The Concept of Corporate Governance: The History of Formation

The purpose of the research. The article is devoted to the study of the history of formation of the concept of corporate governance. The historical period of development of the concept of corporate governance is no less important than the modern concept of corporate governance and it is necessary to study it, analyze the dynamics and trends. The purpose of the study is to analyze the formation of the concept of corporate governance in dynamics. Results. According to the results of the study, the author's view of the history of the emergence and development of corporate governance is presented. It is proved that the concept of corporate governance was not yet formed in the period of the Roman Empire. It seems more correct to define the period when the terminology began to be formed as associated with the beginning of the Industrial Revolution. Modern terminology is formed, but the understanding of the essence of corporate definition is not uniform. In general, opinions are divided into two groups: those who propose to include only participants of the corporation and management, and those who exclude subjects other than participants of the corporate legal entity and persons performing management. The author's conclusion that the expansion of the concept of corporate governance by increasing the subject composition of legal relations does not correspond to the essence, because the participation of other persons in corporate legal relations is secondary, indirect.