Corporate Governance and Lifecycles in Emerging Markets

Research in International Business and Finance (Forthcoming)

44 Pages Posted: 13 Apr 2020

See all articles by Omar A. Esqueda

Omar A. Esqueda

Tarleton State University - Department of Accounting, Finance, & Economics

Thomas O’Connor

National University of Ireland, Maynooth (NUI Maynooth) - Department of Economics, Finance and Accounting

Date Written: March 17, 2020

Abstract

Whereas the corporate life cycle hypothesis says firms follow structured goals along their life cycle, others argue that corporate governance objectives vary independently of predetermined life cycle stages. This study examines the impact of the corporate life cycle on corporate governance in emerging markets, where firms can self-select into stricter rules by adopting an exchange listing level that fits the governance needs of the organization independently of life cycle requirements. We find the listing-level decision is a better predictor of corporate governance quality than corporate life cycle.

Keywords: Agency theory, Bovespa, corporate governance, corporate life cycle, emerging markets, Novo Mercado.

JEL Classification: G30, G32, G34.

Suggested Citation

Esqueda, Omar A. and O'Connor, Thomas, Corporate Governance and Lifecycles in Emerging Markets (March 17, 2020). Research in International Business and Finance (Forthcoming), Available at SSRN: https://ssrn.com/abstract=3555842

Omar A. Esqueda

Tarleton State University - Department of Accounting, Finance, & Economics ( email )

Stephenville, TX 76402
United States
(254)968-9908 (Phone)

HOME PAGE: http://tarleton.edu

Thomas O'Connor (Contact Author)

National University of Ireland, Maynooth (NUI Maynooth) - Department of Economics, Finance and Accounting ( email )

County Kildare
Ireland

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