Authors
Stijn Claessens, B Burcin Yurtoglu
Publication date
2013/6/1
Source
Emerging markets review
Volume
15
Pages
1-33
Publisher
North-Holland
Description
This paper reviews recent research on corporate governance, with a special focus on emerging markets. It finds that better corporate governance benefit firms through greater access to financing, lower cost of capital, better performance, and more favorable treatment of all stakeholders. Numerous studies show these channels to operate at the level of firms, sectors and countries—with causality increasingly often clearly identified. Evidence also shows that voluntary and market corporate governance mechanisms have less effect when a country's governance system is weak. Importantly, how corporate governance regimes change over time and how this impacts firms are receiving more attention recently. Less evidence is available on the direct links between corporate governance and social and environmental performance. The paper concludes by identifying issues requiring further study, including the special …
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Scholar articles
S Claessens, BB Yurtoglu - Emerging markets review, 2013