Abstract

http://ssrn.com/abstract=1988880
 
 

References (347)



 
 

Citations (71)



 


 



Corporate Governance in Emerging Markets: A Survey


Stijn Claessens


International Monetary Fund (IMF); University of Amsterdam - Finance Group; Centre for Economic Policy Research (CEPR); Tinbergen Institute; European Corporate Governance Institute (ECGI)

B. Burcin Yurtoglu


WHU - Otto Beisheim School of Management

January 15, 2012


Abstract:     
This paper reviews recent research on corporate governance, with a special focus on emerging markets. It finds that better corporate frameworks benefit firms through greater access to financing, lower cost of capital, better performance, and more favorable treatment of all stakeholders. Numerous studies show these channels to operate at the level of firms, sectors and countries - with causality increasingly often clearly identified. Evidence also shows that voluntary and market corporate governance mechanisms have less effect when a country’s governance system is weak. Importantly, how corporate governance regimes change over time and how this impacts firms are receiving more attention recently. Less evidence is available on the direct links between corporate governance and social and environmental performance. The paper concludes by identifying issues requiring further study, including the special corporate governance issues of banks, and family-owned and state-owned firms, and the nature and determinants of public and private enforcement.

Number of Pages in PDF File: 77

Keywords: Corporate Governance, Emerging Markets, Survey

JEL Classification: G30, G32, O16

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Date posted: January 20, 2012 ; Last revised: January 22, 2012

Suggested Citation

Claessens, Stijn and Yurtoglu, B. Burcin, Corporate Governance in Emerging Markets: A Survey (January 15, 2012). Available at SSRN: http://ssrn.com/abstract=1988880 or http://dx.doi.org/10.2139/ssrn.1988880

Contact Information

Stijn Claessens
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
202-623-7641 (Phone)
202-5897641 (Fax)
University of Amsterdam - Finance Group ( email )
Roetersstraat 18
Amsterdam, 1018 WB
Netherlands
+31 20 525 6020 (Phone)
+31 20 525 5285 (Fax)
HOME PAGE: http://www.fee.uva.nl/fm/index.htm
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Tinbergen Institute ( email )
Burg. Oudlaan 50
Rotterdam, 3062 PA
Netherlands
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
B. Burcin Yurtoglu (Contact Author)
WHU - Otto Beisheim School of Management ( email )
Chair of Corporate Finance
Burgplatz 2
Vallendar, 56179
Germany
+49 261 6509-721 (Phone)
+49 261 6509-729 (Fax)
HOME PAGE: http://www.whu.edu/forschung/fakultaet/finance-group/corporate-finance/
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References:  347
Citations:  71

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