To the Question of Corporate Governance Institutional Environment in Developing and Emerging Markets

2020 ◽  
Vol 3 (57) ◽  
Author(s):  
Zhanat Zhussupova ◽  
Mohamed El-Hodiri
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Critical Reflection ◽  
Institutional Environment ◽  
Institutional Framework ◽  
Factors Affecting ◽  
Developing Markets ◽  
Governance Models ◽  
Main Factors ◽  
Institutional Features

This work is an attempt to contribute to thinking about the institutional framework of corporate governance in the context of its evolution in the developing and emerging markets (DEM). We raise the question whether the DEM countries adapt the mechanisms and practices of the corporate governance models of leading economies. We first introduce the concept and genealogy of the new institutional economy. Then we trace the specifics of the modern models of corporate governance and the main factors affecting these models. We finally engage in critical reflection on the problems in corporate governance in both developed and developing markets through the prism of the fundamental, institutional features of each country.

Convergence of Corporate Governance Models

2004 ◽  
pp. 129-140 ◽  
Author(s):  
M. Tretyakov
Keyword(s):  
Corporate Governance ◽  
Institutional Environment ◽  
Driving Forces ◽  
Commodity Markets ◽  
Legal Systems ◽  
National Institutions ◽  
Governance Models ◽  
Changing Role

The article focuses on the analysis of the process of convergence of outsider and insider models of corporate governance. Chief characteristics of basic and intermediate systems of corporate governance as well as the changing role of its main agents are under examination. Globalization of financial and commodity markets, convergence of legal systems, an open exchange of ideas and information are the driving forces of the convergence of basic systems of corporate governance. However the convergence does not imply the unification of institutional environment and national institutions of corporate governance.

scholarly journals Assessing Corporate Governance Practices of Mauritian Companies

2016 ◽  
Vol 6 (1) ◽  
pp. 38
Author(s):  
Padachi K. ◽  
Urdhin H. R. ◽  
Ramen M.
Keyword(s):  
Corporate Governance ◽  
Stock Exchange ◽  
Secondary Data ◽  
Factors Affecting ◽  
Social Responsibilities ◽  
Governance Practices ◽  
Data Survey ◽  
Main Factors ◽  
Code Of Corporate Governance ◽  
Survey Questionnaires

The aim of this study is to assess the CG practices of companies listed on the Stock Exchange of Mauritius (SEM) and non-listed banks. The Mauritius Code of Corporate Governance (MCCG) is used as a basis to collect both primary and secondary data. Survey questionnaires have been used to detect and analyse the extent to which the different sectors comply to CG as well as the assessment of the CG practices. The factors affecting CG practices as well as the importance of good CG have been identified. The data collected have been analysed using SPSS. Accordingly, the results have showed that there is a sectorial difference in the level of compliance and it has also been noted that varying results have been obtained with respect to variables including board of directors, committees, disclosure, social responsibilities, stakeholders as well as the importance of CG. However, the three main factors that affect CG practices include the governance framework, reporting and conduct and rewards. 

scholarly journals Corporate Governance in Emerging Markets

2015 ◽  
Author(s):  
Mariana Pargendler
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Institutional Environment ◽  
Driving Forces ◽  
State Ownership ◽  
Governance Reform ◽  
Bric Countries ◽  
Market Expansion ◽  
Rapid Economic Growth ◽  
Degree Of Convergence

Despite deep differences in their political systems, legal regimes, and economic structures, emerging markets share a recent history of rapid economic growth and capital market expansion. This chapter explores the degree and direction of transformation in corporate governance in emerging markets in the last decades. It begins by surveying the interaction between the ownership structures prevailing in emerging markets – marked by the presence of controlling shareholders, business groups, and state ownership – and the underlying institutional environment. It then examines the driving forces of change by comparing the relative roles played by legislatures, regulators, courts, and alternative institutional arrangements in corporate governance reform in Brazil, Russia, India, and China (collectively known as the BRIC countries). The chapter concludes by evaluating the degree of convergence and persistence in emerging markets governance, and underscoring the need to consider the particular contextual significance of different practices.

