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Corporate Governance in Emerging Markets

The lecture will cover the topic of governance and be based on the article "Corporate governance in emerging markets: A survey". The article surveys differences in countries' economic, institutional, and ownership environments as they relate to corporate governance. It also discusses how strong corporate governance can benefit companies through increased financing, performance, and market stability, as well as stakeholder relations, and analyzes recent reforms countries have undertaken to improve governance.

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ElaineKong
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13 views1 page

Corporate Governance in Emerging Markets

The lecture will cover the topic of governance and be based on the article "Corporate governance in emerging markets: A survey". The article surveys differences in countries' economic, institutional, and ownership environments as they relate to corporate governance. It also discusses how strong corporate governance can benefit companies through increased financing, performance, and market stability, as well as stakeholder relations, and analyzes recent reforms countries have undertaken to improve governance.

Uploaded by

ElaineKong
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Week 2 Class

Topic: Governance
Lecture is based on the following article:
Claessens and Yurtoglu
Corporate governance in emerging markets: A survey
Emerging Markets Review, 15 (2013) 1-33
This article is available for download from UNSW Library

1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. What is corporate governance? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. How do countries differ in aspects relevant to corporate governance? . . . . . . . .
3.1. The diversity in economic and financial environments . . . . . . . . . . . . . . . . . . . .
3.2. The diversity in institutional environments . . . . . . . . . . . . . . . . . . . . . . . . .
3.3. The diversity in ownership structures . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.4. The diversity in group affiliation and institutional investors . . . . . . . . . . . .
4. How and through what channels does corporate governance matter? . . . . . . . . . .
. . . . . .
4.1. Increased access to financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2. Higher firm valuation and better operational performance . . . . . . . . . . . . . . . . . .
4.3. Less volatile stock prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4. Better functioning financial markets and greater cross-border investments . . . . .
. . . . .
4.5. Better relations with other stakeholders . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.5.1. Stakeholder management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.5.2. Social issue participation . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Corporate governance reform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1. Recent country level reforms and their impact . . . . . . . . . . . . . . . . . . . . . . . .
5.1.1. Legal reforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.2. Corporate governance codes and convergence . . . . . . . . . . . . . . . . . . . .
5.1.3. The role of firm-level voluntary corporate governance actions . . . . . . . . . . . .
5.1.4. Voluntary adoption of corporate governance practices . . . . . . . . . . . . . . . .
5.1.5. Boards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.6. Cross-listings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.7. Other mechanisms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.8. The role of political economy factors . . . . . . . . . . . . . . . . . . . . . . . .

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