Editorial
Dear ladies and gentlemen, everyone who will read this scientific publication!
New millennium met citizens of corporate world - shareholders, executives, employees and others - with bankruptcies of Enron and other monsters of the most developed segment of the corporate world - the market of the USA. Corporate America that was perceived before as a sample to follow, has discovered to the corporate world citizens a lot of disadvantages in the existing systems of instruments of corporate governance. This sufficiently inflated trust of shareholders in existing principles and concepts of corporate governance.
From this perspective, academics and practitioners have to reconsider many economic postulates. Especially this concerns corporate governance models that should be shaped to create incentives to shareholder activism.
Now days we have no so much time to do this work as pioneers of corporate governance - Berle and Means - had. Corporate world is attacked by corporate scandals and bankruptcies which are real threat to the most important principle of corporate governance - principle of balancing shareholder interests.
Shareholder activism must be restored only through conducting sophisticated research in the field of corporate governance and further immediate implementation of results of research in practice of corporate governance worldwide. Purely academic investigations which are not demanded by the real corporate world must stay behind the gates of the new corporate world.
The function of gates of the new corporate world will be fulfilled by periodical publications. Besides this, advanced concept of now days periodical publication should facilitate smooth integration of emerging markets to the corporate world.
To reach both these goals at the beginning of 2003 an initiative group consisting of Adolfo Apreda and Demir Yener, headed by Alex Kostyuk assumed responsibility to establish a new corporate governance journal "Corporate Owneship & Control". The title of the journal reflects the oldest principle of corporate governance discovered by Berle and Means - principle of separation of ownership and control. The journal should serve as gates of the new corporate world, and perform function of a bridge between developed and emerging corporate worlds, facilitating integration of both worlds into the unitary one.
Editorial board of the journal includes the leading specialists from nineteen countries of the world. All of them occupy high positions in educational and research institutions in their countries.
Winners of international awards have agreed to write for the journal. The journal’s cooperation with the authors of high standing will be conducive to the formation and development of the journal’s international status.
We think that the journal is really an efficient instrument of implementation of both foreign and domestic scientific ideas into the corporate governance both in developed and developing countries.
