THE IMPACT OF MODERN CORPORATE GOVERNANCE MODELS ON THE INNOVATIVE DEVELOPMENT OF COMPANIES
Abstract
The rapid transformation of global markets and the growing complexity of business environments have significantly increased the importance of corporate governance models as a foundation for sustainable development. The relevance of the article is determined by the fact that corporate governance today no longer performs only regulatory and controlling functions but becomes a crucial driver of innovation and competitiveness. The purpose of the study is to investigate the impact of modern corporate governance models on the innovative development of companies, as effective governance structures are increasingly viewed as strategic mechanisms for ensuring adaptability and growth in conditions of uncertainty. The methodological framework of the research is based on systemic and structural-functional approaches, which make it possible to reveal the interdependence between governance practices and innovation processes, as well as comparative and analytical methods, which provide the opportunity to evaluate the efficiency of different models. The results of the study show that companies that introduce transparent decision-making procedures, ensure accountability, and delegate strategic autonomy to management teams are more capable of generating and implementing innovative solutions. It has been proven that the orientation of governance mechanisms toward long-term goals and stakeholder interests contributes to building a corporate culture that fosters creativity and continuous improvement. The conclusions also highlight that a flexible balance between control and autonomy ensures not only stability but also openness to change, which is decisive in promoting innovation. The practical value of the article lies in the formulation of recommendations for adapting progressive models of corporate governance in companies seeking to strengthen their innovative potential, improve competitiveness, and secure sustainable positions in national and international markets. Additionally, future research should empirically validate these relationships across industries and institutional contexts, using longitudinal data to strengthen causal inference.
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