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Corporate governance, competition, the new international financial architecture and large corporations in emerging markets

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  • Ajit Singh
  • Bruce Weisse
  • Alaka Singh

Abstract

This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The paper's main conclusions include: the thesis that the deeper causes of the Asian crisis were the flawed systems of corporate governance and a poor competitive environment in the affected countries is not supported by the evidence; emerging markets, as well as European countries, have successful records of fast long-term growth with different governance systems, indeed superior to those of Anglo-Saxon countries; corporate financing patterns in emerging markets in the 1990s continue to be anomalous, as they were in the 1980s; and the claim that developing country conglomerates are inefficient and financially precarious is not supported by evidence or analysis.

Suggested Citation

  • Ajit Singh & Bruce Weisse & Alaka Singh, 2002. "Corporate governance, competition, the new international financial architecture and large corporations in emerging markets," Working Papers wp250, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp250
    Note: PRO-2
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    Cited by:

    1. Simon Deakin & Ajit Singh, 2009. "The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy," Chapters, in: Per-Olof Bjuggren & Dennis C. Mueller (ed.), The Modern Firm, Corporate Governance and Investment, chapter 9, Edward Elgar Publishing.
    2. Ajit Singh, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," Working Papers wp258, Centre for Business Research, University of Cambridge.
    3. 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.
    4. Michael Graff, 2005. "Law and Finance: Common-law and Civil-law Countries Compared," KOF Working papers 05-99, KOF Swiss Economic Institute, ETH Zurich.
    5. Christoph Walkner, 2004. "Issues in corporate governance," European Economy - Economic Papers 2008 - 2015 200, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. Michael Graff, 2006. "Myths and Truths: The "Law and Finance Theory" Revisited," KOF Working papers 06-122, KOF Swiss Economic Institute, ETH Zurich.
    7. Reaz, Mazrur & Arun, Thankom G., 2005. "Corporate Governance in Developing Economies: Perspective from the Banking Sector in Bangladesh," Development Economics and Public Policy Working Papers 30545, University of Manchester, Institute for Development Policy and Management (IDPM).
    8. Singh, Ajit, 2003. "Corporate governance, the big business groups and the G-7 reform agenda: A critical analysis," MPRA Paper 24663, University Library of Munich, Germany.
    9. Michael Graff, 2013. "Legal origin and financial development: new evidence for old claims? The creditor rights index revisited," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 6(4), pages 326-344.
    10. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2009. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 6(2), pages 343-380, June.
    11. Ajit Singh, 2016. "Competition, competition policy, competitiveness, globalization and development," Chapters, in: Erik S. Reinert & Jayati Ghosh & Rainer Kattel (ed.), Handbook of Alternative Theories of Economic Development, chapter 35, pages 666-688, Edward Elgar Publishing.
    12. Haque, Faizul & Arun, Thankom & Kirkpatrick, Colin, 2011. "The political economy of corporate governance in developing economies: The case of Bangladesh," Research in International Business and Finance, Elsevier, vol. 25(2), pages 169-182, June.
    13. Ajit Singh, 2003. "Competition, corporate governance and selection in emerging markets," Economic Journal, Royal Economic Society, vol. 113(491), pages 443-464, November.
    14. Simon Deakin, 2005. "The Coming Transformation of Shareholder Value," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(1), pages 11-18, January.

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    More about this item

    Keywords

    Corporate governance; competition; emerging markets.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L4 - Industrial Organization - - Antitrust Issues and Policies
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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