Is Corporate Governance Ineffective In Emerging Markets
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| Author | : Michael S. Gibson |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2002 |
| Genre | : |
| ISBN | : |
I test whether corporate governance is ineffective in emerging markets by estimating the link between CEO turnover and firm performance for over 1,200 firms in eight emerging markets. While previous papers on corporate governance in emerging markets have studied corporate governance mechanisms, such as concentrated ownership, I study a corporate governance outcome: are poorly performing managers replaced? Others have answered this question in the affirmative for the United States and other developed countries. This paper is the first to address this question for emerging markets. I find two main results. First, CEOs of emerging market firms are more likely to lose their jobs when their firm's performance is poor, suggesting that corporate governance is not ineffective in emerging markets. The magnitude of the relationship is surprisingly similar to what Kaplan (1994a) found for the United States. Second, for the subset of firms with a large domestic shareholder, there is no link between CEO turnover and firm performance. For this subset of emerging market firms, corporate governance appears to be ineffective.
| Author | : Michael S Gibson |
| Publisher | : Scholar's Choice |
| Total Pages | : 42 |
| Release | : 2015-02-16 |
| Genre | : |
| ISBN | : 9781297051173 |
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
| Author | : Leora F. Klapper |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. Klapper and Love extend this literature and provide a study of firm-level corporate governance practices across emerging markets and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. The authors' tests also show that firm-level governance and performance is lower in countries with weak legal environments, suggesting that improving the legal system should remain a priority for policymakers.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study corporate governance around the world.
| Author | : Leora F. Klapper |
| Publisher | : |
| Total Pages | : |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
Recent research studying the link between law, and finance has concentrated on country-level investor protection measures, and focused on differences in legal systems across countries, and legal families. The authors extend this literature, and provide a study of firm-level corporate governance practices across emerging markets, and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance, and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions, matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws, and enforcement by establishing good governance, and providing credible investor protection. The authors' tests also show that firm-level governance, and performance is lower in countries with weak legal environments, suggesting that improving the legal system, should remain a priority for policymakers.
| Author | : Vikramaditya Khanna |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Financial crises have a way of bringing corporate governance to the foreground. For interested parties wanting to know more, there is an impressive body of research that looks at companies and the connection between strong governance and better performance. However, the existing literature only goes so far. It does not look at whether the level and quality of firm-level corporate governance plays a role as large-scale investors consider investment decisions in emerging markets. This study of emerging market investors sheds light on this issue and reveals that emerging market investors care deeply about corporate governance. The findings have significant implications, not only for the emerging markets business and finance community, but for policy makers, academics, the media, as well as for development finance institutions focused on sustainable economic development in these countries. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.
| Author | : Randall K. Morck |
| Publisher | : University of Chicago Press |
| Total Pages | : 700 |
| Release | : 2007-11-01 |
| Genre | : Business & Economics |
| ISBN | : 0226536831 |
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
| Author | : Cally Jordan |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Although it may be too early to pronounce on the relative effectiveness of various capital market-driven corporate governance initiatives, experiences in emerging markets over the last decade, especially Latin America, lead to some preliminary conclusions. These observations may have some predictive value in gauging the potential effectiveness of any particular initiative. quot;Voluntaryquot; codes and procedural remedies drawn from Anglo-American law, for example, may not be the most effective means of channeling market forces to the improvement of corporate governance in continental European-style legal systems. These transplants may behave a little differently than expected; at worst, they may have somewhat perverse consequences, where an internationally recognized, but domestically ineffective, rule is introduced into a system. The Latin American cases studied are instructive in this regard, as governance mechanisms were introduced in multiple guises along a continuum of private and public rules, amplifying the prospects of effectiveness.
| Author | : Matthew Tsamenyi |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 565 |
| Release | : 2008-12-01 |
| Genre | : Business & Economics |
| ISBN | : 184855253X |
Corporate governance reform has become an important global policy agenda driven by events such as the 1997 Asian financial crisis, corporate scandals (such as Enron and WorldCom) and the globalisation of capital markets. This book advances debate on corporate governance, accountability and transparency in less developed and emerging economies.
| Author | : |
| Publisher | : |
| Total Pages | : 174 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
| Author | : |
| Publisher | : |
| Total Pages | : 86 |
| Release | : 2012 |
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