Comparative Corporate Governance in Emerging Markets

2018 ◽  
pp. 184-218 ◽  
Author(s):  
Ruth V. Aguilera ◽  
Ilir Haxhi
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Boards Of Directors ◽  
Stakeholder Management ◽  
Top Management Teams ◽  
Comparative Approach ◽  
Future Research ◽  
Main Research ◽  
Bric Countries ◽  
Cross National

This chapter provides an overview of corporate governance (CG) in emerging markets (EMs). Focusing mainly on the BRIC countries (Brazil, Russia, India, and China), the chapter adopts a systematic cross-national comparative approach. It begins by highlighting the importance of better understanding CG in EMs, and identifies some of the key challenges these countries face as they seek to enhance their CG. The chapter goes on to review managerial research conducted after the year 2000 on CG in emerging markets in the following four categories: ownership, boards of directors, top management teams (TMTs), and CG practices and reform. The chapter discusses 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. The third section offers an overview of the main CG features of each of the BRIC countries relative to one another, taking on the OECD Guidelines of CG as its benchmark framework. To do so, the chapter first addresses 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. The chapter concludes by highlighting common themes for CG in emerging markets and suggesting fruitful areas for future research.

The Corporate Governance of Environmental Sustainability: A Review and Proposal for More Integrated Research

2021 ◽  
pp. 014920632199121
Author(s):  
Ruth V. Aguilera ◽  
J. Alberto Aragón-Correa ◽  
Valentina Marano ◽  
Peter A. Tashman
Keyword(s):  
Corporate Governance ◽  
Environmental Sustainability ◽  
Boards Of Directors ◽  
Global Dimension ◽  
Top Management Teams ◽  
Future Research ◽  
Environmental Initiatives ◽  
Integrative Framework ◽  
Integrated Research ◽  
Systematic Understanding

As corporations’ environmental impact comes under greater scrutiny by global financial, regulatory, and societal stakeholders, management scholars have increasingly focused on the role of corporate governance as a tool for driving environmental initiatives. Still, we lack a comprehensive and systematic understanding of this emergent body of inquiry and a holistic agenda for future research. To address this gap, our integrative framework relates the key corporate governance actors to environmental sustainability outcomes from the extant literature and highlights its main methodological approaches and theoretical arguments. Our framework provides a critical analysis of what we know and points to the knowledge gaps around owners, boards of directors, CEOs, top management teams, and employees as corporate governance actors. We then highlight limitations in the existing literature as significant opportunities for further research to resolve its ambiguous conceptualizations of environmental sustainability constructs, various methodological and theoretical challenges, incomplete engagement with the global dimension of environmental sustainability, and limited analysis of how corporate governance actors may interact to shape environmental sustainability outcomes. We conclude by proposing novel approaches for addressing these issues, which we believe could generate a better way forward on studying the corporate governance of environmental sustainability.

Nonprofit branding: a bibliometric analysis

2020 ◽  
Vol 29 (5) ◽  
pp. 655-673 ◽  
Author(s):  
Lara Mendes Christ Bonella Sepulcri ◽  
Emerson Wagner Mainardes ◽  
Cícero Caldeira Belchior
Keyword(s):  
Bibliometric Analysis ◽  
Brand Management ◽  
Stakeholder Management ◽  
Nonprofit Sector ◽  
Future Research ◽  
Content Type ◽  
Main Research ◽  
For Profit ◽  
Research Areas ◽  
The Relationship

Purpose This study aims to examine articles on nonprofit branding over an 18-year time span to develop an overview and better understanding of the subject. Design/methodology/approach This study used the Scopus database in a search for studies that deal, regardless of the approach, with branding in a nonprofit context. Subsequently, through a systematic review, a database with 84 articles was generated and 77 articles were submitted to bibliometric analysis. Findings This study identified six main research areas (brand and donation, brand management, brand orientation, nonprofit and for-profit partnership, communication strategies and stakeholder management), which were analyzed and discussed, seeking to identify the relationship between research in each area. In addition, this study presents the limitations of the research and thus verify that, although this body of literature is growing, the complexity of the nonprofit sector offers several opportunities for future research, which are pointed out at the end of the study. Practical implications This study contributes to the academic literature on the topic by providing a systematization of knowledge about branding in the nonprofit sector and also offers insights about nonprofit branding to institutions and managers in this industry. Originality/value This is the first study, to the authors’ knowledge, to evaluate and quantify the progress of brand literature in the nonprofit sector.

