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Competition, corporate governance and financing of corporate growth in emerging markets

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  • Glen, Jack
  • Lee, Kevin
  • Singh, Ajit

Abstract

The micro-economic behaviour of economic agents in the crisis-affected Asian economies, together with the private sector’s expanding role in developing countries in general have focused attention on issues of competition, corporate governance and finance. The paper explores the analytical links between these phenomena. It provides evidence on the dynamics of product market competition in seven emerging economies by time series analysis of persistence of corporate profitability during the 1980s and 90s. The surprising central finding is that the intensity of competition in emerging markets is no less than in advanced countries. The paper also briefly reports on major changes in the financing of corporate growth in India and considers its implications for the extant theories of law, finance and corporate governance.

Suggested Citation

  • Glen, Jack & Lee, Kevin & Singh, Ajit, 2000. "Competition, corporate governance and financing of corporate growth in emerging markets," MPRA Paper 53625, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53625
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    Cited by:

    1. Ozgür Orhangazi, 2008. "Financialisation and capital accumulation in the non-financial corporate sector:," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(6), pages 863-886, November.
    2. Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008. "Recent developments in German corporate governance," International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
    3. Ajit Singh, 2012. "Financial Globalization and Human Development," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 13(1), pages 135-151, February.
    4. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets," MPRA Paper 24305, University Library of Munich, Germany.
    5. Singh, Ajit, 1998. "Corporate Governance, Evolution of Corporate Laws and Asian Economic Development into the 21st Century," MPRA Paper 24662, University Library of Munich, Germany.
    6. 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.
    7. Ajit Singh, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," Working Papers wp258, Centre for Business Research, University of Cambridge.
    8. McCahery, J.A. & Renneboog, L.D.R., 2003. "The Economics of the Proposed European Takeover Directive," Other publications TiSEM b16fdfd0-9e4e-44bb-b20f-f, Tilburg University, School of Economics and Management.
    9. Singh, Ajit, 1994. "How did East Asia grow so fast? Slow progress towards an analytical consensus," MPRA Paper 53435, University Library of Munich, Germany.
    10. Orhangazi, Ozgur, 2007. "Financialization and Capital Accumulation in the Nonfinancial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy, 1973-2004," MPRA Paper 7724, University Library of Munich, Germany.
    11. 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.

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    More about this item

    Keywords

    competition; persistency of profits; unit roots; emerging markets;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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