To the Question of Corporate Governance Institutional Environment in Developing and Emerging Markets
https://doi.org/10.47703/ejebs.v3i57.20
Abstract
This work is an attempt to contribute to thinking about the institutional framework of corporate governance in the context of its evolution in the developing and emerging markets (DEM). We raise the question whether the DEM countries adapt the mechanisms and practices of the corporate governance models of leading economies. We first introduce the concept and genealogy of the new institutional economy. Then we trace the specifics of the modern models of corporate governance and the main factors affecting these models. We finally engage in critical reflection on the problems in corporate governance in both developed and developing markets through the prism of the fundamental, institutional features of each country.
About the Authors
Mohamed El-Hodiri
University of Kansas
United States
United States
Zhanat Zhussupova
University of International Business
Kazakhstan
Kazakhstan
References
1. Ahrens, T., Filatotchev I. & Thomsen S. (2011). The research frontier in corporate governance. Journal of Management and Governance, 15 (3), 311-325.
2. Almaskati, N., Bird R. & Lu Y. (2020). Corporate governance, institutions, markets, and social factors. Research in International Business and Finance, 51.
3. Arslan, M. & Alqatan A. (2020). Role of institutions in shaping corporate governance system: evidence from emerging economy. Heliyon, 6
4. Auzan, A.A. (2005). Institutsionalnaya economika: novaya institutsionalnaya economicheskaya teoriya. Moscow: Infra-M.
5. Berle, A. & Means G. (1932/1991). The modern corporation and private property. Revised Aufl. New Brunswick: Transaction Publishers.
6. Blok, V. (2020). Politics versus economics philosophical reflections on the nature of corporate governance. Philosophy of Management, 19, 69-87.
7. Cadbury, A. (1992). The financial aspects of corporate governance. http://www.ecgi.org/codes/documents/cadbury.pdf. Accessed 24 Sept 2020.
8. Chan, A. & Cheung H. (2012). Cultural dimensions, ethical sensitivity, and corporate governance. Journal of Business Ethics, 11.
9. El-Hodiri, M.A. & Zhussupova, Zh.M. (2020). Institutional framework of corporate governance, Proceedings of the International Scientific-Practical Conference “New Approaches to Kazakhstan’s Economy Development at the Present Stage: Features and Prospects” (pp. 10-16). Almaty, Kazakhstan: University of International Business, Sagadiev Readings.
10. Jensen, M.C. & Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. The Journal of Financial Economics, 3 (4), 305-360.
11. Kultys, J. (2016). Controversies about agency theory as theoretical basis for corporate governance. Oeconomia Copernicana, 7(4).
12. Kurmanov, A. (2013). Institutional alternatives in the corporate governance of the companies with a state participation. Internet-journal Naukovedenie, 6
13. Lojpur, A. & Draskovich V. (2013). The institutional context of corporate governance and corporate social responsibility. Montenegrin Journal of Economics, Vol.9 (1).
14. Moskovtsev, A.F. (2008). Institutsionalnye factory stanovleyiya sovremennoy modeli korporativnogo upravleniya. Prioritety Rossii, 18(75).
15. Nazir, M.S. & Afza T. (2018). Does managerial behavior of managing earnings mitigate the relationship between corporate governance and firm value? Evidence from an emerging market. Future Business Journal, 4, 139-156.
16. Ngwu, F.N., Osuji O.K., Stephen F.H. (Ed.). (2017). Corporate governance in developing and emerging markets. London, New York: Routledge.
17. Nordberg, D. (2018). Edging toward ‘reasonably’ good corporate governance. Philosophy of Management, 17, 353-371.
18. North, D. (1990). Institutions, institutional change and economic performance. Cambrige University Press.
19. OECD principles of corporate governance - OECD Council, Paris, 27-28 April 1998.
20. Rashid, A. (2018). Board independence and firm performance: evidence from Bangladesh. Future Business Journal, 4, 34-49.
21. Ricardo, D. (3rd Ed.). (1821). On the principles of political economy and taxation. London: John Murray, Albemarle-street.
22. Seligman, B. (1968). The main trends of modern economic thought. Moscow: Progress.
23. Stiglitz, J. & Sassen S. (2002). Globalization, and its discontents. W.W.Norton & Company.
24. Tricker, B. (2015). Corporate governance: principles, policies, and practices. Oxford University Press.
25. Veblen, T. (1899). The theory of the leisure class: an economic study of institutions. NY: Macmillan.
26. Veblen, T. (2017). The theory of business enterprise: nature, causes, utility & drift of business enterprise (A political economy book). MUSAICUM.
27. Vinogradova, A.V. (2012). Institutsionalnaya economika: teoriya i praktika. N.Novgorod.
28. Wikipedia. Corporation (10.07.2020) Retirieved from https://ru.wikipedia.org/wiki /%D0%9A%D0%BE%D1%80%D0%BF%D0%BE%D1%80%D0%B0%D1%86%D0%B8%D1%8F
29. Zhussupova, Zh.M. & Nurmagambetova G.Y. (2016). K voprosu o korporativnom upravlenii v Respublike Kazakhstan. Proceedings of the International Scientific-Practical Conference “Innovative Economy and Problems of Its Formation in Post-Communist Countries” (pp. 451-453). Tbilisi, Georgia: Tbilisi State University.
Review
For citations:
El-Hodiri M., Zhussupova Zh. To the Question of Corporate Governance Institutional Environment in Developing and Emerging Markets. Eurasian Journal of Economic and Business Studies. 2020;57(3):56-68. https://doi.org/10.47703/ejebs.v3i57.20
Views:
38
JATS XML
Email this article 