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Global Corporate Governance Forum

3rd International Conference on Corporate Governance in Emerging Markets

As part of its efforts to advance corporate governance practices, the Forum supports the Emerging Markets Corporate Governance Research Network, a unique consortium of pioneering and dedicated researchers worldwide.

"The network’s aim is to raise the academic quality of research and foster international exchange among scholars in all regions – a very important goal given the commonality of many of the issues across countries," said Stijn Claessens of the International Monetary Fund and the University of Amsterdam (pictured). Claessens chaired the network's Organizing Committee for the third biannual gathering in May 2011 in Seoul, Korea. The event was co-organized by the Global Corporate Governance Forum and Asian Institute of Corporate Governance, and hosted by Korea University Business School. 

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Stijn Claessens’ opening remarks focused on two issues: 1. The Emerging Markets Corporate Governance Network, and 2. Unexplored and interesting research topics in corporate governance in emerging markets. read

Corporatism and the Ghost of the Third Way"- Keynote Speech by Prof. Randall Morck. 

The participants shared their studies' results in investigating the impact of corporate governance on firm performance and economic development, and the role of legal, economic and political institutions in shaping corporate governance systems in emerging markets. More than 100 participants attended, representing 30-plus countries. 

Some of the findings include: 

"Independent outsiders improve firm value on average while friendly outsiders have negative impact. Independent boards as monitors perform better in large firms and in firms with less-information asymmetry and high transparency." Download

"Family member directors have a greater negative effect on firm performance than family representative directors." Download

“Firms with greater transparency ... experience less liquidity volatility, fewer extreme illiquidity events and lower correlations between firm-level liquidity and both market liquidity and market returns." Download

Download the papers by topic below: 

Agency Problem and Managerial Incentive
Capital Markets and Corporate Governance 
CEO and the Board of Directors 
Corporate Governance Mechanisms and Corporate Decision 
Family Controlled Firms 
Green Financing and Corporate Social Responsibility 
Governance of Business Groups 
Institutions and Corporate Governance
Market for Control 
Shareholder Rights and Corporate Control 

Agency Problem and Managerial Incentive 

Expropriation of Minority Shareholders in Politically Connected Firms. Meijun Qian, Hongbo Pan, and Bernard Yeung. 

The Impact of the Split-share Structure Reform on Compensation Incentive Based on Firm Performance in China. Yang Qing and Burcin Yurtoglu. 

Cash Holdings and Corporate Governance around the World. David Oesch, Manuel Ammann, and Markus M. Schmid.

Capital Markets and Corporate Governance 

Is Cross-Listing a Commitment Mechanism? Evidence from Cross-Listings around the World. Jaiho Chung, Hyejin Cho, and Woojin Kim.

Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market. Vijaya Marisetty.

How do Firms Issue Shares? Evidence from Around the World. David McLean, Tianyu Zhang, and Mengxin Zhao.

CEO and the Board of Directors 

Effects of Independent and Friendly Outside Directors. Sung Wook Joh and Jin Young Jung. 

How Does The Director's Social Network Matter? Evidence from Structure Estimation. Qianru Qi and Lu Xu.

The Effects of Board Independence in Controlled Firms: Evidence from Turkey. Melsa Ararat, Hakan Orbay, and Burcin Yurtoglu.

Corporate Governance Mechanisms and Corporate Decision 

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors Abstract. Joseph A. McCahery, Zacharias Sautner, and Laura T. Starks.

Does One Size Fit All in Corporate Governance? Evidence from Brazil (and other BRIK Countries). Bernard S. Black, Antonio Gledson de Carvalho, and Fundacao Getulio Vargas. 

The Impact of Corporate Governance Practices on Dynamic Adjustment of Capital Structure of Companies in Ukraine. Vitaliy Zheka. 

Family Controlled Firms 

Family Involvement and Family Firm Performance. John Nowland, En-Te Chen, and Stephen Gray.

Family Control and Expropriation of Not-for-Profit Organizations: Evidence from Korean Private Universities. Kee-Hong Bae, Seung-Bo Kim, and Woochan Kim. 

The Impact of Concentrated Ownership on Firm Performance in an Emerging Market: Evidence from Russia. Andrei Kuznetsov, Rostislav Kapelyushnikov, and Natalya Dyomina. 

Green Financing and Corporate Social Responsibility 

Corporate Social Responsibility as a Market Governance Mechanism: Any Implications for Corporate Governance in Emerging Economies?Kenneth Amaeshi, Onyeka K. Osuji, and Jonathan P. Doh.

Corporate Social Responsibility, the Role of Stakeholders and Sustainable Development. Muhammad Asif Paryani. 

Emerging of Financial-Industrial Groups due to Post-1989 Changes in the Czech Republic and Slovakia. Danes Brzica.

Foreign Investment, Export, and Greener Production in Emerging Economies? Evidence from Shanghai.Liguo Lin, Jon J. Moon, and Haitao Yin. 

Green Financing in Korea. Deokkyo Oh. 

Rights Issues and Creeping Acquisitions in India. Shamim S. Mondal and Gaurav Jetley.

Valuation of Green Projects with Social Considerations. Hyoung Goo Kang.

Governance of Business Groups 

Business Group's Diversification and Firm Value: a Comparison of Pakistani Business Group Affiliated and Unaffiliated Firm. Raheel Gohar and Semra Karacaer. (to be added later)

Insider Control, Group Affiliation and Earnings Management in Emerging Economies: Evidence from India. Kaustav Sen, Jayati Sarkar, and Subrata Sarkar.

Strategic Change or Dejavu? Why do Business Groups Still Unrelatedly Diversify in Emerging Markets?Ayse Karaevli.

Institutions and Corporate Governance

Enforceability and the Effectiveness of Laws and Regulations. Ke Li, Lei Lu, and Jun “QJ” Qian. 

How Does Product Market Competition Interact with Internal Corporate Governance-Evidence from the Korean Economy?Hee Sub Byun, Ji Hye Lee, and Kyung Suh Park.

Institutions, Investor Protection, and Corporate Choices in Developing Economies. Rima Turk Ariss.

The Role of Institutional Development in the Prevalence and Value of Family Firms. Raphael Amit, Yuan Ding, Belen Villalonga, and Hua Zhang. 

Transparency and Liquidity Uncertainty in Crisis Periods. Mark Lang and Mark Maffett.

What Makes the Bonding Stick? A Natural Experiment Involving the Supreme Court and Cross-Listed Firms. Amir N. Licht, Xi Li, and Jordan I. Siegel. 

Who Bribes? Evidence from the United Nations' Oil-for-Food Program. Yujin Jeong and Robert J. Weiner.

Market for Control 

Anti-Takeover Charter Amendments and Managerial Entrenchment: Evidence from Korea. Woochan Kim and Sunwoo Hwang. 

Market for Corporate Control in Emerging Economy: Disciplining Mechanism or Tunnelling Device?Hee Sub Byun, Woojin Kim, Eun Jung Lee, and Kyung Suh Park.

The Impact of U.S. Takeovers in Foreign Markets: Their Differential Effects on Emerging and Developed Markets. Natasha Burns and Ivonne Liebenberg. 

Shareholder Rights and Corporate Control 

Shareholder Rights and Tunneling: Evidence from a Quasi-Natural Experiment. Jun “QJ” Qian and Shan Zhao.

Does Granting Minority Shareholders Direct Control over Corporate Decisions Help Reduce Value Decreasing Corporate Decisions?Zhihong Chen, Bin Ke, and Zhifeng Yang.

Institutional Investors as Minority Shareholders. Assaf Hamdani and Yishay Yafeh.


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