Article
Dec 20
Back

CORPORATE GOVERNANCE IN SERBIAN FAMILY-OWNED COMPANIES: IDLE OPPORTUNITIES

Tatjana JEVREMOVIĆ PETROVIĆ

10.51204/Anali_PFBU_23404A
ABSTRACT /

This paper aims to contribute to legal research on family-owned companies, focusing on Serbian law. This company type is the focus of Part Two of the Serbian Corporate Governance Code, which contains various specific corporate governance mechanisms, such as succession plans, family general meetings, family councils, and family protocols and recommendations aiming to achieve responsibility, transparency, continuity, efficiency, and fair treatment of all shareholders.

The paper presents existing possibilities and explores whether a specific Serbian corporate governance regime dedicated to family-owned companies can be accommodated into a general company law regime. This paper aims to further promote the use of specific mechanisms designed for family-owned companies, paying particular attention to the importance of drafting family protocols. These protocols can regulate not only typical corporate governance issues but are also suitable to include the family-owned company’s vision and mission as a sustainable, balanced, and long-term viable business organization.

DOWNLOAD COMPLETE ARTICLE /
English  
REFERENCES /
  1. Andres, Christian. 5/2008. Large shareholders and firm performance – An empirical examination of founding-family ownership. Journal of Corporate Finance 14: 431–445. https://doi.org/10.1016/j.jcorpfin.2008.05.003
  2. Bajo, Emanuele, Massimiliano Barbi, Marco Bigelli, Ettore Croci. 2020. Bolstering Family Control: Evidence from Loyalty Shares. Working Paper No. 619/2019. ECGI. https://www.ecgi.global/sites/default/files/working_papers/documents/bajobarbibigellicrocifinal.pdf (last visited 20 September 2023). https://doi.org/10.2139/ssrn.3428887
  3. Braut Filipović, Mihaela. 1/2021. Corporate Governance of Family Businesses in Croatia – Legal Framework and Open Challenges. Central European Journal of Comparative Law 2: 9–27. https://doi.org/10.47078/2021.1.9-27
  4. Business Registers Agency. 2023. SBRA Counter. https://www.apr.gov.rs/home.1435.html (last visited 4 October 2023).
  5. Central Securities Depository. 2023. Statistical overview of ownership structure of registered companies in CSD and CH of Serbia – Summary. http://www.crhov.rs/index.cfm?jezik=en (last visited 4 October 2023).
  6. Dudás, Attila. 1/2014. O celishodnosti zakonskog uređenja fiducijarnog prenosa svojine u pravu Srbije. Zbornik Pravnog fakulteta u Novom Sadu 48: 209–227.
  7. Đurđević, Dejan. 2010. Institucije naslednog prava. Belgrade: Pravni fakultet Univerziteta u Beogradu.
  8. Easterbrook, Frank H., Daniel R. Fischel. 4/1982. Corporate Control Transactions. Yale Law Journal 91: 698–737. https://doi.org/10.2307/796036
  9. Eddleston, Kimberly A., Franz W. Kellermanns. 5/2007. Destructive and productive family relationships: A stewardship theory perspective. Journal of Business Venturing 22: 545–565. https://doi.org/10.1016/j.jbusvent.2006.06.004
  10. European Commission. 2009. Final Report of the Expert Group – Overview of Family-Business-Relevant Issues: Research, Networks, Policy Measures and Existing Studies. https://ec.europa.eu/docsroom/documents/10388/attachments/1/translations/en/renditions/native (last visited 20 September 2023).
  11. European Family Business Association. (n.d.). Porodično preduzetništvo i digitalna ekonomija. https://mojabaza.com/wp-content/uploads/2021/03/MOJA-BAZA-e-publikacija-PORODICNO-PREDUZETNISTVO.pdf (last visited 20 September 2023).
  12. Fleischer, Holger, Andrés Recalde, Gerald Spindler (eds.). 2021. Family Firms and Closed Companies in Germany and Spain. Tübingen: Mohr Siebeck. https://doi.org/10.1628/978-3-16-159823-4
  13. Fleischer, Holger. 1/2018. Family Firms and Family Constitutions: A Legal Primer. European Company Law Journal 15: 11–20. https://doi.org/10.54648/EUCL2018003
