WAYS TO IMPROVE THE EFFICIENCY OF JOINT-STOCK COMPANIES IN THE CAPITAL MARKET
Keywords:
Joint-stock company, capital market, corporate governance efficiency, Private Equity, ESG transformation, Market Value Management, stewardship, Total Shareholder Return (TSR), agency gap, capitalization.Abstract
In the context of the transformation of global financial markets in 2024–2026, joint-stock companies are facing the need to rethink traditional approaches to capitalization management. This thesis analyzes three key ways to improve the efficiency of public joint-stock companies in the capital market. The first approach involves adopting governance models from the field of Private Equity, which implies a shift from formal oversight to active value creation through compact and expert boards of directors. The second approach highlights the role of ESG transformation as a driver of investment attractiveness, supported by empirical evidence demonstrating increased returns in M&A transactions. The third approach focuses on new requirements for financial discipline and investor communication, including mandatory Market Value Management and the implementation of stewardship codes. Based on analysis of data from McKinsey, BCG, and academic research, a transition model is proposed from compliance-oriented governance to value-driven governance. This shift helps reduce agency costs and increase total shareholder return. The material is intended for board members, corporate secretaries, and investor relations professionals.
