INSTITUTIONAL FRAMEWORK OF FORMATION OF ÑÎRPORATE STRUCTURES
Article is devoted to the problem of defining features of the formation of corporate structures in the economy. The problem has been considered by systemizing theoretical approaches to definition of peculiarities of corporate structures formation. Review of scientific sources in this field shows that there have been discussions among scientists about determination of the essential characteristics of corporate structures that base on the integration of independent enterprises. There is a small amount of work aimed to investigate the characteristics of corporate structures such as the functioning of a group of companies as a single production complex, organizational and economic unity of the companies included in its composition, the presence of the management body, endowed with coordinating authority. However, systematization and generalization of theoretical approaches to the analysis of the economic nature of corporate structures and identification of institutional determinants of their functioning can bring research to a new level.The essential features of the corporate structure have been described, namely, its economic objectives, organizational forms and legal status. It has been established that the corporate structures are characterized by a variety of species and institutional forms that are constantly transforming and improving to meet the requirements of global competition. Constant evolutionary changes in the corporate structures that occur through the consolidation of capital are a natural phenomenon in developed market and in transitional economies. The complex technological links between production processes are the objective basis for these changes due to the deepening division of labor and globalization of the world economy that requires not only an implementation of standard production features at the micro level, but also of research and development work. Basing on the determination of principles and features of the modern institutional analysis, that allows us to understand fully the diversity of interdisciplinary components of the phenomenon of economic corporatism, the characteristics of the corporate structure as a social phenomenon have been defined, the nature and origin of which have a distinct institutional character. The modern understanding of the economic nature of corporate structures and evolutionary transformations is closely linked with the latest changes in the development of economic science, including theoretical and methodological innovations of neoinstitutionalism and synergetic approach. The theoretical and methodological innovations of neoinstitutional analysis include the definition of transformation development of complex corporate structures as a complex multifactorial and nonlinear process that combines general civilizational patterns and national characteristics of their economic evolution. To the philosophical and ideological heritage of economic synergy that is capable to deepen significantly the understanding of the nature and main trends in the evolution of corporate structures we include analysis of such structures as the unstable, hierarchical, self-organized and self-developed system that constantly transforms as a result of spontaneous internal changes that are related to their unstable fluctuations and bifurcation transitions.
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Keywords: corporate structure, concentration of capital, enterprise integration, institutional processes |
CORPORATE FINANCE
Umantsiv Yurii
Dr in Economy, Professor of the Department of Economic Theory and Competition Policy Kyiv National University of Trade and Economics
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