scholarly journals Corporate governance challenges: In the context of MENA countries

2019 ◽  
Vol 8 (4) ◽  
pp. 35-45
Author(s):  
Khaled Otman
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Development Economic ◽  
Future Research ◽  
Mena Region ◽  
Mena Countries ◽  
Governance Model ◽  
Governance Challenges ◽  
Corporate Governance Model

Strong corporate governance is vital for countries in the Middle East and North Africa (MENA) as they strive to increase economic growth and reinforce competitiveness and create prosperous societies. This paper evaluates the corporate governance landscape by identifying Development Economic and policy challenges in the MENA countries. In addition, it discovers the role of MENA markets and OECD in improving corporate governance. The current study found that corporate governance is still in the early stages in MENA region and it recommends that there is a need for future research to develop corporate governance model in the unique economic and social environment in the MENA countries. The contribution of this research is significant, not only for the MENA region, but also for application to other emerging markets. In this study, clear insights are provided for policymakers, regulators, managers, investors and researchers involved in emerging markets.

scholarly journals Do Large European Banks Benefit from Sound Corporate Governance in Good and Bad Times?

2017 ◽  
Vol 10 (4) ◽  
pp. 28-42
Author(s):  
Anastasia Stepanova ◽  
Olga Ivantsova
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Emerging Markets ◽  
Boards Of Directors ◽  
Research University ◽  
Panel Data Analysis ◽  
Statistical Tool ◽  
Corporate Governance Mechanisms ◽  
The 2008 Financial Crisis ◽  
E Mail

Anastasia N. Stepanova - National Research University The Higher School of Economics E-mail: [email protected] Ivantsova Olga Mikhailovna - expert: Faculty of Economics, Research and Training Laboratory of Corporate Finance, HSE. E-mail: [email protected] This paper aims to investigate the effect that internal corporate governance mechanisms have on the performance of commercial banks, how it differs for developed and emerging European markets, and whether it has changed as a result of the financial crisis. The key statistical tool used in the paper is the panel data analysis of the sample of 150 banks from 27 countries, over the period 2004-2011. We document the evidence partially supporting the effectiveness of smaller boards of directors, while the board independence seems to be negatively associated with the strategic performance of banks, especially in emerging markets and in times of a crisis. In emerging markets, state-owned banks appear to be more market-efficient, while high ownership concentration is considered by market players to be a negative signal. Studying the 2008 financial crisis period provides the evidence for structural movements in nonfinancial performance drivers.

scholarly journals Climate change risk: Challenge for corporate governance

2021 ◽  
Vol 10 (2, special issue) ◽  
pp. 258-268
Author(s):  
Hugh Grove ◽  
Maclyn Clouse ◽  
Tracy Xu
Keyword(s):  
Climate Change ◽  
Corporate Governance ◽  
Global Climate Change ◽  
Boards Of Directors ◽  
Global Climate ◽  
Research Question ◽  
Empirical Studies ◽  
Future Research ◽  
Climate Change Risk ◽  
Climate Change Risks

The major research question of this paper is to analyze climate change risk as a challenge to corporate governance. Climate action failure was the environmental risk most frequently listed in the top ten country risks. It also becomes a major reason that many companies are taking their own initiatives on climate change action which poses an imminent challenge for corporate governance as boards of directors track and assess such initiatives by their own companies. Boards can play a key role in guiding their organizations into the next new normal in the wake of global pandemic, economic disruptions, and ongoing climate change problems. This paper identifies and studies the corporate governance risks and opportunities related to global climate change risk and provides recommendations to boards of directors. The major sections of this paper are global climate change risks, corporate climate change pledges, climate-related financial disclosures, major topics in the Global Climate Change report, whether companies are ready to manage major climate change risks and opportunities, climate-related investment benchmarks, and conclusions. Future research could investigate this climate change risk challenge with case studies or empirical studies.

