Download or read book Essays on Corporate Ownership and Governance in an Emerging Market written by Sehyun Yoo and published by . This book was released on 2005 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Corporate Governance in Emerging Markets written by Sudarat Bo Ananchotikul and published by . This book was released on 2007 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Corporate Governance and Ownership Structure in Emerging Markets written by Diego C. Cueto and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation explores the leading role of ownership structures in corporate governance for publicly traded firms in emerging markets. I analyze the relationships between ownership structures, corporate governance mechanisms, firm value and market liquidity for a sample of Latin American firms. The predominant highly concentrated ownership within a context of weak shareholder protection provides a rich environment to explore corporate governance practices in a regional setting. The period of analysis, 2000-2006, is characterized by economic growth sustained by the expansion of foreign direct investment in a post-privatization era. The region as a whole, rather than just individual markets, became an attractive investment destination. In addition the development of a private pension system initiated in Chile and subsequently expanded to more than 25 countries (the AFP system) reinvigorated the capital markets which have become more attractive as a means of diversification for global portfolios. Moreover, understanding the implications of concentrated ownership structures is fundamental for participants in a yet incipient mergers and acquisitions market. My dissertation consists of three related essays which collectively cohere to represent my research approach and understanding of the topic and they all benefit from the exploitation of a unique ownership database. This work serves to advance the finance literature in several dimensions: a) the manuscript examines at markets which have hitherto been ignored or at best simply characterized as having very weak governance structures; b) it addresses endogeneity problems from the initial design of this research project through the data collection process; c) furthermore, I extend the literature on the interactions between governance mechanisms and firm value; and d) it develops new corporate governance measures, including novel "effective" firm ownership variables for these markets. Dominant shareholders may have both the capability and the incentive to expropriate minority shareholders. Specifically, I examine performance effects that may be attributable to discrepancies between voting rights and cash-flow rights. I examine the extent to which dominant shareholders can divert resources for their own consumption, in turn reducing overall shareholder value. Given the large potential for private consumption, by the dominant shareholders, I also explore the motivations for outside investors to participate in the financing of the firms' activities.

Download or read book Is Corporate Governance Ineffective in Emerging Markets written by Michael S. Gibson and published by . This book was released on 2002 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Comparative Corporate Governance in Emerging Markets written by Ruth V. Aguilera and published by . This book was released on 2018 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review essay seeks to provide an overview of the state of the art of corporate governance (CG) in emerging markets (EMs). We focus mostly on the BRIC countries (Brazil, Russia, India and China) and adopt a systematic cross-national comparative focus. The chapter has four main sections. We begin by highlighting why it is important to better understand CG in EMs and to identify some of the key challenges these countries face as they seek to enhance their CG. Second, our review of managerial research conducted after the year 2000 on CG in emerging markets falls into four categories: ownership, boards of directors, top management teams, and CG practices and reform. We discuss the main research questions and findings from this collective body of work. It is noteworthy how “siloed” this research has been in terms of drawing few cross-national comparisons. In our third section, we seek to offer an overview of the main CG features of each of these BRIC countries relative to the others, taking on the OECD Guidelines of CG as our benchmark framework. To do so, we first address core governance areas related to the overall model of CG, ownership types and ownership rights, information disclosure and reporting, and stakeholder management and corporate social responsibility. Our concluding section highlights the main common themes for CG in emerging markets and suggests fruitful areas of future research.

Download or read book Global Corporate Governance written by Donald H. Chew and published by Columbia Business School Publishing. This book was released on 2009 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Corporate Governance Across Institutional Contexts written by Yi Jiang and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation consists of three essays that investigate the important issues involved with corporate governance across different institutional contexts. Chapter 2 draws on 884 publicly listed firms with concentrated ownership in seven Asian countries and examines the effect of corporate governance on firm value during the 1997 Asian financial crisis. The results of the multivariate analysis show that higher ownership concentration tends to be associated with higher firm value, and can be partially substituted by country institutional development. The effect of the largest shareholder's excess control on firm value is conditioned on country-level institutional development. Finally, higher firm value is associated with more control by nondominant blockholders. Chapter 3 recognizes different governance modes in the private participation projects in emerging economies and conceptualizes them as modes of transactions between the state and the private entity. Using data on 2550 private participation projects in 94 emerging economies, we find that firms self-select private participation modes. The survival differences across modes of private participation arise as a function of transaction uncertainty and asset specificity. Private entities with more uncertainty and asset specificity tend to choose internal or hybrid modes as opposed to market governance form. This indicates that firms may control the environmental uncertainty through internal arrangements. Chapter 4 examines foreign firms issuing initial public offering (IPO) in the U.S. and answers the following questions: How do foreign IPOs compensate for information asymmetry and risk in the U.S.? How is valuation of foreign IPOs related to firm characteristics, industry, and home country effect? From 205 pairs of matched foreign and U.S. companies that issued IPOs in the U.S. from 1992 to 2005, U.S. companies have had more managerial ownership reduction than foreign companies during IPO. Additionally, foreign companies more culturally distant from the U.S. show more managerial ownership reduction during IPO. Managerial ownership change, home country political risk and industry risk are signals to investors to evaluate IPOs.

