Abstract
Corporate governance systems in the historically market-based economies have evolved in such a way that the system reflects the extant cultural and economic environment. However, in the transitional economies of central and eastern Europe corporate governance practices are being imported from systems used in the historically market-based economies. As a consequence, systems may be introduced into economies where the necessary supporting environmental contingencies are not adequately developed. In this paper, a theoretical framework for analysing the transition of corporate governance systems is proposed. The model is applied to Slovenija, an example of a transitional economy from the region. Slovene accounting practices, corporation law and security market regulation practices, modelled on UK, Germany and US systems, respectively, may not be the best system for Slovenija.
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