Abstract
This paper aims to build corporate governance theory to inform company success in the context of emerging markets. Success for a company listed in an emerging market is contingent on being able to effectively manage a range of business, economic, social and political considerations unique to that emerging country. This paper explains the significance of incorporating context with corporate governance systems to inform how can organizational governance and board of directors affect firm performance. Theory developed in the context of emerging markets provides the basis for more widely applicable emerging stock market insight into theory of context and practice of corporate governance.
Highlights
There has been substantial focus in recent years on the topic of corporate governance, especially in emerging markets
This paper explains the significance of incorporating context with corporate governance systems to inform how can organizational governance and board of directors affect firm performance
Difference in market freedom and competition which usually in the hand of few wealthy commercially active families, lack of economic diversity, an influential public service, concentration on infrastructure projects, the socially and/or politically driven derived influence exploited commercially (The World Bank, 2009). These unique characteristics in emerging markets have an influence on past, and still current, and predicted to be affect future corporate governance practices
Summary
There has been substantial focus in recent years on the topic of corporate governance, especially in emerging markets. Difference in market freedom and competition which usually in the hand of few wealthy commercially active families, lack of economic diversity, an influential public service, concentration on infrastructure projects, the socially and/or politically driven derived influence exploited commercially (The World Bank, 2009). These unique characteristics in emerging markets have an influence on past, and still current, and predicted to be affect future corporate governance practices. In comparison with advanced markets, emerging markets do not have well–established and mature business institutions, legal statutes, legal systems and infrastructure to help to manage corporate governance challenges (Claessens & Yurtoglu, 2013)
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