Download e-book for kindle: Corporate Governance in Emerging Markets: Theories, by Sabri Boubaker, Duc Khuong Nguyen

By Sabri Boubaker, Duc Khuong Nguyen

ISBN-10: 3642449549

ISBN-13: 9783642449543

ISBN-10: 3642449557

ISBN-13: 9783642449550

This ebook fills the space among theories and practices of company governance in rising markets by way of supplying the reader with an in-depth knowing of governance mechanisms, practices and circumstances in those markets. it truly is a useful source not just for educational researchers and graduate scholars in legislation, economics, administration and finance but in addition for individuals working towards governance comparable to lawmakers, policymakers and foreign organisations selling top governance practices in rising international locations. traders can take advantage of this booklet to higher comprehend of those markets and to make sensible funding decisions.

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Sample text

Bigelli et al. 6 % in the 3 day window [À1,1] around the announcement. 5 %. Therefore, the unification represented a wealth transfer from voting to non-voting shareholders, but interestingly approximately in half of the sample firms the controlling shareholder owned non-voting shares. Based on this observation, the authors 2 Khanna and Yafeh (2007) argue that in underdeveloped countries, concentrated control by business groups may be more efficient for poorly-managed economic institutions. Some control by management may also prevent expropriation by other control groups, and control can also motivate monitoring.

The rest of the chapter proceeds as follows. In the next section, we briefly discuss the theoretical foundation for the “one share-one vote” rule. The empirical evidence, focused mainly on the creation and reunification of dual-class shares, is also reviewed. We further examine the relation between voting and ownership structures and firm value and the determinants of voting premiums. In addition, Sect. 2 includes an overview of the literature on voting ceilings and caps. In Sect. 3, we review the use of multiple class shares and the empirical evidence on the impact of differential voting structures on value in the emerging countries.

As a consequence, foreign ownership was concentrated in FIIs that invest primarily for performance with no interest in control. To our knowledge, there is no other evidence in the extant literature where a specific voting cap has been the main deterrent to foreign investors assuming controlling ownership positions in domestic businesses. Despite public outcry and pressure from foreign investors, the voting cap continued although on several occasions, the RBI and the central government contemplated specific action facilitating its removal, but no consensus could be reached because of strong resistance from certain sectors of the political landscape.

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Corporate Governance in Emerging Markets: Theories, Practices and Cases by Sabri Boubaker, Duc Khuong Nguyen

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