Corporate Governance in Emerging Markets

CAPITALISMS AND CAPITALISM IN THE 21ST CENTURY, G. Morgan and R. Whitley, Eds., Oxford University Press, 2012

26 Pages Posted: 13 Apr 2011 Last revised: 13 Mar 2012

See all articles by Ruth V. Aguilera

Ruth V. Aguilera

Northeastern University - Department of International Business and Strategy

Luiz Ricardo Kabbach-Castro

Universidade de São Paulo (USP); Universidad de Navarra

Jun Ho Lee

University of Illinois at Urbana-Champaign - Department of Business Administration

Jihae You

affiliation not provided to SSRN

Date Written: March 12, 2012

Abstract

The turning of the 21st 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, prevalent ways of doing business have 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. In this chapter, we explore the current patterns of the ownership structure of publicly listed firms in six emerging countries: Brazil, Chile, South Korea, Czech Republic, Hungary, and Poland during the first decade of the 21st century, and 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 are remarkably different.

Keywords: Corporate ownership, emerging markets, Brazil, Chile, South Korea, Czech Republic, Hungary, Poland, international corporate governance

Suggested Citation

Aguilera, Ruth V. and Kabbach-Castro, Luiz Ricardo and Lee, Jun Ho and You, Jihae, Corporate Governance in Emerging Markets (March 12, 2012). CAPITALISMS AND CAPITALISM IN THE 21ST CENTURY, G. Morgan and R. Whitley, Eds., Oxford University Press, 2012, Available at SSRN: https://ssrn.com/abstract=1806525

Ruth V. Aguilera (Contact Author)

Northeastern University - Department of International Business and Strategy ( email )

Boston, MA 02115
United States

Luiz Ricardo Kabbach-Castro

Universidade de São Paulo (USP) ( email )

Brazil
+551633738642 (Phone)
+551633739425 (Fax)

HOME PAGE: http://www.ceef.prod.eesc.usp.br

Universidad de Navarra ( email )

Campus Universitario
Pamplona, Navarra 31009
Spain
683623704 (Phone)

Jun Ho Lee

University of Illinois at Urbana-Champaign - Department of Business Administration ( email )

350 Wohlers Hall, 1206 S. Sixth Street
Champaign, IL 61820
United States

Jihae You

affiliation not provided to SSRN ( email )

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