Download or read book Why Markets Chose the Corporate Form written by Margaret M. Blair and published by . This book was released on 2003 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay draws on the experience of business people in the early 19th century U.S. to provide insights into the problems of creating effective institutions of capitalism in emerging market and transition economy countries. The essay argues that the unique contribution of the corporate legal form in the 19th century was that it allowed business people to create separate legal entities with potentially unlimited life to own the assets used in production, which, among other things, separated asset ownership from control over those assets. These features together enabled business organizers to commit capital almost irrevocably to an enterprise, and helped to make the enterprises more financially stable. Using the corporate form, rather than partnership or so-called quot;joint stock companiesquot; (which were a type of partnership), business organizers could more easily accumulate organizational and other intangible capital, along with the specialized physical capital necessary to carry out complex business activities over an extended period of time. Scholars who have studied the problems of creating effective corporate law and governance institutions in developing and transition countries have emphasized the importance of protections for minority shareholders. But the need for legal and organizational mechanisms for locking capital into the enterprise, for preventing investors from stripping assets or otherwise pulling out prematurely, is even more basic, yet largely neglected in the literature so far. An appreciation of our own history of how business people tried to find organizational forms that would enable them to build substantial and lasting business enterprises in the absence of strong legal, cultural and institutional supports sheds light on the important role played in this country of entity status and separation of control from financial contribution.

Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.

Download or read book Essays on Cross list Price Disparity and Market Efficiency in Emerging Market written by Han Yan and published by . This book was released on 2015 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two essays on emerging market. The first paper takes Chinese firms cross-listed in China mainland and Hong Kong as A-share and H-share between 1999 and 2013 as sample to look at the price disparity change and determination. This paper firstly finds that relative supply of stocks can explain up to 53% of the price disparity between A-share and H-share. The large supply of stocks in China mainland market can lead to narrow price disparity (low A-H price premium), and this factor can absorb the effects from other factors in previous literature, such as liquidity, speculation and political risks. This paper further tests several natural experiments of related policy changes that took place in China mainland in the sample period, namely IPO halts and stock reform, and confirms that real or expected stock supply change can significantly affect A-H price disparity. The second paper uses the intraday data based efficiency measures such as Hasbrouck Price Error (1993), and CRS (2005) related measures to investigate the Chinese stock markets between 1999 and 2013, to examine price efficiency in China. The first finding is that it takes between 70 minutes and 200 minutes for Chinese listed stocks converge to price efficiency, and Hasbrouck Price Error measure (1993) shows that around 40% price change is not accounted to random walk, which indicates about 4 times poorer efficiency than that in US. There is not significant improvement in market efficiency during the sample period. This paper finds out that the firms with low state-owned share percentage and low concentrated shares have better price efficiency, which indicates low information asymmetry from firm share structure helps improve stock price efficiency. This paper further tests several related institutional changes, and finds that share ownership reform and allowance of margin trading make price efficiency better while opening market to foreign investors by QFII policy does not. The findings in both papers in this dissertation offer important implications on asset pricing, corporate governance and policy making in emerging markets, especially those not fully open to worldwide and with high information asymmetry.

Download or read book Firm Innovation in Emerging Markets written by Meghana Ayyagari and published by World Bank Publications. This book was released on 2012 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks.

Download or read book The Modern Corporation and Private Property written by Adolf Augustus Berle and published by . This book was released on 1937 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2011-04-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.

Download or read book Political Power and Corporate Control written by Peter A. Gourevitch and published by Princeton University Press. This book was released on 2010-06-20 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.

Download or read book Corporate Ownership and Control written by Shalini Perera and published by World Scientific. This book was released on 2011 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The governance of companies is of importance to developing countries due to the link between effective corporate governance and economic development. Ownership and control of public companies, except in the US and UK, is often in the hands of a few individuals, families or corporate groups and impact on corporate governance and economic development.Using Sri Lanka as an illustrative example, Corporate Ownership and Control sets out the implications of corporate ownership and control structures on the governance of companies, and suggests a reform agenda to meet the challenges posed by such structures. Any analysis into the reform of corporate governance in developing countries should begin with a focus on the local market structures that define its adaptation and effectiveness. The issues explored in the book provide an insight into ownership and control structures in Sri Lanka, the costs and benefits of such structures, and the necessary reform framework to promote effective corporate governance. The analysis can be used to both understand the impact of ownership structures on corporate governance, and suggest how corporate governance issues arising from such structures should be resolved in order to promote economic development and growth.

Download or read book Comparative Corporate Governance written by Klaus J. Hopt and published by Oxford University Press. This book was released on 1998 with total page 1304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].