HISTORY OF INSTITUTIONALISATION OF CORPORATE ENTREPRENEURSHIP AND MANAGEMENT

Анотація

The article analyses the process of institutionalisation of corporate entrepreneurship and management in the course of historical evolution of corporate relations. Institutionalisation is considered as a result of economic and legislative changes in society. The article is aimed at summarising the peculiarities of institutionalisation of corporate entrepreneurship and management from its inception to modern forms and identifying trends in their further development. The authors focus on the institutional factors that determine the emergence of characteristic (attributive) features of a corporation in the process of economic development. The authors study those aspects of the evolution of corporate governance that are directly determined by technological changes, as well as the peculiarities of economic relations in the period of initial capital accumulation, industrial revolution and industrialisation. The legal aspect of corporate governance institutionalisation is highlighted. It is proved that historically corporations have become an organisational and economic form of monopolisation of production, capital and markets, and the institutionalisation of corporate governance ensured the formation of effective forms of corporate entrepreneurship, and the necessary changes at the microeconomic level. The article considers the influence of institutionalisation of corporate governance on internal institutional transformations in a corporation. The authors raise the issue of reflecting changes in corporate relations in economic thought. The article shows that corporations have always effectively ensured the accumulation and preservation of technological and institutional potential at different stages of society’s development. The article shows how corporate organisational, economic and legal forms of entrepreneurship have ensured the implementation of corporate ownership, reduce socio-economic disparities in the digital society, and the process of corporatisation determines global trends in the formation of microeconomic structures. It is proved that the corporation remains an important organisational and legal, organisational and economic form and a direct phenomenon of the modern economy.

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