The Strategy of Enhancing Corporate Governance for Sustainable Management of Large Size-Business Organization in The Lao People’s Democratic Republic
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Abstract
This study aims to investigate the corporate governance strategy for sustainable management of large size-business in the Lao People’s Democratic Republic. The constructivism research paradigm together with the strategy of phenomenology study have been employed. The research tools were the interview, in-depth interviewing the 18 purposively selected interviewers who were the responsible persons in the related promoting corporate governance, entrepreneurs and the administrators in the companies listed on the stock exchange and the large sized business, and the academic advisors for business. The data from the research were collected through triangulation method for its reliability.
The results showed that: the strategy for promoting corporate governance for sustainable management can be divided into two main strategies with four sub-strategies: 1) The supervising and promoting corporate governance strategy such as the first strategy, enhancing the determination of the administration according to the corporate governance principle, the second strategy, promoting knowledge and understanding the corporate governance for stakeholders, 2) The protecting, monitoring, and following up the corporate governance operation strategy such as the third strategy, building up participation of stakeholders in the procedure and mechanism of transparency declaration, surveillance, following up and assurance effectively. The forth strategy, accelerating the efficiency of good management and leading organization. To drive the strategy for promoting corporate governance in sustainable management effectively, the administrators must have leadership and active operation, the company board committees are must have determination and being a role model in terms of corporate governance, staff must have knowledge and realize about good corporate governance, and the corporate governance policy and system must be aligned with the organization’s nature and capacity.
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