Corporate governance in emerging markets: A survey

摘要: This paper reviews recent research on corporate governance, with a special focus emerging markets. It finds that better governance benefit firms through greater access to financing, lower cost of capital, performance, and more favorable treatment all stakeholders. Numerous studies show these channels operate at the level firms, sectors countries—with causality increasingly often clearly identified. Evidence also shows voluntary market mechanisms have less effect when country's system is weak. Importantly, how regimes change over time this impacts are receiving attention recently. Less evidence available direct links between social environmental performance. The concludes by identifying issues requiring further study, including banks, family-owned state-owned nature determinants public private enforcement.