Corporate governance, the big business groups and the G-7 reform agenda: A critical analysis
AbstractSince the Asian crises which began in Thailand in summer of 1997, issues of corporate governance and corporate organisation in emerging markets have acquired an international dimension. They constitute an important part of the reform agenda of G-7 countries in their plans to institute a new international financial architecture which would forestall future crises. The central G-7 argument is that the proposed reforms of the corporate and financial systems of developing countries are essential to make the global markets function properly. The implicit suggestion is that the recent financial crises in these countries were not the outcome of market failures but rather the failure of developing country governments and institutions which did not provide accurate and adequate information to markets, as well as imposed other distortions on the latter. This thesis is not universally accepted by economists, but nonetheless, such reforms were pressed on the crisis-affected Asian countries as part of IMF conditionality and are now being advocated for other developing countries. This paper concentrates on the reform of corporate systems in emerging markets, an issue which has not received as much public and academic attention as the reform of the financial sector in these countries. The reform of the non-financial corporate sector necessarily involves issues of corporate governance and organisation including the role of the big business groups. The latter, as we shall see, are ubiquitous in emerging countries.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24663.
Date of creation: 2003
Date of revision:
corporate governance; G-7; emerging markets; asian crisis;
Find related papers by JEL classification:
- A1 - General Economics and Teaching - - General Economics
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- G3 - Financial Economics - - Corporate Finance and Governance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002.
"Corporate governance, competition, the new international financial architecture and large corporations in emerging markets,"
53665, University Library of Munich, Germany.
- Ajit Singh & Bruce Weisse & Alaka Singh, 2002. "Corporate governance, competition, the new international financial architecture and large corporations in emerging markets," ESRC Centre for Business Research - Working Papers wp250, ESRC Centre for Business Research.
- Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets," MPRA Paper 24305, University Library of Munich, Germany.
- Glen, J. & Lee, K. & Singh. A., 2000.
"Competition, Corporate Governance and Financing of corporate Growth in Emerging Markets,"
Accounting and Finance Discussion Papers
00-af46, Faculty of Economics, University of Cambridge.
- Glen, Jack & Lee, Kevin & Singh, Ajit, 2000. "Competition, corporate governance and financing of corporate growth in emerging markets," MPRA Paper 53625, University Library of Munich, Germany.
- Singh, Ajit, 1997.
"Financial Liberalisation, Stockmarkets and Economic Development,"
Royal Economic Society, vol. 107(442), pages 771-82, May.
- Ajit Singh, 1998. "Financial liberalisation, stockmarkets and economic development," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 8(1), pages 165-182.
- Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
- Andrei Shleifer & Robert W. Vishny, 1996.
"A Survey of Corporate Governance,"
NBER Working Papers
5554, National Bureau of Economic Research, Inc.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Singh, A., 1995.
"Corporate Financial Patterns in Industrializing Economies. A Coparative International Study,"
2, World Bank - International Finance Corporation.
- Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
- Whittington, G & Saporta, V & Singh, A, 1997. "The Effects of Hyper-Inflation on Accounting Ratios. Financing Corporate Growth in Industrial Economies," Papers 3, World Bank - International Finance Corporation.
- Singh, Ajit & Weisse, Bruce A., 1998.
"Emerging stock markets, portfolio capital flows and long-term economie growth: Micro and macroeconomic perspectives,"
Elsevier, vol. 26(4), pages 607-622, April.
- Singh, A. & Weisse, B. A., 1998. "Emerging Stock Markets, Portfolio Capital Flows and Long-term Economic Growth: Micro and Macroeconomic Perspectives," Accounting and Finance Discussion Papers 98-af40, Faculty of Economics, University of Cambridge.
- Singh, Ajit & Weisse, Bruce, 1998.
"The Asian model: a crisis foretold,"
54002, University Library of Munich, Germany.
- Singh, A., 1997.
"Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?,"
Accounting and Finance Discussion Papers
97-af35, Faculty of Economics, University of Cambridge.
- Singh, Ajit, 1998. "Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?," MPRA Paper 54929, University Library of Munich, Germany.
- Colin Mayer, 1990. "Financial Systems, Corporate Finance, and Economic Development," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 307-332 National Bureau of Economic Research, Inc.
- Singh, A. & Hamid, J., 1992. "Corporate Financial Structure in Developing Countries," Papers 1, World Bank - International Finance Corporation.
- Eric Friedman & Simon Johnson & Peter Boone & Alasdair Breach, 1999.
"Corporate Governance in the Asian Financial Crisis,"
Departmental Working Papers
199920, Rutgers University, Department of Economics.
- Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186.
- Simon Johnson & Peter Boone & Alasdair Breach & Eric Friedman, 1999. "Corporate Governance in the Asian Financial Crisis," William Davidson Institute Working Papers Series 297, William Davidson Institute at the University of Michigan.
- Leff, Nathaniel H, 1978. "Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Groups," Economic Development and Cultural Change, University of Chicago Press, vol. 26(4), pages 661-75, July.
- Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
- Vives,Xavier (ed.), 2000. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521781640.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.