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Book part
Publication date: 1 January 2008

Mathew Tsamenyi and Shahzad Uddin

Purpose of paper – This paper sets out to introduce the special issue on corporate governance in less developed and emerging economies. It summarises and reflects on…

Abstract

Purpose of paper – This paper sets out to introduce the special issue on corporate governance in less developed and emerging economies. It summarises and reflects on themes and findings raised in the papers in the volume.

Design/methodology/approach – The findings reported in the paper are based on desk research and review of the papers contained in the volume.

Findings – The paper finds that the adoption of appropriate corporate governance systems is becoming a central issue in less developed and emerging economies. Factors such as the 1997 Asian financial crisis, the adoption of international donor led reforms, and the globalisation of capital markets are among the factors that are driving corporate governance reforms in less developed and emerging economies.

Research limitations/implications – The pressure from international donors has compelled some less developed and emerging economies to adopt corporate governance models developed in the West with no modification. The paper argues that while it is imperative for less developed and emerging economies to reform their corporate governance systems, it is important that these systems are adapted to suite the specific needs of individual countries.

Originality/value of paper – The paper is a summary of studies exploring various corporate governance issues in less developed and emerging economies. The issues addressed in these studies are important to understand corporate governance issues in both the private and public sectors in less developed and emerging economies.

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Corporate Governance in Less Developed and Emerging Economies
Type: Book
ISBN: 978-1-84855-252-4

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Book part
Publication date: 1 June 2005

Bui Trong Dan

The aim of this article is to describe and analyze the legal issues of enforcement for corporate governance in Vietnam, focusing primarily on constraints that are faced by…

Abstract

The aim of this article is to describe and analyze the legal issues of enforcement for corporate governance in Vietnam, focusing primarily on constraints that are faced by companies. And subsequent recommendations to Vietnam's policy makers are raised. In support of working out a legal framework on enforcement of corporate governance, the article has initially focused on assessment of the enforcement for corporate governance in Vietnam. The theoretical framework is that of OECD Principles of Corporate Governance (April 1999, Paris). Furthermore, this article briefly raises some relevant impacts by corporate governance enforcement on compliance with best standards of corporate governance. The article also addresses current impediments on enforcement of corporate governance. It is concluded that enforcement of corporate governance requires making the legal framework perfect to assist inspectors with enforcement of corporate governance; and improvements on the legal framework to enhance the capacity of implementing officials is a need.

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Corporate Governance
Type: Book
ISBN: 978-0-7623-1187-3

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Article
Publication date: 9 February 2015

Marty Stuebs and Li Sun

– This paper aims to draw on the stakeholder theory to examine the association between corporate governance and social responsibility.

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11372

Abstract

Purpose

This paper aims to draw on the stakeholder theory to examine the association between corporate governance and social responsibility.

Design/methodology/approach

This paper hypothesized that corporate governance is positively associated with corporate social responsibility (CSR), and good corporate governance also leads to good social responsibility in the following year. Corporate governance was measured by using the corporate governance index provided by Brown and Caylor (2006, 2009). CSR data come from Kinder, Lydenberg and Domini (KLD), Inc.

Findings

Regression analysis documents significant evidence to support a positive association between corporate governance and social responsibility. Evidence suggests that good governance leads to good CSR performance.

Originality/value

The results should interest managers who engage in behavior leading to or maintaining strong corporate governance mechanisms, financial analysts who conduct research on corporate governance and firm performance and policymakers who design and implement guidelines on corporate governance mechanisms. Moreover, results of this study can increase individual investors’ confidence in investing in companies with stronger corporate governance.

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International Journal of Law and Management, vol. 57 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 11 May 2012

Ismail Azzam Wajeeh and Aishath Muneeza

Corporate governance has been dubbed by many as the guiding facet of modern day corporate entities. However, the success rate of the governance efforts are still unclear…

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2289

Abstract

Purpose

Corporate governance has been dubbed by many as the guiding facet of modern day corporate entities. However, the success rate of the governance efforts are still unclear. It is high time that corporate governance efforts are integrated to accompany all aspects of the corporate entities and encompass the corporations' most valuable asset, its workers, as a primary benefactor rather than them being mere participants. Hence this paper aims to identify critical areas of inclusiveness and especially the impact of such an integrated effort on mutually developing the work force and the corporate entities.

Design/methodology/approach

This paper attempts to identify and highlight mainstream views on corporate governance via library research and complement the research process with available information from appropriate resources to suggest a potential enhancement to the approach taken by the conventional corporate governance efforts.

