ABSTRACT. In this paper we are particularly interested in exploring changes to market constraining institutions in non-liberal market economies, the specificity of gradual institutional change in the enterprise sector, and the process of economic liberalization. The results of the current study converge with prior research on the importance of business relations in the form of coordination and ties with political structures, the downside of the labor market activation, and capital markets and corporate governance regulations. pp. 148–153
JEL Codes: G34, R23, E44

Keywords: corporate governance; liberal market economy; capital