While emerging market economies do not have a mature market structure yet, there is a need for research on corporate governance practices in these economies from different perspectives, including corporate social responsibility. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus fills the gap with a collection of high-quality research and policy-based papers addressing these issues, using various market cases as illustrations. Unlike previous books that often focused on one or several emerging markets, this book covers a much broader set of countries and tackles ethical, legal and societal aspects of corporate governance, beyond financial issues. It also discusses how companies work towards best corporate governance practices, particularly, in the aftermath of recent financial and economic crises. Readers will benefit from the wide range of theoretical, empirical, and case analyses, selected with care to reflect cutting-edge corporate governance and corporate social responsibility issues in countries with emerging markets. Contents: Corporate Governance: Legal Framework and Codes of Best Practices: Corporate Governance Bundles for Emerging Markets (Rahul Bedi and Darshan Desai); OC GoodOCO Corporate Governance in Transformation Countries OCo A Comparison of Experts' Perceptions in East Germany, Estonia and Hungary (Thomas Steger, Ruth Alas and Klliki Tafel-Viia); Corporate Governance, Policies and Public Listing: The Case of Chinese State-owned Enterprises (Zigan Wang); Corporate Governance in Turkey: The Case of Borsa Istanbul 50 Companies (Esra Nemli Caliskan and Basak Turan Icke); Barriers to Effective Corporate Governance Reforms: Corruption and the Peculiar Case of Nigeria (Ngozi Okoye); The Brazilian Fiscal Council OCo Protecting Minority Shareholders in a Weak Legal System (Jairo Laser Procianoy and Roberto Frota Decourt); Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets OCo The Case for Corporate Governance Stock Exchange Indices (Andreas Grimminger); Corporate Governance: Some Country Experiences: The Audit Committee in the EU Emerging Countries (Daniela M Salvioni, Francesca Gennari, Luisa Bosetti and Alex Almici); Great Expectations from Pension Fund Activism: Insight from Poland (Agnieszka Seomka-GoeObiowska); Ownership Structure and Directors' Compensation Disclosure in Malaysia (Elinda Binti Esa and Abdul Rahman Zahari); Corporate Governance, Performance and Liquidity Risk of West African Economic and Monetary Union (WAEMU) Banks (Alassane Ouattara, Luc Paugam and Olivier Ramond); Board Composition and Company Performance: A Study of Sub-Saharan African Countries (Gibson Munisi); Emerging Markets Banks Ownership and Performance: Evidence from China (Xiaoxi Zhang and Kevin Daly); Corporate Governance in Romania: Theories and Practices (Gheorghe N Popescu, Veronica Adriana Popescu and Cristina Raluca Popescu); Corporate Social Responsibility: Corporate Governance and Corporate Social Responsibility in Financial Institutions: Evidence from Islamic Banks (Hisham Farag); Is Corporate Governance Related to Corporate Social Responsibility? The Case of South Africa (Idoya Ferrero-Ferrero, Mar a ungeles Fernindez-Izquierdo, Mar a Jess Muoz-Torres, Juana Mar a Rivera-Lirio, Ral Len-Soriano and Elena Escrig-Olmedo); Achieving Corporate Governance and Corporate Social Responsibility in an Emerging Market through Gender Diversity on Boards in India (Sharon Ayson); Executive Compensation in Emerging Markets: Theoretical Developments and Empirical Evidence (Yongli Luo); Placing Stakeholder Theory within the Debate on Corporate Social Responsibility (Tarek Miloud); Corporate Governance and Corporate Social Responsibility Reporting: Empirical Evidence from Bangladesh (Pallab Kumar Biswas). Readership: Policymakers, professionals, academics, and graduate students in law, economics, management and finance, organizations promoting best governance practices in emerging countries, investors, as well as those interested in corporate governance, corporate finance, and business and management. Key Features: Addresses current issues and cutting-edge trends in corporate governance and corporate social responsibility within economies with emerging markets; Sheds light on how companies adopt and move towards best corporate governance practices, especially in the aftermath of recent crises; Illustrates corporate governance theories with real business cases and assesses the effects of various governance practices on corporate behavior
Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets has been particularly challenged by their fast changes in nature and size under the effects of financial liberalization and reforms. This evolving feature has particularly led to a commensurate increase in sophistication of modeling techniques used for understanding financial markets. In this spirit, the book aims at providing the audience a comprehensive understanding of emerging stock markets in various aspects using modern financial econometric methods. It addresses the empirical techniques needed by economic agents to analyze the dynamics of these markets and illustrates how they can be applied to the actual data. On the other hand, it presents and discusses new research findings and their implications.
