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Enforcement and Good Corporate Governance in Developing Countries and Transition Economies
- Publication Year :
- 2006
- Publisher :
- Oxford University Press on behalf of the World Bank, 2006.
-
Abstract
- More than regulations, laws on the books, or voluntary codes, enforcement is a key to creating an effective business environment and good corporate governance, at least in developing countries and transition economies. A framework is presented to help explain enforcement, the impact on corporate governance when rules are not enforced, and what can be done to improve corporate governance in weak enforcement environments. The limited empirical evidence suggests that private enforcement tools are often more effective than public tools. However, some public enforcement is necessary, and private enforcement mechanisms often require public laws to function. Private initiatives are often also taken under the threat of legislation or regulation, although in some countries bottom-up, private-led initiatives preceded and even shaped public laws. Concentrated ownership aligns incentives and encourages monitoring, but it weakens other corporate governance mechanisms and can impose significant costs. Various steps can be taken to reduce these costs and reinforce other corporate governance mechanisms. But political economy constraints, resulting from the intermingling of business and politics, often prevent improvements in the enforcement environment and the adoption and implementation of public laws.
- Subjects :
- FINANCIAL SECTOR DEVELOPMENT
MARKET COMPETITION
GOVERNANCE MECHANISMS
SHAREHOLDERS
INSTITUTIONAL DEVELOPMENT
Economics
GOVERNMENT INTERVENTION
CAPITAL MARKET DEVELOPMENT
INFORMATION TECHNOLOGY
INTERNATIONAL ACCOUNTING STANDARDS
INCOME
SECURITIES REGULATION
MARKET REGULATION
REGULATORY ENVIRONMENT
COMPETITION POLICY
COLLATERAL
FINANCIAL MARKET
REPUTATIONS
FINANCIAL SYSTEMS
INDIVIDUAL MARKET
EXCHANGE COMMISSION
TRANSPARENCY
EMERGING MARKETS
FINANCIAL MARKETS
Public policy
INSTITUTIONAL INVESTORS
Development
INFORMATION SYSTEMS
INTERNATIONAL FINANCE
CORPORATE GOVERNANCE
REPUTATION
PROPERTY RIGHTS
REGULATORY AGENCIES
DEREGULATION
INVESTOR PROTECTION
EXCHANGE COMMISSIONS
LIQUIDITY
MINORITY SHAREHOLDER
SMALL BUSINESS
POOR REPUTATIONS
MARKET FAILURE
SELF-REGULATION
ASSET SALES
EMPIRICAL EVIDENCE
SECURITIES EXCHANGE
LOCAL CORPORATE GOVERNANCE
PUBLIC ENFORCEMENT
RISK OF EXPROPRIATION
GLOBALIZATION OF SECURITIES
OWNERSHIP STRUCTURES
OPERATIONAL INDEPENDENCE
AUDITS
PRIVATE PROPERTY
MARKET RETURNS
BANKRUPTCY
CORPORATE GOVERNANCE BEHAVIOR
BUSINESS ENVIRONMENT
POLITICAL ECONOMY
TRADE ASSOCIATIONS
LENDERS
Enforcement
CODES OF CONDUCT
LEGAL SYSTEM
ACCESS TO INFORMATION
OUTPUTS
MONOPOLY