  14. Fleischer, Holger. 2014. Shareholder Conflicts in Closed Corporations. 28–82 in Regulating the Closed Corporation, Gregor Bachmann, Horst Eidenmüller, Andreas Engert, Holger Fleischer and Wolfgang Schön. Berlin: De Gruyter. https://doi.org/10.1515/9783110295276.28
  15. González-Cruz, Tomás, José Antonio Clemente-Almendro, Alba Puig-Denia. 1/2021. Family governance systems: The complementary role of constitutions and councils. Economic research – Ekonomska istraživanja 34: 3139–3165. https://doi.org/10.1080/1331677X.2020.1867603
  16. Jevremović Petrović, Tatjana. 2019. Modeli osnivačkih akata. Belgrade: Pravni fakultet Univerziteta u Beogradu.
  17. Jevremović Petrović, Tatjana. 2022. Tržište rasta malih i srednjih preduzeća. 190–225 in Usklađivanje poslovnog prava Srbije sa pravom Evropske unije (2022), edited by Vuk Radović. Belgrade: Pravni fakultet Univerziteta u Beogradu.
  18. Jovanović, Nebojša, Vuk Radović, Mirjana Radović. 2021. Kompanijsko pravo: Pravo privrednih subjekata. 2nd ed. Belgrade: Pravni fakultet Univerziteta u Beogadu.
  19. Jovanović, Nebojša. 2012. Ko nasleđuje udeo u ortačkom društvu? 23–44 in Usklađivanje poslovnog prava Srbije sa pravom Evropske unije (2012), edited by Vuk Radović. Belgrade: Pravni fakultet Univerziteta u Beogradu.
  20. Keanon, Alderson. 2/2015. Conflict management and resolution in family-owned businesses. Journal of Family Business Management 5: 140–156. https://doi.org/10.1108/JFBM-08-2015-0030
  21. Kraakman, Reinier, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda, Edward Rock. 2017. The Anatomy of Corporate Law: A Comparative and Functional Approach. 3rd ed. Oxford: Oxford University Press. https://doi.org/10.1093/acprof:oso/9780198739630.001.0001
  22. Lepetić, Jelena. 4–6/2019. Jedinstvo članskih prava i ugovori o glasanju akcionara. Pravo i privreda 57: 225–248.
  23. López-Pérez, Eugenia, María, Iguácel Melero-Polo, Rosario Vázquez-Carrasco, Jesús Cambra-Fierro. 11/2018. Sustainability and Business Outcomes in the Context of SMEs: Comparing Family Firms vs. Non-Family Firms. Sustainability 10: 1–16. https://doi.org/10.3390/su10114080
  24. Marjanski, Vladimir, Attila Dudás. 1/2021. Intergenerational Transfer of Family-run Enterprises by Means of Civil Law in Serbia. Central European Journal of Comparative Law 2: 119–137. https://doi.org/10.47078/2021.1.119-137
  25. Miller, Danny, Isabelle Le Breton-Miller, Richard H. Lester, Albert A. Cannella. 5/2007. Are family firms really superior performers? Journal of Corporate Finance 13: 829–858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
  26. Rocio, Artega, Susana Menéndez-Requejo. 4/2017. Family Constitution and Business Performance: Moderating Factors. Family Business Review 30: 320–338. https://doi.org/10.1177/0894486517732438
  27. Schammo, Pierre. 2015. Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment. 137–176 in The new financial architecture in the Eurozone, edited by Franklin Allen, Elena Carletti, and Joana Gray. Florence: European University Institute. https://doi.org/10.2139/ssrn.2605549
  28. Tagiuri, Renato, John Davies. 2/1996. Bivalent Attributes of the Family Firm. Family Business Review 9: 199–208. https://doi.org/10.1111/j.1741-6248.1996.00199.x
  29. Uffmann, Katharina. 36/2015. Family Business Governance – Rule-Making in the Shadow of Law and Love. ZIP, 2241–2450.
  30. Valentina, Allotti, Marcello Bianchi, Apostolos Thomadakis. 2021. How (more) equity financing for SMEs can become reality. ECMI Event Report. https://www.ecmi.eu/sites/default/files/how_more_equity_financing_for_smes_can_become_reality.pdf (last visited 1 October 2023).
  31. Vasiljević, Mirko, Tatjana Jevremović Petrović, Jelena Lepetić. 2020. Kompanijsko pravo: Pravo privrednih društava. Belgrade: JP Službeni glasnik.
  32. Vasiljević, Mirko, Tatjana Jevremović Petrović. 2022. Corporations and Partnerships in Serbia. Alphen aan den Rijn: Kluwer Law International.
  33. Vasiljević, Mirko. 2013. Korporativno upravljanje – Izabrane teme. Belgrade: Udruženje pravnika u privredi Republike Srbije.
  34. Vukotić, Miloš. 10–12/2018. Nasleđivanje preduzeća. Pravo i privreda 56: 165–195.