Корпоративний контроль в системі управління господарськими товариствами: автореф. дис. на здобуття наук. ступеня д-ра екон. наук: 08.00.04 – економіка та управління підприємствами (за видами економічної діяльності)

Abstract

У роботі теоретично обґрунтовано положення концепції формування механізму корпоративного контролю в господарських товариствах. Вивчено генезис та розглянуто етапи еволюції розвитку парадигми регулювання корпоративних відносин та корпоративного контролю в господарських товариствах. Узагальнено теоретичні підходи до визначення ролі, місця та сутності корпоративного контролю в системі корпоративного управління товариством. Визначено особливості використання інструментарію реалізації корпоративного контролю в господарському товаристві. Встановлено склад факторів розподілу й реалізації корпоративного контролю, проаналізовано особливості розбудови корпоративних відносин в господарських товариствах України. Дано оцінку впливу учасників корпоративних відносин на прийняття стратегічних рішень у сфері корпоративного управління господарським товариством. Проведено систематизацію організаційних форм розподілу та реалізації корпоративного контролю в господарських товариствах. Розроблено методичне забезпечення моделювання корпоративного контролю в господарських товариствах. Визначено причини виникнення та запропоновано інструментарій розв’язання корпоративних конфліктів у господарських товариствах. Запропоновано методичний підхід до визначення типу корпоративного контролю та послідовності формування механізму розподілу та реалізації корпоративного контролю. Розроблено організаційно-економічне забезпечення корпоративної безпеки господарського товариства в умовах становлення національної системи корпоративного управління. Serdiukov K. H. Corporate control in the management system of business entities. – Manuscript. Thesis for scientific degree of Doctor of Economical Sciences in specialty 08.00.04 – economics and enterprise management (by type of economic activity). – Kharkiv State University of Food Technology and Trade. – Kharkiv, 2018. The paper summarizes trends and determines the economic nature of corporate relations in business partnerships, the preconditions for their development. The genesis and the stages of the evolution of corporate relations regulation and corporate control paradigm in economic societies are examined. The comparative characteristics of theoretical and methodological basis of the main paradigms of regulation of corporate relations and corporate control in business partnerships are provided. The basic contradiction, which acts as a source of obstacles and restrictions for the full realization of the advantages of the corporate form of organization of entrepreneurial activity, that may cause the necessity to ensure a balanced and harmoniously coordinated representation of a wide range of social, collective and individual interests in the management of the corporate sector of the economy, is investigated. General theoretical approaches to the definition of the role, place, and essence of corporate control in the corporate governance system of an economic society are viewed. The necessity of harmonization of strategic interests of all key stakeholders in corporate relations (stakeholders) within the framework of functioning and development of organizational and economic mechanism of corporate governance is proved on the basis of cyclical correlation of strategic management process and corporate regulation influence on such harmonization. The methodological principles of corporate relations regulation problems research in the framework of architectural modeling of corporate control distribution and implementation are presented. The author’s conception of forming the mechanism of corporate control in economic societies is substantiated theoretically, implementation of which will deepen the scientific grounds of directions, ways, forms and methods of activating the corporate sector of the national economy development. The number of factors of distribution and implementation of corporate control are established, the peculiarities of the development of corporate relations in economic societies of Ukraine are analyzed. It is proved, that the intensity of identification of influence of these factors on the mechanism of corporate control functioning is situational by nature, is usually associated with specifics of manifestation of structural features and the economic character of corporate relations in various spheres of economic activity, such as: marketing, manufacturing, financial, institutional, social. The main areas of the manifestation of the dynamic aspect of the corporate relations organization and corporate governance mechanism functioning are defined. One of the main fields of manifestation of the dynamic aspect of the corporate relations organization and corporate governance mechanism functioning is emergence of situations of competition for the corporate control in the formation of the system of supreme governing bodies of an economic society, with the help of which the control over the activities of the corporation is exercised. The developed system of corporate control indicators in the economic society should be carried out on the basis of stakeholders representation in various kinds of supreme governing bodies of the economic community which have different degrees of influence. The influence of the participants of corporate relations on making strategic decisions in the field of corporate governance by an economic community is evaluated. The systematization of organizational forms of distribution and implementation of corporate control in business partnerships has been done. The methodological background of corporate control in economic societies modeling is developed on the basis of the game theory apparatus