THE SIGNIFICANCE OF DISCLOSURE OF INFORMATIONS AND TRANSPARENCY OF JOINT STOCK COMPANIES IN CHANGED SOCIAL CIRCUMSTANCES

Abstract

The tendencies that prevailed internationally after the financial crisis of 2008 in
determining the contours of good corporate governance were aimed at ensuring standardization
and unification of the quality and quantity of information that joint stock companies should
publish. The predictability of market fluctuations is largely based on the transparency and
disclosure of information by joint stock companies. These postulates contribute to improving
the information of shareholders and stakeholders, primarily potential investors in making the
right investment decisions. However, the global economic and social climate in the recent
period is influenced by particularly pronounced variables such as health, economic, energy,
social and legal effects. These effects caused drastic market fluctuations, which changed the
behavior of all businesses, including joint stock companies. In that regard, the main goal
of the paper is to determine the intensity of the newly created social circumstances on the
transparency of joint stock companies, i.e., on the credibility of the information disclosure
process. The paper analyzes the legal solutions that regulate the transparency of joint stock
companies at the international level, and at the European and Macedonian levels. In addition
to this, the legal measures that are taken as a result of overcoming the negative consequences
of the health, economic and energy crisis are analyzed. Through the method of synthesis, the
paper measures the impact of the desired effects of the undertaken anti-crisis response on
information disclosure and transparency and draws conclusions and recommendations for
joint stock companies.