Findings

The paper infers that the potential for the use of corporate governance is beyond its conventional utility and suggests enhancements that could be applied within the existing mainstream corporate governance frameworks to improve the efficiency and role of corporate governance that is anticipated to mutually benefit all stakeholders.

Research limitations/implications

The paper highlights a shift in paradigm that could potentially be utilized in the practical application of corporate governance efforts. It is limited by the nascent nature of the corporate governance efforts.

Originality/value

Thorough analyses of the existing frameworks of corporate governance were utilized and the inferences are the authors' conjectural views and it is anticipated to help to inspire future research towards strategic corporate governance.

Details

International Journal of Law and Management, vol. 54 no. 3
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 30 January 2009

G.J. Rossouw

The principles, regulations and directives associated with corporate governance constitute a view of the role, responsibilities and obligations of corporations within a…

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5133

Abstract

Purpose

The principles, regulations and directives associated with corporate governance constitute a view of the role, responsibilities and obligations of corporations within a given society. Identifying the ethics of a specific corporate governance regime entails making explicit the moral responsibilities and obligations of corporations in society as well as the ethical values associated with these responsibilities and obligations. In order to make meaningful global comparisons between the ethics of corporate governance regimes, a number of vital distinctions need to be made. The purpose of this paper is to introduce and discuss three such distinctions.

Design/methodology/approach

Conceptual clarifications and distinctions are considered with regard to three pairs of related concepts: the ethics of governance and the governance of ethics; external and internal corporate governance; and shareholder and stakeholder orientations in corporate governance.

Findings

The conceptual distinctions that have been considered are vital for making useful comparisons between the ethics of different corporate governance regimes around the world. Neglecting these conceptual distinctions can lead to misunderstanding and confusion in the global discourse on the ethics of corporate governance.

Practical implications

The paper provides a theoretical framework for comparing four regional perspectives on the ethics of governance, namely from Africa, Asia, Continental Europe and North America. It also provides a framework for any other global comparative study on the ethics of corporate governance.

Originality/value

The paper provides a conceptual framework for making global comparisons with regard to the ethical underpinnings of corporate governance regimes. It thus assists in creating a framework for a global discourse on the ethics of corporate governance.

Details

International Journal of Law and Management, vol. 51 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 30 January 2009

G.J. Rossouw

The purpose of this paper is to investigate whether there is a global divergence or convergence with regard to the ethics of corporate governance.

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5522

Abstract

Purpose

The purpose of this paper is to investigate whether there is a global divergence or convergence with regard to the ethics of corporate governance.

Design/methodology/approach

Regional perspectives on the ethics of corporate governance from four regions, namely, Africa, Asia, Continental Europe and North America are first briefly introduced and characterized in terms of distinctions between the ethics of governance and the governance of ethics, internal and external corporate governance, and shareholder and stakeholder orientations to corporate governance. Thereafter these regional perspectives are compared in order to determine whether there is a global divergence or convergence with regard to the ethics of corporate governance amongst these four regions of the world.

Findings

There are four factors that potentially may have an impact on the ethics of corporate governance, namely, patterns of ownership, the prevailing view of the role of the firm in a society, cultural and societal norms, and socio‐political priorities. The influence of these factors makes a global convergence on the ethics of corporate governance neither likely nor desirable.

Research limitations/implications

Not all regions of the world were included in this comparative study. Regions that need to be included in future studies are Latin America, Central Asia and the Middle East.

Practical implications

The main finding, namely, that a global convergence on the ethics of corporate governance is neither likely nor desirable, should be taken into consideration by promoters of global corporate governance standards.

Originality/value

Based on regional perspectives from Africa, Asia, Continental Europe and North America, the paper provides a global perspective on the question of whether there is global divergence or convergence with regard to the ethics of corporate governance amongst these four regions of the world.

Details

International Journal of Law and Management, vol. 51 no. 1
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 July 2005

Peter Cornelius

Attempts to benchmark corporate governance practices have focused primarily on developed capital markets, whereas cross‐country comparisons remain difficult for emerging

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7106

Abstract

Purpose

Attempts to benchmark corporate governance practices have focused primarily on developed capital markets, whereas cross‐country comparisons remain difficult for emerging markets. Given the growing importance of emerging markets as an asset class, this paper attempts to shed some light on the quality of governance practices in a large sample of countries and the extent to which that quality may offset perceived weaknesses in the institutional framework in which companies operate.

Design/methodology/approach

In the absence of comparable data for many emerging markets, the paper employs new survey evidence from the World Economic Forum's Global Competitiveness Report.

