During the last ten years, Estonia has made strong efforts in terms of the transition to a market economy. This is particularly true with respect to the soundness and transparency of monetary and fiscal policies, the privatisation of former state-owned enterprises, the development of the...

Existing literature suggests that the contents of corporate governance codes are similar due to external forces, such as increased integration of countries in the global economy, the increased role of foreign institutional investors and recommendations on corporate governance practices of...