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Corporate Governance in Emerging Economies

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  • Franklin Allen

Abstract

Most of the literature on corporate governance emphasizes that firms should be run in the interests of shareholders. This is an appropriate objective function when markets are perfect and complete. In many emerging economies this is not the case: markets are imperfect and incomplete. The first theme of the paper is that alternative firm objective functions, such as pursuing the interests of all stakeholders, may help overcome market failures. The second theme is that it is not necessarily optimal to use the law to ensure good corporate governance. Other mechanisms such as competition, trust, and reputation may be preferable. Copyright 2005, Oxford University Press.

Suggested Citation

  • Franklin Allen, 2005. "Corporate Governance in Emerging Economies," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 164-177, Summer.
  • Handle: RePEc:oup:oxford:v:21:y:2005:i:2:p:164-177
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    Cited by:

    1. Orhan Akisik & Graham Gal, 2014. "Financial performance and reviews of corporate social responsibility reports," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 25(3), pages 259-288, December.
    2. repec:gam:jsusta:v:9:y:2017:i:6:p:867-:d:100906 is not listed on IDEAS
    3. Denice Bodeutsch & Philip Hans Franses, 2016. "Risk Attitudes In The Board Room And Company Performance: Evidence For An Emerging Economy," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 1-14, December.
    4. Ajit Singh & Ann Zammit, 2006. "Corporate Governance, Crony Capitalism and Economic Crises: should the US business model replace the Asian way of "doing business"?," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 220-233, July.
    5. Jackie Krafft & Yiping Qu & Francesco Quatraro & Jacques-Laurent Ravix, 2014. "Corporate governance, value and performance of firms: new empirical results on convergence from a large international database," Industrial and Corporate Change, Oxford University Press, vol. 23(2), pages 361-397.
    6. Dennis Mueller, 2006. "Corporate Governance and Economic Performance," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(5), pages 623-643.
    7. Jackie Krafft & Yiping Qu & Jacques-Laurent Ravix, 2011. "Gouvernance d'entreprise et performances sectorielles : une réévaluation de la fiabilité des scores et des mesures de bonne gouvernance," Economie & Prévision, La Documentation Française, vol. 0(1), pages 145-158.
    8. Graham, John R. & Harvey, Campbell R. & Puri, Manju, 2013. "Managerial attitudes and corporate actions," Journal of Financial Economics, Elsevier, vol. 109(1), pages 103-121.
    9. Roberto Tamborini, 2016. "The ''obscure puzzle'' of management control. Any remedy?," DEM Working Papers 2016/02, Department of Economics and Management.
    10. UEDA Kenichi & Stijn CLAESSENS, 2016. "Monopoly Rights and Economic Growth: An inverted U-shaped relation," Discussion papers 16093, Research Institute of Economy, Trade and Industry (RIETI).
    11. Michael Dietrich & Jackie Krafft & Jacques-Laurent Ravix, 2008. "Regulation and governance of the firm," Post-Print hal-00203479, HAL.
    12. Marco Pagano & Paolo Volpin, 2005. "Shareholder Protection, Stock Market Development, and Politics," CSEF Working Papers 149, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    13. Kenichi Ueda & Stijn Claessen, 2016. "Monopoly Rights and Economic Growth: An Inverted U-Shaped Relation," CARF F-Series CARF-F-396, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    14. repec:hal:wpaper:hal-00786664 is not listed on IDEAS
    15. Sándor Gardó, 2010. "Bank Governance and Financial Stability in CESEE: A Review of the Literature," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 6-31.
    16. Dariush Foroghi & Hadi Amiri & Zahra Nokhbeh Fallah, 2013. "Corporate Governance and Conservatism," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(4), pages 61-71, October.
    17. Ruiz-Porras, Antonio & Lopez-Mateo, Celina, 2011. "Corporate governance, market competition and investment decisions in Mexican manufacturing firms," MPRA Paper 28452, University Library of Munich, Germany.
    18. repec:onb:oenbwp:y:2010:i:1:b:1 is not listed on IDEAS
    19. Houdou Basse Mama, 2017. "The interaction between stock prices and corporate investment: is Europe different?," Review of Managerial Science, Springer, vol. 11(2), pages 315-351, March.
    20. Jackie Krafft & Yiping Qu & Jacques-Laurent Ravix, 2008. "Corporate governance, industry dynamics and firms performance on the stock market," Post-Print hal-00203544, HAL.
    21. Jackie Krafft & Jacques-Laurent Ravix, 2008. "Corporate Governance in Advanced Economies: Lessons in a Post Financial Crash Era.. Introduction to the Special Issue," Recherches économiques de Louvain, De Boeck Université, vol. 74(4), pages 419-424.
    22. Antonio Ruiz Porras & William Henry Steinwascher Sacio, 2008. "Gobierno corporativo, diversificación estratégica y desempeño empresarial en México," Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics), Tecnológico de Monterrey, Campus Ciudad de México, vol. 2(1), pages 58-73.
    23. Shokrollah Khajavi & Golamreza Dehghani, 2016. "Board Characteristics and Managerial Overconfidence in an Emerging Market," International Journal of Economics and Financial Issues, Econjournals, vol. 6(2), pages 529-537.
    24. Ruiz-Porras, Antonio & Lopez-Mateo, Celina, 2010. "The separation of ownership and control and investment decisions in Mexican manufacturing firms," MPRA Paper 25237, University Library of Munich, Germany.

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