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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

Author

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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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Suggested Citation

  • Sudarat Ananchotikul & Barry Eichengreen, 2009. "Corporate Governance Reform in Emerging Markets: How Much, Why, and with What Effects?," NBER Chapters,in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberch:12018
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    References listed on IDEAS

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    1. Vreeland,James Raymond, 2003. "The IMF and Economic Development," Cambridge Books, Cambridge University Press, number 9780521816755, April.
    2. Vreeland,James Raymond, 2003. "The IMF and Economic Development," Cambridge Books, Cambridge University Press, number 9780521016957, April.
    3. De Nicolò, Gianni & Laeven, Luc & Ueda, Kenichi, 2008. "Corporate governance quality: Trends and real effects," Journal of Financial Intermediation, Elsevier, vol. 17(2), pages 198-228, April.
    4. Ranciere, Romain & Tornell, Aaron & Westermann, Frank, 2006. "Decomposing the effects of financial liberalization: Crises vs. growth," Journal of Banking & Finance, Elsevier, vol. 30(12), pages 3331-3348, December.
    5. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
    6. repec:hrv:faseco:30747165 is not listed on IDEAS
    7. Reuven Glick & Xueyan Guo & Michael Hutchison, 2006. "Currency Crises, Capital-Account Liberalization, and Selection Bias," The Review of Economics and Statistics, MIT Press, vol. 88(4), pages 698-714, November.
    8. Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007. "Why do countries matter so much for corporate governance?," Journal of Financial Economics, Elsevier, vol. 86(1), pages 1-39, October.
    9. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    10. Roe, Mark J., 2006. "Political Determinants of Corporate Governance: Political Context, Corporate Impact," OUP Catalogue, Oxford University Press, number 9780199205301.
    11. Haider A. Khan, 2003. "Corporate Governance of Family-Based Businesses in Asia: Which Road to Take?," CIRJE F-Series CIRJE-F-229, CIRJE, Faculty of Economics, University of Tokyo.
    12. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    13. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
    14. 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. repec:gam:jijfss:v:4:y:2016:i:2:p:8:d:68311 is not listed on IDEAS
    2. Mishra, Anil V. & Ratti, Ronald A., 2011. "Governance, monitoring and foreign investment in Chinese companies," Emerging Markets Review, Elsevier, vol. 12(2), pages 171-188, June.
    3. Jon wongswan & Pipat Luengnaruemitchai & Watcharida Boonthaveepat, 2013. "Financial Development and Long-term Growth," Working Papers 2013-04, Monetary Policy Group, Bank of Thailand.
    4. Ozsoz, Emre & Gurarda, Sevin & Ates, Abidin, 2014. "Ownership Structure and Corporate Governance in the Case of Turkey," MPRA Paper 58293, University Library of Munich, Germany.
    5. 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.
    6. repec:eee:advacc:v:30:y:2014:i:2:p:425-439 is not listed on IDEAS
    7. Sevin Gurarda & Emre Ozsoz & Abidin Ates, 2016. "Corporate Governance Rating and Ownership Structure in the Case of Turkey," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 4(2), pages 1-16, April.

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