Findings

The analysis suggests the following: first, legal institutions play a key role for corporate governance, but other factors, such as politics and cultural and historical roots, matter too. While corporate governance practices in emerging markets tend to be weaker than in developed capital markets, several emerging markets have already made substantial progress in upgrading their practices and, as their institutions continue to emerge, the existing quality gap looks set to narrow further. There are several countries whose companies on average appear to follow better practices than the quality of their legal and regulatory environments would suggest.

Research limitations/implications

Good corporate governance at the company level need not be tied or constrained by its local environment. That good company practices may at least partly offset weak framework conditions and could have important implications for the mode of entry foreign investors choose, an issue to be left for further research.

Originality/value

Overall, the paper's main contribution lies in its novel approach to disaggregate different levels of corporate governance, thus allowing a more textured assessment of corporate governance risk.

Details

Corporate Governance: The international journal of business in society, vol. 5 no. 3
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 1 March 2013

Wei'An Li and Da'Ying Yan

This paper makes the first attempt to provide a new analytical framework for research on the evolution of China's corporate governance models. The purpose of this paper is…

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543

Abstract

Purpose

This paper makes the first attempt to provide a new analytical framework for research on the evolution of China's corporate governance models. The purpose of this paper is to investigate developmental corporate governance mechanisms in China the over past decades from a synthetic and dynamic analytical viewpoint.

Design/methodology/approach

This is a conceptual paper.

Findings

The evolution of corporate governance from an administrative to an economic model in China was not a smooth process and was confronted with various unavoidable institutional and ideological obstacles. Consequently, the transition of governance models has demonstrated the following four salient characteristics: gradualism, dualism, systematization and path dependency.

Originality/value

This paper makes the first attempt to provide a new analytical framework for research on the evolution of China's corporate governance models.

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Article
Publication date: 1 August 2007

N. Nalan Altintas, Burcu Adiloglu and A. Taylan Altintas

The Purpose of the paper is to demonstrate the evolution of reporting on corporate social responsibility (CSR) in Istanbul Stock Exchange companies.

Abstract

Purpose

The Purpose of the paper is to demonstrate the evolution of reporting on corporate social responsibility (CSR) in Istanbul Stock Exchange companies.

Design/methodology/approach

In order to monitor the evolution of reporting on CSR relevant information in the 2003, 2004 and 2005 annual reports of the ISE‐30 Index Companies were examined. The data collected were used to study in depth the following issues: information disclosed related to corporate governance; environmental policy; and social policy.

Findings

The study highlights that the companies' attitude towards CSR is encouraging and they try to fulfill their duties as a corporate citizen regarding the social responsibility.

Research limitations/implications

The study covers only 20 companies, which were in the ISE‐30 Index for all of the three years in order to provide comparable information. Since the annual reports of two of these 20 companies cannot be obtained, the research was conducted on the annual reports of the remaining companies that published their annual reports in their websites.

Practical implications

According to the study, the listed companies' disclosures on CSR are not at a desirable level in respect of the best practices. The study reveals that the Turkish companies should give more weight to reporting, especially on environmental and social issues.

Originality/value

Although similar research had been conducted in various countries, this is one of the first studies related to reporting on CSR conducted in the ISE‐30 Index in Turkey.

Details

Social Responsibility Journal, vol. 3 no. 3
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 30 January 2009

Stephen B. Young

The paper presents an overview of perspectives on corporate governance grounded in the Common Law legal traditions of the UK and the USA. It further discusses whether that…

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2065

Abstract

Purpose

The paper presents an overview of perspectives on corporate governance grounded in the Common Law legal traditions of the UK and the USA. It further discusses whether that perspective is suitable for global application.

Design/methodology/approach

The paper presents personal observations on the operational dynamics of rules and practices of corporate governance as necessary functional supports for large scale financial capitalization of enterprise under conditions of modern industrialization.

Findings

The paper concludes that the US perspective on corporate governance is rationally related to objective requirements of financing enterprise and that, as capital markets become larger and more liquid around the world, the corporate governance regimes will, in the main, come to resemble the US model. Though cultural variations on the US pattern are compatible with the purposes of corporate governance to constrain abuse of power in private corporations.

Practical implications

The implication of this paper is for the implementation of corporate governance regimes in emerging market countries, i.e. that flexibility is permissible but a focus on transparency and accountability under all circumstances is required.

Originality/value

The contribution of the paper is to provide a framework for balancing the rules and practices of US corporate governance with the cultural styles and patterns of different national regulatory settings.

Details

International Journal of Law and Management, vol. 51 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

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