Development of Corporate Governance Regulations: The Case of an Emerging Economy
University of Manchester - Manchester Business School
April 7, 2009
Journal of Business Ethics, Vol. 91, pp. 253-274, 2010
The paper investigates the development of corporate governance regulations in emerging economies, using the case of Bangladesh. Particularly, the paper inquires three issues: what type of corporate governance model may be suitable for an emerging economy like Bangladesh; what type of model has Bangladesh adopted in reality, and what has prompted such adoption. By analysing the corporate environment and corporate governance regulations, the paper finds that like many other developing nations, Bangladesh has also adopted the Anglo-American shareholder model of corporate governance. Analysis of behaviours of principal actors in the Bangladeshi corporate governance scenario, using new institutionalism as a theoretical foundation then reveals that such adoption may be prompted by exposure to legitimacy threats rather than efficiency reasons.
Number of Pages in PDF File: 39
Keywords: Corporate governance, emerging economies, regulations, institutional theory
JEL Classification: M41, G38Accepted Paper Series
Date posted: April 8, 2009 ; Last revised: January 17, 2010
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