been researched extensively, the study of corporate governance of private small and medium-sized firms (SMEs) is relatively fragmented, despite the fact that majority of firms globally are private SMEs and the findings from the large public firm context are often not applicable for them. This thesis, however, focuses specifically on the latter context. The thesis is based on three original empirical articles. The first article presents a specific design for corporate governance used by professional private SME owners (a private equity fund). The study discusses which problems and how are addressed with that corporate governance design. The second article analyses links between various management board characteristics and the financial performance of private SMEs while the third article discusses links between changes in the management board and subsequent strategic changes of firms. The thesis concludes with several contributions to theory as well as practical implications for private SME owners, supervisory and management boards. On general level, the thesis discusses opportunities for enhancing private SME performance by improving corporate governance designs. For example, how could owners contribute to the firm performance, even if they are not participating in the daily management of the firm, or how to engage the supervisory board in performance improvement in their various roles beyond the control function required by the law.
Corporate governance deals with allocation of roles, responsibilities and authority among firms’ owners, supervisory and management boards. Such division of power and roles at the top of the firm influences the key decisions and consequently the performance of the firm. While corporate governance of large public firms has been researched extensively, the study of corporate governance of private small and medium-sized firms (SMEs) is relatively fragmented, despite the fact that majority of firms globally are private SMEs and the findings from the large public firm context are often not applicable for them. This thesis, however, focuses specifically on the latter context. The thesis is based on three original empirical articles. The first article presents a specific design for corporate governance used by professional private SME owners (a private equity fund). The study discusses which problems and how are addressed with that corporate governance design. The second article analyses links between various management board characteristics and the financial performance of private SMEs while the third article discusses links between changes in the management board and subsequent strategic changes of firms. The thesis concludes with several contributions to theory as well as practical implications for private SME owners, supervisory and management boards. On general level, the thesis discusses opportunities for enhancing private SME performance by improving corporate governance designs. For example, how could owners contribute to the firm performance, even if they are not participating in the daily management of the firm, or how to engage the supervisory board in performance improvement in their various roles beyond the control function required by the law.
Description
Väitekirja elektrooniline versioon ei sisalda publikatsioone
Keywords
corporate governance, results of action, private business