• Olga Nosova Department of Economics and Finance, Kharkov National University of Internal Affairs, Ukraine


Corporate governance, corporate conflicts, managers, stockholders, international accounting standards


The consequences of global financial crisis are resulting in some financial institutions bankruptcy, the bailout of banks by national governments, and downturns in stock markets around the world. The corporate governance analysis of various theories suggests two main approaches: the definition through the companies’ governance system, and the determination of the allocation of value added among stockholders. The rest includes the adoption of the international standards of corporate governance system all over the world.
The article attempts to establish a conceptual framework for the study of corporate governance by employing the agency theory, the rational choice institutionalism, and enforcement theory. One group of scientists emphasizes the regulatory role of corporations and governance system, and defines corporate governance system as the whole set of regulatory, market stakeholder and internal governance. Another group of scientists studies the degree to which shareholders influence and share in short- and long-term corporate value creation, and defines the goal of economic reform in transition and, largely, its pace.
The purpose of the article is to examine whether there is a corporate governance model that could minimize the negative effects of conflicts, align of managers’ behavior with stockholders, and provide stock markets development. The analysis of numerous studies helps to clarify the basic issues including objectives, interests, methods of achievement, and benefits of managerial and stockholder conflicts. The corporate sector development demonstrates the use of mixed model in Ukraine, based partly on the application of the principals of American, and German models of corporate governance.
The causes of corporate governance conflicts consider in Ukraine. The application of the economic and legal mechanisms for corporate conflicts elimination is proposed. Specific policy proposals designed to achieve the goal to separate regulators from company management and owners. Governance must clearly define the functions and relationships of the various parties, and separate oversight from operational and financial management. The public accountant’s objectivity can be introduced in Ukraine through creation of institutional structures that define and require regulation, records, and audit. In the new context, auditors will be private contractors serving as regulators, and they will work for boards of directors. Management is not involved.
The article analyses the measures that have been taken to create an effective corporate governance model in Ukraine. The international accounting standards application, based on American and European accounting standards in corporate governance, will be directed to create mechanism for disclosures and frauds preventing in all companies. The national accounting agencies foundation in East European countries, including Ukraine will provide the adoption of international accounting standards at the country’s level.




How to Cite

Nosova, O. (2022). CORPORATE GOVERNANCE MODEL IN UKRAINE AFTER THE GLOBAL FINANCIAL CRISIS. International Journal of Innovation and Business Strategy (IJIBS), 3(1). Retrieved from