"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.
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
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.