CAPITAL MARKETS
SHAREHOLDER ACTIVISM
INTERNATIONAL TRADE
SECURITIES MARKETS
REGULATORY FRAMEWORK
CONTRACT LAW
CORPORATE FINANCE
LIABILITY
FINANCIAL INSTITUTIONS
CREDIT BUREAUS
BOND
GOOD GOVERNANCE
PROTECTION OF MINORITY SHAREHOLDERS
FINANCIAL DEVELOPMENT
CLASS ACTION
DEVELOPING COUNTRIES
SECURITIES
JUDICIAL SYSTEM
INVESTMENT STRATEGIES
LEGAL SYSTEMS
MARKET FAILURES
CENTRAL BANKS
GLOBALIZATION
LABOR MARKETS
LEGAL ENVIRONMENT
BIDS
FINANCIAL CONTRACTS
MARKET ECONOMY
ECONOMIC PERFORMANCE
MINORITY SHAREHOLDERS
VALUATION
FOREIGN INVESTORS
BANKING SYSTEM
INDIVIDUAL INVESTORS
STOCK MARKET
ComputingMilieux_LEGALASPECTSOFCOMPUTING
BANK SUPERVISORS
SECURITIES MARKET
CASH BALANCES
ENFORCEMENT MECHANISM
EXTERNAL FINANCING
MARKET ECONOMIES
FINANCIAL SECTOR
BANK LENDING
MARKET MANIPULATION
INTERNATIONAL STANDARDS
PROPERTY RIGHTS PROTECTION
Corporate governance
BROKERS
RULE OF LAW
VALUABLE ASSETS
ARBITRATION
OIL
SHAREHOLDER
STOCK EXCHANGE LISTING
JURISDICTION
LEGAL MECHANISM
ENFORCEMENT MECHANISMS
CONFLICTS OF INTEREST
AGENCY COSTS
SETTLEMENT
CORPORATE GOVERNANCE STANDARDS
RISK DIVERSIFICATION
Financial sector development
LAW ENFORCEMENT
CORPORATE OWNERSHIP
PUBLIC GOVERNANCE
Institutional investor
CORPORATE LAW
TRADES
INDIVIDUAL INVESTOR
GOVERNANCE PRACTICES
INSIDER TRADING
FINANCIAL DISTRESS
INTERNATIONAL MARKETS
PAYMENT SERVICES
STOCK EXCHANGES
INDIVIDUAL FIRMS
COMMON LAW
STOCK EXCHANGE
JUDICIAL SYSTEMS
SECURITIES LAW
DEBT CONTRACTS
DEBT
WEAK ENFORCEMENT
PREPAYMENTS
CASH BALANCE
INDIVIDUAL FIRM
SHAREHOLDER VALUE
CONTRACT ENFORCEMENT
ECONOMIC DEVELOPMENT
ENVIRONMENTS
FIRM PERFORMANCE
JURISDICTIONS
DEVELOPED COUNTRIES
CREDIT HISTORIES
TRADEOFFS
OUTSIDE INVESTORS
DEVELOPING ECONOMIES
ECONOMIC ACTIVITY
CAPITAL MARKET
BANK REGULATION
BANKING REGULATION
GOVERNANCE ISSUES
CORPORATE GOVERNANCE REFORM
STATE CAPTURE
Good governance
PROFIT OPPORTUNITIES
ACCOUNTING
INCENTIVE STRUCTURES
GOVERNANCE MECHANISM
Law enforcement
ARBITRAGE
GOVERNMENT ACTIONS
OUTPUT
Economy
HUMAN CAPITAL
RATE OF RETURN
POOR REPUTATION
INTERNATIONAL CORPORATE GOVERNANCE
TRANSACTIONS COSTS
TURNOVER
PAYMENTS SYSTEMS
TECHNOLOGICAL PROGRESS
INSTITUTIONAL ENVIRONMENTS
TRANSITION ECONOMIES
Economics and Econometrics
FOREIGN STOCK
HOSTILE TAKEOVERS
PUBLIC POLICY
PUBLIC MARKETS
SOCIAL COSTS
INTERNATIONAL LAW
ECONOMIC THEORIES
EXPENDITURES
JOINT VENTURES
INTERNATIONAL BANK
RATES OF RETURN
Corporate law
STOCK MARKETS
INVESTMENT BANKS
PRIVATE PARTIES
REGULATORS
INSTITUTIONAL ENVIRONMENT
EXTERNAL FINANCE
FOREIGN FIRMS
SELF-REGULATORY AGENCIES
NATURAL RESOURCES
MINORITY SHAREHOLDER RIGHTS
CHECKS
CIVIL LAW
MINORITY INVESTORS
PRIVATE ENFORCEMENT
Subjects
Details
- Language :
- English
- Database :
- OpenAIRE
- Accession number :
- edsair.doi.dedup.....4491732e172b74a4765184d8e3301867