Corporate Governance Investor Protection And Performance In Emerging Markets
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| 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 | : Alberto Chong |
| Publisher | : World Bank Publications |
| Total Pages | : 584 |
| Release | : 2007-06-26 |
| Genre | : Business & Economics |
| ISBN | : 0821369148 |
'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
| Author | : Sabri Boubaker |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 625 |
| Release | : 2014-04-01 |
| Genre | : Business & Economics |
| ISBN | : 3642449557 |
This book fills the gap between theories and practices of corporate governance in emerging markets by providing the reader with an in-depth understanding of governance mechanisms, practices and cases in these markets. It is an invaluable resource not only for academic researchers and graduate students in law, economics, management and finance but also for people practicing governance such as lawmakers, policymakers and international organizations promoting best governance practices in emerging countries. Investors can benefit from this book to better understand of these markets and to make judicious investment decisions.
| Author | : Stijn Claessens |
| Publisher | : World Bank Publications |
| Total Pages | : 50 |
| Release | : 2007 |
| Genre | : Capital market |
| ISBN | : |
Abstract: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers.
| Author | : Tze-Yu Yen |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
This paper determines the effect of ownership structure, governance mechanisms, and legal systems on long term operating performance of acquiring firms in emerging countries. The current work investigates the performance of sixty-nine merger and acquisition deals in emerging market countries. The major finding is that the acquiring firms with controlling shareholders (especially holding ownership between 25%-30%) improve post acquisition operating performance over three years after transaction. Board composition indexes for acquiring firms in emerging countries are more influential to post acquisition performance than those of CEO position and block-holders. Value creating deals associate with higher quality accounting standards and superior investor protection of emerging market countries. Too strong legal enforcement seemingly leads to greater value destruction, and legal origin has a varying influence on corporate performance. However, significant superior investment performance does not exist in acquiring firms from emerging countries classified as English legal origin but in those classified as German legal origin.
| Author | : Donald H. Chew |
| Publisher | : Columbia University Press |
| Total Pages | : 393 |
| Release | : 2009-08-24 |
| Genre | : Business & Economics |
| ISBN | : 0231519974 |
Effective corporate governance, or the set of controls and incentives that drive top management, originates both outside and inside the firm and assures investors who hope to commit their capital. Essential when buying stocks in one's own country, effective corporate governance is even more important abroad, where information can be less reliable and investor influence (or protection) more limited. In this collection of articles from the Journal of Applied Corporate Finance, more than thirty leading scholars and practitioners discuss the possibilities and limitations of global corporate finance and governance systems, whether in Europe and North America or in the emerging markets of Israel, India, Korea, and South Africa. Essays discuss the political roots of American corporate finance; the structural and financial variations between international corporations; control premiums and the effectiveness of corporate governance systems; debt, folklore, and cross-country differences in financial structures; the driving forces behind the East Asian Financial Crisis of 1997; corporate ownership and control in India, Germany, France, and the United Kingdom; financial and economic lessons of Italy's privatization program; changes in Korean corporate governance; sovereign wealth funds; and the new organization of Canadian business trusts. A special roundtable discussion addresses shareholder activism in the U.K.
| Author | : Olesya V. Grishchenko |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
We apply the theoretical framework of Llorente, Michaely, Saar, and Wang(2002) to analyze the relation between daily volume and first-order return autocorrelationfor individual stocks in emerging markets. We find strong evidence of return continuation following high volume days, suggesting the presence of private information trading formany emerging market stocks. We discover that private information trading is especially strong around major corporate event dates. In addition, we find stocks that provide better investor protection and information disclosure exhibit less private information trading.These results suggest return autocorrelation and trading volume carry useful informationabout corporate governance in emerging market.
| Author | : Alireza Tourani-Rad |
| Publisher | : World Scientific |
| Total Pages | : 316 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 9814289345 |
The book highlights emerging topics in key areas of corporate governance with special emphasis on traditionally unexplored issues. It also aims to stimulate thinking and debate on vital aspects of practice and approaches to corporate governance. The topics covered in this book deal with timely subjects, written by eminent academics and renowned professionals with outstanding expertise in their respective fields, who bring to fore the latest theories and provide an up-to-date overview of the extant literature on each topic. More importantly, they draw readers attention to implications for future research and developments. The book not only contributes to the academic literature but also improves the decision making of regulators and investors.
| Author | : Narjess Boubakri |
| Publisher | : Emerald Group Publishing |
| Total Pages | : 402 |
| Release | : 2011-09-27 |
| Genre | : Business & Economics |
| ISBN | : 1780522436 |
Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