Financial Decisions, Behavioral Biases, and Governance in Emerging Markets

2018 ◽  
pp. 160-184
Author(s):  
Emir Hrnjic ◽  
David M. Reeb ◽  
Bernard Yeung
Keyword(s):  
Corporate Governance ◽  
Emerging Markets ◽  
Financial Markets ◽  
Economic Incentives ◽  
Emerging Countries ◽  
Financial Decisions ◽  
Behavioral Biases ◽  
Financial Decision ◽  
Governance Models ◽  
The Cost

In this chapter, we theorize that corporate governance models in emerging countries, relative to their developed economy peers, countenance greater behavioral biases in financial decision-making. Our arguments start with the notion that officers and directors of a firm choose the types and venues of various financial instruments to fund the firm and design various mechanisms to allocate these funds across divisions and projects within the firm. We posit that these allocation and capital sourcing decisions are influenced by both economic incentives and behavioral biases, which potentially differ between firms in developed and emerging markets. Specifically, we argue that the governance models used in emerging markets facilitate rapid managerial choices but occur at the cost of allowing behavioral-based distortions in both product and financial markets. Building on this notion, we provide insights into financial decisions, behavioral biases, and governance in emerging markets by assimilating behavioral financial economics and models of corporate governance.

scholarly journals Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

2020 ◽  
Vol 17 (3) ◽  
pp. 40-53
Author(s):  
Heorhiy Rohov ◽  
Oleh Kolodiziev ◽  
Nataliya Shulga ◽  
Mykhailo Krupka ◽  
Tetiana Riabovolyk
Keyword(s):  
Corporate Governance ◽  
Dividend Policy ◽  
Institutional Environment ◽  
Classification Tree ◽  
Classification Model ◽  
Economic Regulation ◽  
Business Risk ◽  
Minority Shareholders ◽  
Factors Affecting ◽  
The Impact

Dividend policy, as part of corporate governance, is largely dependent on the institutional environment in which companies operate. The study aims to determine factors affecting dividend policy in the conditions of the Ukrainian underdeveloped stock market, legal insecurity of minority shareholders, high cost and concentration of capital. For this purpose, hypotheses about the impact of a company’s financial state, size, business risk, and ownership structure on dividend payments were tested using a sample of 58 Ukrainian non-financial public joint-stock companies and applying Interactive tree classification techniques (C&RT). The resulting classification model for predicting dividend decisions correctly classifies 92.86% of companies that paid dividends and 93.3% of companies that did not. The findings, based on the classification tree and importance scale, prove the hypothesis that companies in which individuals and institutional investors have a controlling interest are more likely to pay dividends than other non-state companies. The financial indicators accurately classify only those firms that do not pay dividends, and business risk does not affect classification accuracy at all. The paper substantiates the ways of using the study findings for economic regulation, protection of minority shareholders’ rights, and proliferation of modern corporate governance practices.

Recent Rapid Climate Changes in Antarctic and their Influence on Low Diversity Ecosystems

2010 ◽  
Vol 17 (1) ◽  
pp. 17-30 ◽  
Author(s):  
Katarzyna J. Chwedorzewska
Keyword(s):  
Environmental Variables ◽  
Climate Changes ◽  
Biological Significance ◽  
Global Changes ◽  
Factors Affecting ◽  
Low Diversity ◽  
Main Factors ◽  
The Antarctic ◽  
High Diversity ◽  
Temperature Water

ABSTRACTThe geographic position, astronomic factors (e.g. the Earth’s maximum distance from the Sun during winter), ice cover and altitude are the main factors affecting the climate of the Antarctic, which is the coldest place on Earth. Parts of Antarctica are facing the most rapid rates of anthropogenic climate change currently seen on the planet. Climate changes are occurring throughout Antarctica, affecting three major groups of environmental variables of considerable biological significance: temperature, water, UV-B radiation.Low diversity ecosystems are expected to be more vulnerable to global changes than high diversity ecosystems

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