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Does corporate governance matter for developing countries? An overview of the Mexican case

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  • Paula ACOSTA MARQUEZ

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Abstract

This paper deals with the relationship between corporate governance practices and development within the context of transitional economies. It argues that corporate governance has become a key factor in promoting sustainable economic development. Evidence suggests that corporate governance matters more in emerging markets than in developed economies. First, it acts as a complement to an institutional and legal framework. Second, it constitutes a mechanism to control market failures, such as information asymmetries between managers and small shareholders. Third, it improves the functioning of credit institutions. Fourth, it acts as an important incentive for international and national investors. In summary, corporate governance is a key tool for the institutional development of a competitive and stable commercial and business environment. The article is organized in four sections: definition of corporate governance and corporate agency problem, arguments and empirical evidence about corporate governance as a development mechanism, analysis of the Mexican experience, and conclusions.

Suggested Citation

  • Paula ACOSTA MARQUEZ, 2002. "Does corporate governance matter for developing countries? An overview of the Mexican case," ARCHIVOS DE ECONOMÍA 002380, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
  • Handle: RePEc:col:000118:002380
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    File URL: https://colaboracion.dnp.gov.co/CDT/Estudios%20Econmicos/203.pdf
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    References listed on IDEAS

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    1. Thomas F. RUTHERFORD & Miles K. LIGHT & Gustavo Adolfo HERNANDEZ, 2002. "A dynamic general equilibrium model for tax policy analysis in Colombia," ARCHIVOS DE ECONOMÍA 001910, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
    2. 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.
    3. Javier A. Birchenall, 2007. "Income distribution and macroeconomics in Colombia," Journal of Income Distribution, Journal of Income Distribution, vol. 16(2), pages 6-24, June.
    4. Fernando MESA PARRA, 2001. "Strategic Trade Policy and Exchange Rate Uncertainty," ARCHIVOS DE ECONOMÍA 003527, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
    5. Castro Carlos Alberto, 2001. "Eficiencia-X en el sector bancario colombiano," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, September.
    6. Hernandez, Gustavo Adolfo & Light, Miles & Rutherford, Thomas, 2002. "A dynamic general equilibrium model for tax policy analysis in Colombia," MPRA Paper 28435, University Library of Munich, Germany.
    7. Juan Carlos ECHEVERRY GARZON, 2002. "El siglo del modelo de desarrollo," ARCHIVOS DE ECONOMÍA 002552, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
    8. Ortega, Juan Ricardo & Piraquive, Gabriel Armando & Hernandez, Gustavo Adolfo & Soto, Carolina & Prada, Sergio & Ramirez, Juan Mauricio, 2000. "Incidencia fiscal de los incentivos tributarios
      [Fiscal Incidence of tax incentives]
      ," MPRA Paper 14016, University Library of Munich, Germany.
    9. Thomas F. Rutherford & Miles K. LIGHT, 2002. "A General Equilibrium Model for Tax Policy Analysis in Colombia: The MEGATAX Model," ARCHIVOS DE ECONOMÍA 011291, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
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    Cited by:

    1. Giurca Vasilescu, Laura, 2008. "Corporate governance in developing and emerging countries. The case of Romania," MPRA Paper 10998, University Library of Munich, Germany.

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    Keywords

    corporate governance;

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