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Corporate Governance in Emerging Markets: A Survey

Stijn Claessens

Board of Governors of the Federal Reserve System (FRB); 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

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: https://ssrn.com/abstract=1988880 or http://dx.doi.org/10.2139/ssrn.1988880

Contact Information

Stijn Claessens
Board of Governors of the Federal Reserve System (FRB) ( email )
20th Street and Constitution Avenue NW
Washington, DC 20551
United States

University of Amsterdam - Finance Group ( email )
Roetersstraat 18
Amsterdam, 1018 WB
+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
Burg. Oudlaan 50
Rotterdam, 3062 PA
European Corporate Governance Institute (ECGI)
B-1050 Brussels
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
+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
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