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Corporate Governance, Investor Protection, and Performance in Emerging Markets

Опубликовано на портале: 16-04-2007
World Bank Policy Research Working Papers. 2004.  No. 2818.
Тематический раздел:
We use recent data on firm-level corporate governance (CG) rankings across 14 emerging markets and find that there is wide variation in firm-level governance in our sample and that the average firmlevel governance is lower in countries with weaker legal systems.We explore the determinants of firmlevel governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. We also find that better corporate governance is highly correlated with better operating performance and market valuation. Finally, we provide evidence that firm-level corporate governance provisions matter more in countries with weak legal environments.

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