Corporate governance as political insurance: firm-level institutional creation in emerging markets and beyond

2007 ◽  
Vol 6 (1) ◽  
pp. 69-98 ◽  
Author(s):  
S. Markus
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Firm Level ◽  
Political Insurance

scholarly journals “Governance” premium? Evidences from the nine emerging markets of Asia

2008 ◽  
Vol 6 (Special Issue 1) ◽  
pp. 6-14
Author(s):  
Chien-An Wang ◽  
Lin Lin ◽  
Ming-Yuan Li
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Emerging Markets ◽  
Stock Return ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Firm Level ◽  
Fundamental Value ◽  
Accounting Reports ◽  
The Relationship

This paper hypothesizes the relationships of corporate governance, firm performance, and cost of capital, using the firm-level sample from the nine emerging markets of Asia in 2001 and 2002. Our empirical results confirmed the relationship between the corporate governance and firm performance, measured by the stock return and the rate return on asset, is not significant. Evidence implied that the stock return of emerging markets may be largely influenced by unknown but irrational factors, and their accounting reports of the companies listed in such stock exchange are not trustworthy due to window-dressing. The fundamental value and the value of corporate governance are thus not incorporated into the re-evaluation of the prices of the related stocks. However, empirical evidence also indicated that the firms with better corporate governance can reduce their costs of capital in a defensive manner, realized when a raise of fund is required.

Firm-Level Corporate Governance in Emerging Markets: A Case Study of India

2008 ◽  
Author(s):  
Bala N. Balasubramanian ◽  
Bernard S. Black ◽  
Vikramaditya Khanna
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Firm Level

EFFECTS OF CORPORATE AND COUNTRY GOVERNANCE ON R&D INVESTMENT: EVIDENCE FROM EMERGING MARKETS

2015 ◽  
Vol 60 (01) ◽  
pp. 1550003 ◽  
Author(s):  
IFTEKHAR HASAN ◽  
STEVEN RAYMAR ◽  
LIANG SONG
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Firm Level ◽  
Country Level ◽  
Innovation Activities ◽  
D Investment

We investigate how corporate governance influences R&D across 13 emerging markets. We find that superior corporate governance increases corporate R&D spending. These results suggest that corporate governance may influence management's discretion to avoid risky innovative projects. We also find that the link between firm-level governance and corporate R&D is stronger in countries with weaker country-level governance. These results suggest substitutability between firm and country governance in generating innovation activities.

scholarly journals THE EFFECTS OF CORPORATE GOVERNANCE PRACTICES ON FIRM-LEVEL FINANCIAL PERFORMANCE: EVIDENCE FROM BORSA ISTANBUL XKURY COMPANIES

2021 ◽  
Vol 22 (4) ◽  
pp. 884-904
Author(s):  
Arikan Tarik Saygili ◽  
Ebru Saygili ◽  
Alina Taran
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Financial Performance ◽  
Board Of Directors ◽  
Positive Association ◽  
Negative Influence ◽  
Public Disclosure ◽  
Firm Level ◽  
Shareholder Protection ◽  
Governance Practices

Corporate governance (CG) is a fundamental criteria for enhancing investors’ and stakeholders’ trust, relatively recently recognized in emerging markets. This study investigates the effects of CG practices on the firm-level financial performance of Borsa Istanbul XKURY-indexed companies during 2007–2019. Four specific aspects of CG are analysed: shareholders’ rights, public disclosure and transparency, stakeholders’ rights, and board of directors functioning, as defined by the Turkish Code of Corporate Governance, in line with international principles of CG issued by OECD. Alternative estimations of panel regression analysis indicate a positive association between stakeholder-oriented governance practices and firm-level financial performance expressed by accounting measures for both financial and non-financial companies. Shareholder protection policies have a negative influence on accounting-based performance, especially for non-financial industries, whereas the corporate practices related to board of directors and public disclosure vary between financial and non-financial entities. These findings contribute to international research on CG implications for emerging markets, providing evidence about the importance of stakeholders’ protection and the distinctive effects of CG dimensions for corporate financial performance.

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