From a taboo topic in the early 1990s, corruption has now become an intriguing economic issue attracting broad attention from academics and practitioners. Political Corruption and Corporate Finance is the first attempt to scrutinize the effect of political corruption on corporate finance. It provides readers with a comprehensive overview of corruption-related issues and theoretical and empirical studies in corporate finance. This book summarizes the causes and effects of political corruption as well as anti-corruption mechanisms and initiatives; analyzes how political corruption at both state and local levels determines corporate financial decisions (investment, financing, and dividend); and discusses how the corruption environment determines firm-level financial behavior.The first three chapters of the book introduce political corruption, the status of political corruption, and anti-corruption campaigns around the world. The last three chapters focus on how firms make financial decisions, and the role of political corruption in corporate finance. By summarizing real problems and results from academic research, this work will help readers to understand how the corruption environment determines firm-level financial behavior.
Emerging markets have received a particular attention of academic researchers and practitioners since they decided to open their domestic capital markets to foreign participants about three decades ago. At the same time, we remark that theoretical and empirical research in emerging stock markets has been particularly challenged by their fast changes in nature and size under the effects of financial liberalization and reforms. This evolving feature has particularly led to a commensurate increase in sophistication of modeling techniques used for understanding financial markets. In this spirit, the book aims at providing the audience a comprehensive understanding of emerging stock markets in various aspects using modern financial econometric methods. It addresses the empirical techniques needed by economic agents to analyze the dynamics of these markets and illustrates how they can be applied to the actual data. On the other hand, it presents and discusses new research findings and their implications.
From a taboo topic in the early 1990s, corruption has now become an intriguing economic issue attracting broad attention from academics and practitioners. Political Corruption and Corporate Finance is the first attempt to scrutinize the effect of political corruption on corporate finance. It provides readers with a comprehensive overview of corruption-related issues and theoretical and empirical studies in corporate finance. This book summarizes the causes and effects of political corruption as well as anti-corruption mechanisms and initiatives; analyzes how political corruption at both state and local levels determines corporate financial decisions (investment, financing, and dividend); and discusses how the corruption environment determines firm-level financial behavior.The first three chapters of the book introduce political corruption, the status of political corruption, and anti-corruption campaigns around the world. The last three chapters focus on how firms make financial decisions, and the role of political corruption in corporate finance. By summarizing real problems and results from academic research, this work will help readers to understand how the corruption environment determines firm-level financial behavior.
The study of market reaction around earnings announcements is central to the understanding of investor's behavior. Traditional finance theory assumes that investors are rational, and their behavior is objective. But, since investor rationality is not confirmed by facts and cognitive psychology plays an undeniable role in the exhaustive understanding of human behavior, a more effective tool rather than traditional models based on the concept of capital market efficiency might be required to gauge investor's behavior. The use of experimental method is, in this case, particularly advantageous in that it allows us to take both the psychological and irrational parameters of market operators into account. This book provides an in-depth investigation into market anomalies and market reactions to earnings announcements from an experimental perspective. It discusses various experimental designs and modeling techniques needed by finance researchers and practitioners to analyze the dynamic behavior of markets and operators.
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