Corporate Governance and Economic Efficiency of Companies

The article shows that transformation from static to dynamic analysis of corporate governance problems requires the enhancement of "corporate governance" definition by including not only relationships between the company and shareholders, but also interactions with numerous other market participants. The impact of corporate governance level on economic efficiency of companies is investigated, three core corporate governance principles are proposed. Compliance with them ensures the realization of well known corporate governance directives. The conclusions are illustrated by case studies of Russian companies.