Publication:
Corporate Governance, Investor Protection, and Performance in Emerging Markets

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dc.contributor.authorKlapper, Leora F.
dc.contributor.authorLove, Inessa
dc.date.accessioned2013-07-01T19:28:11Z
dc.date.available2013-07-01T19:28:11Z
dc.date.issued2002-04
dc.description.abstractRecent research studying the link between law, and finance has concentrated on country-level investor protection measures, and focused on differences in legal systems across countries, and legal families. The authors extend this literature, and provide a study of firm-level corporate governance practices across emerging markets, and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance, and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions, matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws, and enforcement by establishing good governance, and providing credible investor protection. The authors' tests also show that firm-level governance, and performance is lower in countries with weak legal environments, suggesting that improving the legal system, should remain a priority for policymakers.en
dc.identifierhttp://documents.worldbank.org/curated/en/2002/04/1758949/corporate-governance-investor-protection-performance-emerging-markets
dc.identifier.doi10.1596/1813-9450-2818
dc.identifier.urihttps://hdl.handle.net/10986/14319
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, D.C.
dc.relation.ispartofseriesPolicy Research Working Paper;No.2818
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectAMERICAN ECONOMIC REVIEW
dc.subjectAVERAGE PERFORMANCE
dc.subjectBOOK VALUE
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOWS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORRELATION WITH GOVERNANCE
dc.subjectCORRUPTION
dc.subjectCOST OF CAPITAL
dc.subjectCOUNTRY AVERAGE
dc.subjectCOUNTRY COMPARISON
dc.subjectCOUNTRY RISK GUIDE
dc.subjectCREDIBLE COMMITMENT
dc.subjectDEGREE OF AGENCY
dc.subjectDETERMINANTS OF GOVERNANCE
dc.subjectDISCLOSURE
dc.subjectDIVIDEND PAYOUT
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectEFFECT OF GOVERNANCE
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE OF IDEAS
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNANCE DATA
dc.subjectGOVERNANCE INDEX
dc.subjectGOVERNANCE INDICATORS
dc.subjectGOVERNANCE INDICES
dc.subjectGOVERNANCE MEASURE
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectIMPROVEMENT IN GOVERNANCE
dc.subjectIMPROVEMENTS IN GOVERNANCE
dc.subjectINCOME
dc.subjectINSTITUTIONAL ENVIRONMENT
dc.subjectINTANGIBLE ASSETS
dc.subjectINVESTOR PROTECTION
dc.subjectJUDICIAL REFORM
dc.subjectJUDICIAL SYSTEM
dc.subjectLAWS
dc.subjectLEGAL INFRASTRUCTURE
dc.subjectLEGAL ORIGINS
dc.subjectLEGAL PROTECTION
dc.subjectLEGAL SYSTEM
dc.subjectLEGAL SYSTEMS
dc.subjectLEGALITY
dc.subjectMARKET VALUATION
dc.subjectMARKET VALUE
dc.subjectPERFORMANCE MEASURES
dc.subjectPOLICY IMPLICATIONS
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICIANS
dc.subjectPOOR GOVERNANCE
dc.subjectPRODUCTIVITY
dc.subjectRETURN ON ASSETS
dc.subjectRETURN ON EQUITY
dc.subjectRULE OF LAW
dc.subjectSHAREHOLDERS
dc.subjectSHAREHOLDERS RIGHTS
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectVOLATILITY CORPORATE GOVERNANCE
dc.subjectINVESTOR PROTECTION
dc.subjectEMERGING ECONOMIES
dc.subjectMARKET ACCESS
dc.subjectLEGAL FRAMEWORK
dc.subjectLAW ENFORCEMENT
dc.subjectFINANCIAL LEVERAGE
dc.subjectBUSINESS ENVIRONMENT
dc.subjectMARKET VALUE
dc.subjectLEGAL INSTRUMENTS
dc.subjectINVESTOR CONFIDENCE
dc.subjectPERFORMANCE INDICATORS
dc.titleCorporate Governance, Investor Protection, and Performance in Emerging Marketsen
dspace.entity.typePublication
okr.crossref.titleCorporate Governance, Investor Protection, and Performance in Emerging Markets
okr.date.doiregistration2025-04-10T07:16:33.789068Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2002/04/1758949/corporate-governance-investor-protection-performance-emerging-markets
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid375451468765875377
okr.identifier.doi10.1596/1813-9450-2818
okr.identifier.externaldocumentum000094946_02041804272577
okr.identifier.internaldocumentum1758949
okr.identifier.reportWPS2818
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/05/03/000094946_02041804272577/Rendered/PDF/multi0page.pdfen
okr.sectorOther Finance
okr.sectorFinance
okr.topicBanks and Banking Reform
okr.topicPublic Sector Development::Decentralization
okr.topicInternational Terrorism and Counterterrorism
okr.topicEconomic Policy
okr.topicInstitutions and Governance
okr.topicFinancial Crisis Management and Restructuring
okr.topicGovernance::National Governance
okr.topicGovernance::Governance Indicators
okr.topicUrban Development::Municipal Financial Management
okr.topicFinance and Financial Sector Development
okr.unitOff of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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