Видання зареєстровані авторами шляхом самоархівування
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Item Market for Executives in Ukraine(Virtus Interpress, 2005) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr MykolaiovychTransformation of the structure of corporate ownership in Ukraine should be followed with transformation of approaches to decision making at all levels. This concerns executives, who are responsible for the day-to-day management of a company. As Berle and Means noted, to govern companies effectively, executives should avoid conflict of interests and managerial opportunism. This will facilitate reducing agency costs and improve corporate performance. From this perspective, executive nomination and monitoring play the most important role in reaching the above objective. Both these corporate control mechanisms are established by shareholders. Therefore, we suppose that an executive performance depends on the structure of corporate ownership and the type of controlling owner. Regrettably, since the beginning the process of privatization in 1992 no research has been conducted to answer the question: "Is there a relationship between ownership structure and efficiency of decision making by executives?"Item Board Committee Practices in Ukraine(Virtus Interpress, 2005) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr MykolaiovychInternational board practice concerning establishing committees on the board is still not spread in the Ukraine. The state obliged Ukrainian joint stock companies to establish an audit commission. But the commission is not on the supervisory board. It is not an integral part of the board. Members of the audit commission are prohibited to be members of the supervisory board at the same time. Although the audit commission reports to the supervisory board, objectives of the audit commission are narrowed only to controlling financial transactions executed by the management board. Therefore, it is worth of establishing an audit committee on the supervisory board with a broader spectrum of functions and equipped with the deepest knowledge on corporate governance mechanisms.Item Corporate Board Composition in an Emerging Market(Virus Interpress, 2007) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr MykolaiovychThe purpose of this research is to find the factors influencing composition of the supervisory boards in a transition economy with application to Ukraine. This paper is based on the research of 50 largest companies in Ukraine. Period of research is 1998-2005. Methodology of research is based on observations (the first stage) and questionnaires (the second stage). Experience of the supervisory board members in Ukraine is quite poor. Only 24 per cent of members of supervisory boards have a five and more year experience as supervisory board members. The supervisory board members had the strong links with the company in the past as executives. Thus, about 74 per cent of members of the supervisory boards in Ukraine worked as executives of the same company at least during a year for the last ten years. This makes the negative impact on the independence of the members of the supervisory boards. Value of this paper is that it explains an influence of a broad range of factors on the board composition in transition economy.Item Corporate Social Responsibility Index For Ukrainian Banks: The Essentials For Implementation(Virtus Interpress, 2013) Мозговий, Ярослав Іванович; Мозговой, Ярослав Иванович; Mozghovyi, Yaroslav Ivanovych; Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr Mykolaiovych; Kostyuk, O.; Kravchenko, Ya.The aim of this paper is to solve the problem of CSR performance measurement for Ukrainian banking institutions by developing a CSR index. It is done by measuring a corporate social responsibility (CSR) through 25 different indicators for 40 Ukrainian banks, which represent 80% of total banking system assets. This paper is a first attempt in Ukrainian practice to put CSR indicators into a standard metrics and develop specific methodology that would allow comparing CSR for different banks. To check the adequacy of our preliminary findings we compare CSR results for Ukrainian banks with CSR results for Swedish banks, where the level of CSR is definitely higher, since it is a socially directed developed economy. After that the weights of CSR index for Swedish banks counted by our methodology was compared to different professionally made indexes.Item Euroasian perspectives of the banking systems development(Virtus Interpress, 2011) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr Mykolaiovych; Хомутенко, Людмила Іванівна; Хомутенко, Людмила Ивановна; Khomutenko, Liudmyla Ivanivna; Говорун Д.А.У монографії досліджуються проблеми та перспективи розвитку банківських систем України, Тайваню та Йорданії. Визначено основні тенденції та наслідки фінансової кризи для подальшого розвитку банківських систем.Item Corporate governance in banks of Ukraine(Virtus Interpress, 2010) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr Mykolaiovych; Govorun, D; Kondrunina, K.This chapter of the book presents an information on the main issues and practises of corporate governance in Ukrainian banks.Item Minority shareholders vs. the state: the case of JSC "Ukneft"(2005) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr Mykolaiovych; Kostyuk, H. V.The joint-stock company "Ukrneft" is a good example for understanding the role of asymmetry of information in the corporate governance. Corporate ownership structure is characterized by high enough concentration. The state is the largest stockholder, owning 50%+1 company stock, i.e. controlling block. Besides the state, there are some large shareholders in the structure of corporate ownership of the joint stock company "Ukrneft'". They are represented by Pryvatbank, Ukrsybbank and Wotford Groups. The consolidated shareholding of these shareholders is 41 % of voting shares. The remaining 9 % of shareholder equity belong to the rest minority shareholders.Item Board size and composition: the main tradeoffs(2006) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr Mykolaiovych; Koverga, V.The purpose of this research is to find the factors influencing size and composition of the supervisory boards in a transition economy with application to Ukraine. This paper is based on the research of 50 largest companies in Ukraine. Period of research is 1998-2005. Methodology of research is based on observations (the first stage) and questionnaires (the second stage). The research found that there is strong dependence of the size of supervisory boards in Ukraine on the degree of concentration of corporate ownership and origin of the controlling shareholder. Size of the company has a very conditional influence on the board size. Professional skills diversification as a fact that could contribute to the efficient work of the supervisory board is still very weakly developed in Ukraine. Particularly this concerns such expertise as auditing, finance, executive compensation. Experience of the supervisory board members in Ukraine is quite poor. Only 24 per cent of members of supervisory boards have a five and more year experience as supervisory board members. the supervisory board members had the strong links with the company in the past as executives. Thus, about 74 per cent of members of the supervisory boards in Ukraine worked as executives of the same company at least during a year for the last ten years. This makes the negative impact on the independence of the members of the supervisory boards.Item Business innovations and structure of corporate ownership in Ukraine(2005) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr MykolaiovychPurpose of this paper is to test a link between the type of corporate ownership and business innovation activities, with application to Ukrainian joint stock companies. This objective is achieved through conducting a series of observations of 42, the largest companies of metallurgy and machine-building industries for the years 1998-2001. The theoretical scope of the paper is to identify motives of owners in Ukraine, affecting their views on an innovation policy of companies they own. We found that approaches of various groups of owners to the innovation policy differ and depend on the motives of their behavior at the market for corporate control. Thus, executives, owing companies, try to keep the control in their hands to set an abnormally high remuneration. This leads to the lack of funds to finance innovation project because of cash flows reduction and absence of intentions to issue equity. The value of this paper is that this explains an impact of ownership structure on market opportunities of companies via an impact on the business innovation parameters.Item Employee shareholding: the case of Ukraine(2004) Костюк, Олександр Миколайович; Костюк, Александр Николаевич; Kostiuk, Oleksandr MykolaiovychPrevious investigations of corporate ownership in Ukraine, undertaken by researchers, just analyzed the corporate governance mechanisms in Ukraine and did not try to find out, what the type of owner is the most efficient in Ukraine, i.e. employees, executives, foreign institutional shareholders, Ukrainian financial-industrial groups. Moreover, nobody researched the reasons, why corporate governance mechanisms, that are so popular worldwide, are not still applied in Ukraine effectively. There are about 35 thousand joint stock companies in Ukraine. No country in the world has the higher number of joint stock companies. Annually, the state commission on securities and stock exchanges notes over 12 thousand cases of braking the principles of corporate governance in Ukraine.