scholarly journals Monitoring AI progress for corporate governance

2020 ◽  
Vol 9 (1) ◽  
pp. 8-17
Author(s):  
Hugh Grove ◽  
Mac Clouse ◽  
Laura Schaffner ◽  
Tracy Xu
Keyword(s):  
Corporate Governance ◽  
Boards Of Directors ◽  
Global Economy ◽  
Research Question ◽  
Work Force ◽  
Quantum Computers ◽  
Main Research ◽  
Challenges And Opportunities ◽  
High Degree ◽  
Rapid Transformation

Artificial Intelligence technologies are predicted to contribute up to $16 trillion to the global economy by 2030. This rapid increase in AI development will have tremendous significance for all the major players for effective corporate governance and national leadership: boards of directors, owners, regulators, legislators, and the national public interest. While AI is believed to increase both the productivity and competitive advantage, it will lead to rapid transformation in the work force and evolve with a high degree of uncertainty. To facilitate the survival of public and other corporations and entities, all these major players should closely monitor the progress and pay attention to major trends in AI. The main research question of this paper is what are the key threats, challenges, and opportunities of AI. Major threats are the replacement of human activity with AI activity, which may not be able to be controlled by humans. Such control is a major challenge concerning AI as is the control and opportunity of human-AI partnerships. Digital dashboards and quantum computers are also part of all these challenges and opportunities. Accordingly, the paper studies the following AI topics currently being explored in the AI literature: key questions and issues for AI, monitoring trends in AI development, digital board audits for AI action plans, AI robotic process automation, and quantum computers with AI implications, AI progress assessment and conclusions.

scholarly journals What Impact does Artificial Intelligence have on Corporate Governance?

2020 ◽  
Vol 14 (4) ◽  
pp. 19-30
Author(s):  
Ilya Ivaninskiy ◽  
Irina Ivashkovskaya
Keyword(s):  
Artificial Intelligence ◽  
Corporate Governance ◽  
Boards Of Directors ◽  
Positive Impact ◽  
Digital Technologies ◽  
Agency Cost ◽  
Future Research ◽  
Practical Implementation ◽  
Open Questions ◽  
Sources Of Authority

In recent years, the topic of ‘digital transformation’ has become a primary focus in the areas of business and research. Among digital technologies, the area attracting the most investment is artificial intelligence (AI). Research shows that AI can benefit corporate governance in a variety of ways. In this article, we identify two academic streams on the topic and evaluate the existing literature. The first stream analyses AI-driven improvements in governance mechanisms such as boards of directors (BoD). The second stream explores the digital-driven organisational changes and broad governance adaptations necessary for AI improvements. We evaluate the evidence for AI implementation in improving and evolving traditional aspects of corporate governance. The examined authors argue that digital technologies transform the nature of a firm, making it less based on traditional sources of authority. There is consensus that this environment calls for fundamental reconsideration of corporate governance and for the revision of regulatory models, moving towards decentralisation. Specific areas examined in these contexts include jobs automation, agency conflict, auditing processes, the selection of BoD members, compliance functions, data analytics, and capital allocation.The examined research indicates that AI improves corporate governance and lowers agency cost by automating decision making using real-time big data analysis. However, while researchers propose multiple novel approaches to governance, practical implementation of those approaches or an empirical analysis of the results of such experiments is yet to occur. Despite the consensus among researchers on the positive impact of AI for governance and implementations as making AI a part of BoD, open questions and skepticism persist. This is indicative of the immaturity of AI as a technology in terms of development and implementation, and as such there is ample scope for future research. We propose multiple areas within this article where opportunities exist for further insight within this burgeoning field.

