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Professor Michael Heller

Corporate Governance Lessons from Transition Economy Reforms

Merritt Fox and Michael Heller, eds. (Princeton University Press, 2007)

To date, most theoretical work on corporate governance has focused on advanced market economies. In post-socialist countries, corporate finance and transition economics scholars have often done little more than convey the received theory to transition policymakers. This work is the first of its kind to focus on the reverse concern: What, if anything, do the reform experiences of transition countries teach about corporate governance theory more generally? To investigate this question, Profs. Fox and Heller have assembled a stellar group of corporate governance theorists who provide startling answers.

The principal essays approach the problem from three complementary perspectives that form the organizing themes of the book. The first refines core corporate theory terms, while the second presents important empirical work that explores the channels through which "good corporate governance" may link to the real economy. The final part links corporate governance theory to practical reforms. After 15 years of experience, practice can now inform theory. The provocative themes and accessible writing will be of interest to a broad range of scholars, commentators, and policymakers.