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Corporate governance reform in emerging markets: How much, why, and with what effects?

In: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR

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  • Sudarat Ananchotikul
  • Barry Eichengreen

Abstract

This paper extends previous measures of the quality of corporate governance for a cross section of emerging markets. We find that there have been significant improvements in a wide range of countries in the course of the last ten years. Improvements are most likely in countries with stable governments, where foreign investors lobby for reform, and where peer effects are present. We also document significant benefits in terms of the depth and liquidity of financial markets. J. Japanese Int. Economies 23 (2) (2009) 149-176.

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This chapter was published in:

  • Takeo Hoshi & Takatoshi Ito, 2009. "Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR," NBER Books, National Bureau of Economic Research, Inc, number hosh07-1, October.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12018.

    Handle: RePEc:nbr:nberch:12018

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    References

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    1. Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007. "Why do countries matter so much for corporate governance?," Journal of Financial Economics, Elsevier, Elsevier, vol. 86(1), pages 1-39, October.
    2. Reuven Glick & Xueyan Guo & Michael Hutchison, 2005. "Currency crises, capital account liberalization, and selection bias," Working Paper Series, Federal Reserve Bank of San Francisco 2004-15, Federal Reserve Bank of San Francisco.
    3. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2000. "A new database on financial development and structure," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125518, Tilburg University.
    4. Romain Ranciere & Aaron Tornell & Frank Westermann, 2006. "Decomposing the Effects of Financial Liberalization: Crises vs. Growth," Working Papers, Institute of Empirical Economic Research 74, Institute of Empirical Economic Research.
    5. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    6. Roe, Mark J., 2002. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199240746, October.
    7. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 21(1), pages 117-140, Winter.
    8. Haider A. Khan, 2003. "Corporate Governance of Family-Based Businesses in Asia: Which Road to Take?," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo CIRJE-F-229, CIRJE, Faculty of Economics, University of Tokyo.
    9. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    10. De Nicolò, Gianni & Laeven, Luc & Ueda, Kenichi, 2008. "Corporate governance quality: Trends and real effects," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 17(2), pages 198-228, April.
    11. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, Econometric Society, vol. 65(3), pages 557-586, May.
    12. Sudarat Ananchotikul & Barry Eichengreen, 2008. "Plumbing for Latin American capital markets," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 110-139 Bank for International Settlements.
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    Cited by:
    1. Mishra, Anil V. & Ratti, Ronald A., 2011. "Governance, monitoring and foreign investment in Chinese companies," Emerging Markets Review, Elsevier, Elsevier, vol. 12(2), pages 171-188, June.
    2. Jon wongswan & Pipat Luengnaruemitchai & Watcharida Boonthaveepat, 2013. "Financial Development and Long-term Growth," Working Papers 2013-04, Economic Research Department, Bank of Thailand.
    3. Min, Byung-Seong, 2013. "Evaluation of board reforms: An examination of the appointment of outside directors," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 21-43.

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