EMPIRICAL-ANALYSIS OF THE SELECTED PROBLE MS OF THE CORPORATION MANAGEMENT IN THE SLOVAK REPUBLIC

The paper analyzes several mutually interconnected problems linked to corporate management issue. In 7 parts (except an introductory and a c oncluding one) the following problems are analyzed. In the part 2 the focus is given on management restructuring and the part presents a rev iew of studies written by author containing some results of his resear ch. The part also presents a table named swap of top management of joi nt-stock companies in 1990-1994, where data obtained from questionnair e research of the author (based on the sample of 52 middle- and large- size enterprises) are presented. It is evident, that the highest inten sity of management swaps was in 1990 and 1992. Based on the other rese arch (research of the managers of investment companies and investment funds (ICs and IFs) were obtained the views relating to the question, to what extent the fund representatives perceive their power dominance in company. As much as 65 % of respondents (a sample of 20 managers o f ICs and IFs) answered that management alone is not able to make qual ified decisions. Brief parts 3 (''Managerial experiences with owners'' ) and 4 (''Exercising the property rights by investment funds'') prese nt other results of both surveys. In the fifth part ''Models of statut ory bodies'' are analyzed problems linked with factors influencing a s tructure of board of directors in the United States and are presented two models of statutory bodies existing in the Slovak Republic (model of strong board of directors and a model of strong supervisory board). Part 6 ''Representatives of Ifs in boards of directors and supervisor y boards'' describes the situation of Ifs representatives' shifts from the boards of directors to the supervisory boards. A table in the par t given describes what was the average ownership share of ICs/lFs on c ompany in the period of nomination of ICs/IFs' representatives on boar ds of directors and supervisory boards, respectively. The seventh part is devoted to associations of voucher holders as a specific form of o rganization for enforcing the minority shareholders' general interests . Only 7.7 % out of 52 joint-stock companies confirmed presence of suc h associations in their companies. Another problem analyzed in this pa rt is the cooperation among various interest groups in exercising prop erty rights. Final analytical part is oriented on management motivatio n in exercising their functions and in form of a table a review of an analysis of joint-stock companies from corporate management's point of view is presented comparing economic results and other indicators in the framework of the two enterprise group twins: (1) companies without participation of IF's representatives in statutory bodies of the ente rprises and companies with the participation of IFs in these bodies, a nd (2) companies with participation of IF's representatives in board o f directors, and companies with the participation of IF's representati ves in supervisory boards. The only statistically significant result w as the fact that the companies in which a strong supervisory body exis ts (i.e. where Ifs representatives are working in supervisory bodies) export more. Conclusion is made in a form of a brief evaluation of the study and deduces that it is difficult to predict an explicit develop ment of the Slovak model of the corporation management comparing it to one of the two standard models (Anglo-Saxon or German).