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Corporate Governance in India and Pakistan: Critical Macro‐Finance, Legal Origins, and Institutional Divergence

Author

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  • Scott M. Brown
  • Muhammad Zubair Mumtaz
  • Eric Powers
  • Zachary Smith

Abstract

This paper examines institutional divergence between India and Pakistan using a comparative governance lens. By integrating Critical Macro‐Finance (CMF) theory with a FAIR data workflow, we construct a replicable model of corporate governance quality across fragile democratic contexts. While headline indices such as Ease of Doing Business (EoDB) suggest convergence, our findings reveal persistent and widening institutional asymmetries—especially in judicial independence, rule of law, and regulatory coherence. Our contribution is threefold: (1) we offer new comparative insights into how postcolonial governance regimes evolve under democratic strain; (2) we empirically model divergence in state and market institutions between two formally similar but functionally distinct economies; and (3) we introduce a scalable, transparent approach to modeling institutional risk using open‐source methods aligned with FAIR principles.

Suggested Citation

  • Scott M. Brown & Muhammad Zubair Mumtaz & Eric Powers & Zachary Smith, 2026. "Corporate Governance in India and Pakistan: Critical Macro‐Finance, Legal Origins, and Institutional Divergence," Review of Development Economics, Wiley Blackwell, vol. 30(2), pages 882-893, May.
    • Handle: RePEc:bla:rdevec:v:30:y:2026:i:2:p:882-893
    DOI: 10.1111/rode.70026
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