Corporate Governance in Emerging Markets: A Selective Review and an Agenda for Future Research

Abstract

In this review, we show how corporate governance reforms and research have been mutually reinforcing in emerging markets and propose a research agenda going forward. Acknowledging the broad recognition of corporate governance as a key development driver, we show how research on corporate governance in emerging markets has led research globally by focusing on the deep issues of ownership structures, property rights and organisational forms. Using the papers presented at the latest international conference of Emerging Markets Corporate Governance Research Network, we illustrate how analysis of board structures, specifically board gender diversity, has contributed to understanding of board dynamics and informed corporate governance reforms. Considering ongoing economic and socio-political trends, we then propose a research agenda for corporate governance in emerging markets in general.