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Corporate governance in emerging markets: A survey

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  • Claessens, Stijn
  • Yurtoglu, B. Burcin

Abstract

This paper reviews recent research on corporate governance, with a special focus on emerging markets. It finds that better corporate governance 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.

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Bibliographic Info

Article provided by Elsevier in its journal Emerging Markets Review.

Volume (Year): 15 (2013)
Issue (Month): C ()
Pages: 1-33

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Handle: RePEc:eee:ememar:v:15:y:2013:i:c:p:1-33

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Web page: http://www.elsevier.com/locate/inca/620356

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Keywords: Corporate governance; Emerging markets; Shareholder rights; Performance; Valuation; Creditor rights; Stakeholders;

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Cited by:
  1. Crisóstomo, Vicente Lima & López-Iturriaga, Félix Javier & Vallelado González, Eleuterio, 2014. "Nonfinancial companies as large shareholders alleviate financial constraints of Brazilian firm," Emerging Markets Review, Elsevier, Elsevier, vol. 18(C), pages 62-77.
  2. Polina Savchenko & Maria Semenova, 2013. "Sitting on the fence: does having a ‘dual-director’ add to bank profitability?," HSE Working papers WP BRP 16/FE/2013, National Research University Higher School of Economics.
  3. Garay, Urbi & González, Maximiliano & Guzmán, Alexander & Trujillo, María Andrea, 2013. "Internet-based corporate disclosure and market value: Evidence from Latin America," Emerging Markets Review, Elsevier, Elsevier, vol. 17(C), pages 150-168.
  4. Bowo Setiyono & Amine Tarazi, 2014. "Disclosure, ownership structure and bank risk: Evidence from Asia," Working Papers hal-00947590, HAL.

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