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"Corporate Governance in Emerging Markets"

Ruth V. Aguilera, Luiz Ricardo Kabbach de Castro, Jun Ho Lee, and Jihae You


First Author :

Ruth V. Aguilera
Business Administration
University of Illinois at Urbana-Champaign, College of Business
1206 S. Sixth Street, 350 Wohlers MC 706
Champaign, IL 61820

Second Author :

Luiz Ricardo Kabbach de Castro
Business Economics
Universitat de les Illes Balears

Third Author :

Jun Ho Lee
Business Administration
University of Illinois at Urbana-Champaign, College of Business
1206 S. Sixth Street, 350 Wohlers, MC 706
Champaign, IL 61820

Fourth Author :

Jihae You
School of Labor and Employment Relations
University of Illinois at Urbana-Champaign

Abstract :
The turning to the XXI century has been marked by reforms in corporate governance practices around the world. Whether due to shocks caused by the economic crisis in East Asia, Russia and Latin America, or by financial scandals in the United States and Europe, the fact is that the way of doing business has changed in terms of demands for greater corporate transparency and accountability, shifts in control of ownership, empowerment of new types of owners and so on. Consequently, countries and firms have adapted their corporate governance policies and practices to this new governance environment. In this chapter, we discuss the foundation of corporate governance, that is, corporate ownership. In particular, we explore the current patterns of the ownership structure of publicly listed firms in six emerging countries. To do so, we have collected firm ownership data for listed firms in Brazil, Chile, South Korea, Czech Republic, Hungary, and Poland during the first decade of the XXI century, and we compare our data with existing ownership research of these countries in the late 1990s. We conclude that although concentration of corporate shareholdings continues to be a common denominator among these emerging countries, the processes and structures controlling firms across countries is remarkably different. For instance, the privatization process in the 1990s, in spite of having different motivations and goals in Latin American and Eastern Europe shaped much of the corporate ownership transformations. Our chapter offers a comparative analysis of the corporate ownership changes in emerging markets.
Keywords :
Brazil, Chile, Corporate ownership, Czech Republic, emerging markets, Hungary, international corporate governance, Poland, South Korea
Footnotes & Acknowledgements :
FORTHCOMING in G. Morgan and R. Whitley, Capitalisms and Capitalism in the 21st Century. Oxford: Oxford University Press.
Manuscript Received : 2011
Manuscript Published : April 9, 2011
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