scholarly journals Corporate governance and remuneration: a bibliometric analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jinnatul Raihan Mumu ◽  
Paolo Saona ◽  
Hasibul Islam Russell ◽  
Md. Abul Kalam Azad
Keyword(s):  
Corporate Governance ◽  
Bibliometric Analysis ◽  
Boards Of Directors ◽  
Gender Diversity ◽  
Research Field ◽  
Future Research ◽  
Top Management ◽  
Outside Directors ◽  
Governance System ◽  
Content Type

PurposeThis study aims to pinpoint gaps in the literature on corporate governance and remuneration by producing a comprehensive bibliometric review for the period 1990–2020.Design/methodology/approachBibliometric analysis is the quantitative study of the bibliographic material in a specific research field. It allows an analyst to classify that material by paper, journal, author, indexation, institution or country, among other possibilities. This study reviews a total of 298 Web of Science–indexed journal articles on corporate governance and top-management remuneration schemes.FindingsThe authors find five distinct research strands: (1) firm performance and remuneration of top management, (2) the remuneration and independence of boards of directors and the efficiency of boards of directors as a governance system, (3) outside-director remuneration and the efficiency of outside directors as a monitoring system, (4) director remuneration and the corporate governance of companies and (5) the role of ownership structure and top managers' compensation schemes as corporate-governance tools. The authors identify gaps in the literature and avenues for future research for each of these strands.Practical implicationsThe authors’ findings have implications for board diversity (e.g. gender diversity), remuneration policy for top-level managers and governance issues (independent directors, separation of ownership with control). This study is the only one to summarize the key topics on which top research has been focused and can be broadly used for corporate governance management perspective.Originality/valueThis paper provides an overview of how the literature on corporate governance and remuneration has developed and a synopsis of the most influential and most productive authors, countries and journal sources. It creates an opportunity for other researchers to focus on this area. This study will also serve as a foundation for future meta-analyses.

Lessons learned from Swiss born globals entering Brazil

2019 ◽  
Vol 12 (1) ◽  
pp. 125-143
Author(s):  
Kaja Prystupa-Rządca ◽  
Anna Lupina-Wegener ◽  
Claudia Johannot
Keyword(s):  
Emerging Markets ◽  
Developed Countries ◽  
Lessons Learned ◽  
Institutional Distance ◽  
Future Research ◽  
Local Market ◽  
Key Factors ◽  
Entry Modes ◽  
Content Type ◽  
Main Research

Purpose The purpose of this study is to contribute to managers’ understanding of the internationalization of born global (BG) firms from developed countries in emerging markets. Adapting the new institutional sociology approach, the authors provide insights into how BGs might strive to bridge the institutional distance. Design/methodology/approach An explorative, multiple case study is used focusing on two Swiss BG firms in Brazil. Findings The study shows that these two firms faced similar institutional challenges. However, they approached them in different ways and achieved different outcomes. The comparison of these two cases highlights key factors that may influence successful internationalization, namely, niche strategies, high commitment modes of entry and the liability of outsidership. Research limitations/implications The main research implication is that the market mode of entry and high commitment entry modes are conductive to local market knowledge acquisition. Future research should investigate how western BGs might overcome the disadvantages of foreignness and effectively gain acceptance in emerging markets such as in Brazil, China or India. This could be done by looking at micro-processes, e.g. multiple identities in which BGs might strive to simultaneously fit in and stand out in the host market. Practical implications The findings, which uncover key factors that influence internationalization, shall contribute to managers’ understanding of how BG firms from developed economies enter emerging markets and overcome challenges. Originality/value Comparing these two cases highlights key factors that may shed light on the successful internationalization of BGs from developed countries in emerging markets. The authors first describe the institutional isomorphic pressures on the two Swiss BGs in Brazil. Second, the authors reveal how they engaged in isomorphic processes to bridge the institutional distance.

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