application, which takes into account the reflexive and cooperative nature of the competition for leadership in the area of formation, distribution and redistribution of corporate control. It is proved that the establishment of the structure of rights and responsibilities of corporation bodies (representative and executive) allows to identify the type of corporate control in the economic society (insider, outsider or mixed) and to work out the number of real (or potentially possible) coalitions from those claiming for economic power and corporate control. The approaches to identifying the architectonics of the structure and the sequence of forming the mechanism of distribution and implementation of corporate control are suggested. The basic components of the mechanism of corporate control formation, distribution and implementation are determined, that are based on the architectural model of the economic society and the holar system that corresponds to it, which allows to consider corporate control to be not only a supervision over the activities of the management of the business community, but also to be an integral system in which the interests of as many as it is possible stakeholders are observed. The methodical approach to determining the type of corporate control and the sequence of forming a mechanism for the distribution and implementation of corporate control is proposed. The use of the architectural approach allowed both to introduce a control mechanism through the system of providing information to stakeholders, and to encourage the created architectural models to take into account different types of capital in order to determine and generalize the links between the mechanism of distribution and implementation of corporate control and integrated corporate reporting. The author’s vision of the formation of a system holar architecture of corporate control is introduced, the advantage of which is a focus on the correlation of corporate control with the formation of a strategy for the development of an economic society. The two aspects of consideration of the corporate strategy of development of an economic society are outlined: viewing it as the basis for implementation of certain transformational changes; viewing it as the forms of implementing changes in the structure of the capital of an economic partnership or as a reaction to the redistribution of corporate rights packages. The morphological matrix is developed and the approach to formation of the corporate development strategy profile is substantiated. The expediency and productivity of the use of the provisions of the concept of a balanced system of indicators for exercising control over the implementation of the strategy, which allows forming a balanced distribution system of corporate control, is proved. This kind of balance is thus proposed as consistency of the controled environment, corporate architecture and interests of stakeholders, while architectural modeling provides an appropriate system of indicators as a tool for monitoring the distribution of role functions of the corporate governance system. The option of distribution of interests and roles of stakeholders according to the perspectives of the corporate strategic map is developed on the basis of determining the logic of constructing architectural models that allow to reflect: the connection of corporate and strategic management; causal relationships between the interests of stakeholders which take into account the levels of corporate enterprise hierarchy; strategic map of the corporate enterprise with the allocation of main drivers of growth and practices of overcoming corporate conflicts. The approach to the correlation of tools to overcome corporate conflicts with the organizational support of mutual reflexive management aimed at minimizing the contradictions between stakeholders in the corporate structure of business community is proposed. The organizational and economic provision of corporate security of an economic partnership has been developed in the context of formation of national corporate governance system. The necessity of formation of the motivational mechanism for corporate cooperation on the basis of coordination of interests of numerous owners of corporate rights packages within the framework of a certain strategic line of behavior of the economic society is proved. The expediency of correlation of the processes of organization of economic safety management in the economic society with the processes of distribution and implementation of corporate control, which may serve as a source of specific threats to corporate security, is stated. Viewing agencies conflicts as a threat to financial and economic security has made it possible to propose a matrix for assessing the usefulness of corporate rights in terms of achieving their complementarity and increasing counteracting threats, for considering the peculiarities of monitoring the effectiveness of corporate rights and highlighting its place within the framework of financial and economic security management. The new notion of maturity level of the corporate control mechanism is suggested, and the new methodological approach to assessing the level of such maturity is introduced, based on the use of the Rasha scale in terms of certain areas of maturity assessment with the allocation of two groups of indicators: assessment of the course of corporate control implementation processes and the direct evaluation of the maturity level of the developed mechanism. The approach to formation of the mechanism of financial and economic security management of the owners of corporate rights, the difference of which lies in the parameters of the corporate relations organization and the participation of property rights holders in different corporate enterprises, is introduced.