New millennium has greeted the citizens of the corporate world - shareholders, executives, employees and others - with bankruptcies of Enron and other monsters of the most developed segment of the corporate world - the market of the USA. Corporate America which was seen as a model to follow has discovered a lot of disadvantages in the existing systems of corporate governance instruments. This has sufficiently inflated the trust of shareholders in the present principles and concepts of corporate governance.
From this perspective, academics and practitioners have to reconsider many economic postulates. It particularly concerns corporate governance models that should be shaped to create incentives for shareholder activism. Nowadays we do not have so much time to do this work as pioneers of corporate governance - Berle and Means - had. The corporate world is attacked by corporate scandals and bankruptcies which are the real threat to the most important principle of corporate governance - the principle of balancing shareholder interests.
Shareholder activism must be restored through sophisticated research in the field of corporate governance and immediate implementation of the research results into the practice of corporate governance worldwide. Purely academic investigations which are not demanded by the real corporate world must stay behind the gates of the new corporate world.
The function of gates of the new corporate world will be fulfilled by periodical publications. Besides, the advanced concept of modern periodical publication should facilitate smooth integration of emerging markets into the corporate world.
To reach these goals an initiative group consisting of Adolfo Apreda and Demir Yener, headed by Alex Kostyuk assumed responsibility to establish a new corporate governance journal "Corporate Ownership & Control" at the beginning of 2003. The title of the journal reflects the oldest principle of corporate governance discovered by Berle and Means - the principle of separation of ownership and control. The journal should serve as the gates of the new corporate world, and perform the function of a bridge between developed and emerging corporate worlds, facilitating the integration of both worlds into the unitary one.
The editorial board of the journal includes the leading specialists from many countries of the world. All of them occupy high positions in educational and research institutions in their countries.
Winners of international awards have agreed to write for the journal. The journal’s cooperation with the authors of high standing will be conducive to the formation and development of the journal’s international status.
The journal is an efficient instrument to implement both foreign and domestic scientific ideas into the corporate governance of developed and developing countries.