Corporate Governance and Law Enforcement in Albanian Joint Stock Companies

Abstract

Proper implementation of CG regulations by the companies brings advantages both for companies and countries. Furthermore, the quality of legal rules determines the shape of the ownership concentration structure of the firm and, in many cases, assumes a monitoring role. In this sense for Albanian economy improving the use and enforcement of "good" CG practices will lead to higher foreign investment and soft passage towards modern economy. In this paper, we aim to analyze the evolutionary patterns of CG legal framework in Albania and, based on an application of the Delphi technique, provide development prospects considering the perceptions of a panel of Joint Stock Companies -JSCs-Chief Executive Officers -CEOs. Our essay demonstrates that CEOs expresses overall satisfaction with the CG legislation but its implementation isn't at the required levels. Additionally, larger gaps and variations exist in areas where regulations and guidelines are less demanding or enforcement is difficult.