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The countries of Central and Eastern Europe (CEE) have multiple areas where the corporate governance function can fail. These challenges are multidimensional, complex and intertwined and relate to five key areas (financial control and accountability, conflict of interest resolution, corporate performance enhancement, value generation and transferability). The complexities of corporate governance in the CEE region are illustrated in the context of Polish Aggregate Processors, a Poland-based joint venture between two venture capital firms, a Western strategic partner and a state-owned enterprise. Notwithstanding the challenges, the article shows that most of the problems in the venture were self-inflicted, the result of poor co-operation between the partners and self-interest.
Gołębiowska‐Tataj et al. (Tue,) studied this question.