Publication:
Corporate Governance and Development: An Update

Simple item page
dc.contributor.authorClaessens, Stijn
dc.contributor.authorYurtoglu, Burcin
dc.date.accessioned2017-06-05T15:06:42Z
dc.date.available2017-06-05T15:06:42Z
dc.date.issued2012-04-23
dc.description.abstractWhat do we know about the links between economic development and corporate governance in emerging markets? Stijn Claessens and Burcin Yurtoglu have sifted through scores of academic studies on various countries, sectors, and business organizations - from state-owned enterprises to publicly listed companies - to determine how corporate governance can influence economic development and well being, and what is needed to promote good practices. The Focus 10 draws on new evidence that has become available since Focus 1: Corporate Governance and Development was published in 2003. While the paper reviews research literature, it is written to be accessible to the nonacademic audience: board members, investors, government regulators, development professionals, and other CG practitioners. Research findings sited in the Focus include: 1) improved corporate governance practices increase firm share prices; 2) operational performance is higher in better corporate governance countries; 3) well governed companies have less volatile stock prices in times of crisis; 4) companies with boards composed of a higher fraction of outsider or independent directors usually have a higher market valuation; 5) improvements in corporate governance quality lead to higher GDP growth, productivity growth, and the increased ratio of investment to GDP; 6) when a country's overall corporate governance and property rights systems are weak, voluntary and market corporate governance mechanisms have limited effectiveness; 7) large, more concentrated ownership can be beneficial, unless there is a disparity of control and cash flow rights; 8) the quality of shareholder protection positively correlates with the development of countries' capital markets; and 9) better corporate governance leads to a better developed financial system. The paper concludes by identifying several main policy and research issues that require further study. For example, more research is needed on family-owned, state-owned or controlled firms that predominate in many sectors and economies. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.en
dc.identifierhttp://documents.worldbank.org/curated/en/613011468336854015/Corporate-governance-and-development-an-update
dc.identifier.doi10.1596/26874
dc.identifier.urihttps://hdl.handle.net/10986/26874
dc.languageEnglish
dc.language.isoen_US
dc.publisherInternational Finance Corporation, Washington, DC
dc.relation.ispartofseriesGlobal Corporate Governance Forum Focus;No. 10
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderInternational Finance Corporation
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectACCOUNTING RULES
dc.subjectADVANCED COUNTRIES
dc.subjectADVERSE EFFECTS
dc.subjectAGENCY RISK
dc.subjectASSET MANAGEMENT
dc.subjectBANK CREDIT
dc.subjectBANKRUPTCY
dc.subjectBOOK VALUE
dc.subjectBORROWER
dc.subjectBUSINESS OPPORTUNITIES
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMPETITION POLICY
dc.subjectCONFLICT OF INTERESTS
dc.subjectCONSUMER SPENDING
dc.subjectCORPORATE FINANCE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE GOVERNANCE BEHAVIOR
dc.subjectCORPORATE GOVERNANCE FRAMEWORK
dc.subjectCORPORATE GOVERNANCE REFORM
dc.subjectCORPORATE GOVERNANCE REGIME
dc.subjectCORPORATE GOVERNANCE STANDARDS
dc.subjectCORPORATE OWNERSHIP
dc.subjectCORPORATE PERFORMANCE
dc.subjectCORPORATE SOCIAL RESPONSIBILITY
dc.subjectCOST OF CAPITAL
dc.subjectCOST OF EQUITY
dc.subjectCOUNTRY TO COUNTRY
dc.subjectCREDIT RISKS
dc.subjectCROSS-BORDER FINANCING
dc.subjectCROSS-BORDER ISSUES
dc.subjectCROSS-BORDER TRANSACTIONS
dc.subjectCURRENCY
dc.subjectDEBT
dc.subjectDEBT FINANCING
dc.subjectDEPOSIT
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT FINANCE
dc.subjectDIVIDENDS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POWERS
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectENFORCEMENT OF CONTRACTS
dc.subjectENVIRONMENTAL PERFORMANCE
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY INVESTMENTS
dc.subjectEXPOSURE
dc.subjectEXTERNAL FINANCING
dc.subjectFEDERAL RESERVE
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL CONGLOMERATES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEREGULATION
dc.subjectFINANCIAL DERIVATIVE
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL INNOVATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INTEGRATION
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKET DEVELOPMENT
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL VOLATILITY
dc.subjectFIRM PERFORMANCE
dc.subjectFIRM VALUATION
dc.subjectFOREIGN INVESTORS
dc.subjectFRAUD
dc.subjectFUTURE CASH FLOWS
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL FINANCIAL SYSTEM
dc.subjectGLOBAL MARKET
dc.subjectGLOBALIZATION
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNANCE INDEX
dc.subjectGOVERNANCE MECHANISMS
dc.subjectGOVERNANCE PRACTICES
dc.subjectGROWTH RATE
dc.subjectHEDGE FUNDS
dc.subjectINCOME
dc.subjectINCOME GROUP
dc.subjectINDIVIDUAL FIRM
dc.subjectINDIVIDUAL FIRMS
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFORMATION ASYMMETRIES
dc.subjectINFORMATION SYSTEMS
dc.subjectINITIAL PUBLIC OFFERING
dc.subjectINITIAL PUBLIC OFFERINGS
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSURANCE
dc.subjectINTANGIBLE
dc.subjectINTANGIBLE ASSETS
dc.subjectINTERNATIONAL FINANCE
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTOR PROTECTION
dc.subjectJUDICIAL EFFICIENCY
dc.subjectJUDICIAL SYSTEM
dc.subjectLEGAL DEVELOPMENT
dc.subjectLEGAL ENFORCEMENT
dc.subjectLEGAL ENVIRONMENT
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL FRAMEWORKS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL SYSTEM
dc.subjectLIBERALIZATION
dc.subjectLIQUID MARKETS
dc.subjectLIQUIDITY
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET PENETRATION
dc.subjectMARKET VALUATION
dc.subjectMARKET VOLATILITY
dc.subjectMINORITY INVESTORS
dc.subjectMINORITY SHAREHOLDER
dc.subjectMINORITY SHAREHOLDER RIGHTS
dc.subjectMONOPOLY
dc.subjectMORAL HAZARD
dc.subjectMUTUAL FUNDS
dc.subjectNET CAPITAL
dc.subjectOUTPUT
dc.subjectOWNERSHIP STRUCTURE
dc.subjectOWNERSHIP STRUCTURES
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPENSIONS
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPOVERTY ALLEVIATION
dc.subjectPRICE DISCOVERY
dc.subjectPRICE MOVEMENTS
dc.subjectPRIVATIZATION
dc.subjectPROPERTY RIGHTS
dc.subjectPROTECTION OF MINORITY SHAREHOLDERS
dc.subjectRATE OF RETURN
dc.subjectREGULATORS
dc.subjectREGULATORY FRAMEWORK
dc.subjectRETIREMENT SAVINGS
dc.subjectRETIREMENT SYSTEMS
dc.subjectRISK MANAGEMENT
dc.subjectRISK OF EXPROPRIATION
dc.subjectSAVINGS ACCOUNT
dc.subjectSCANDALS
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSECURITIES REGULATOR
dc.subjectSHAREHOLDER PROTECTION
dc.subjectSHAREHOLDERS
dc.subjectSHAREHOLDERS RIGHTS
dc.subjectSOCIAL COSTS
dc.subjectSOCIAL ISSUE
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectSTOCK PRICE
dc.subjectSYSTEMIC RISKS
dc.subjectTRANSITION COUNTRIES
dc.subjectTRANSPARENCY
dc.subjectTURNOVER
dc.subjectTURNOVER RATIO
dc.subjectTURNOVER RATIOS
dc.subjectWEAK CORPORATE GOVERNANCE
dc.subjectWEAK ENFORCEMENT
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.titleCorporate Governance and Developmenten
dc.title.subtitleAn Updateen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleCorporate Governance and Development
okr.date.disclosure2012-03-08
okr.date.doiregistration2025-05-05T12:38:41.127114Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/613011468336854015/Corporate-governance-and-development-an-update
okr.guid613011468336854015
okr.identifier.externaldocumentum000356161_20120309011226
okr.identifier.internaldocumentum15908680
okr.identifier.report67394
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/613011468336854015/pdf/673940WP00PUBL0cus100CG0Development.pdfen
okr.topicPrivate Sector Development::Corporate Governance
okr.topicPrivate Sector Development::Enterprise Development & Reform
okr.unitSustainability Knowledge Learning (CRKSK)
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
673940WP00PUBL0cus100CG0Development.pdf
Size:
1.87 MB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
673940WP00PUBL0cus100CG0Development.txt
Size:
332.04 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Other papers