1st Edition

Corporate Governance in Developing and Emerging Markets

Edited By Franklin Ngwu, Onyeka Osuji, Frank Stephen Copyright 2017
    360 Pages 11 B/W Illustrations
    by Routledge

    360 Pages 11 B/W Illustrations
    by Routledge

    Throughout the world, the Anglo-American model of corporate governance tends to prevail – but no two countries are identical. Governance outcomes in developing and emerging economies often deviate from what theory predicts, due to a wide range of factors. Using insights from New Institutional Economics, Corporate Governance in Developing and Emerging Markets aims to explain the different issues and cultural and legal factors at play, and put forward an alternative governance framework for these economies.

    Structured in three parts, this text investigates different models of corporate governance; it explores the realities of corporate governance in ten nations, including the ‘BRICS’ (Brazil, Russia, India, China and South Africa) and ‘MINT’ (Mexico, Indonesia, Nigeria and Turkey) countries; and then considers corporate governance reform.

    This interdisciplinary text will be a valuable tool for students of corporate governance across Business, Economics and Law; and an equally useful resource for anyone working in or carrying out research in this area.

    Part A: Introduction

    Chapter 1. Introduction Onyeka K. Osuji, Franklin N. Ngwu and Frank H. Stephen

    Part B: Models of Corporate Governance

    Chapter 2. Varieties of Corporate Governance Models: A Review and Synthesis Agyenim Boateng & Jia Lu

    Chapter 3. Development of the Anglo-American model of Corporate Governance in Developing and Emerging Markets Franklin N. Ngwu

    Chapter 4. New Institutional Economics, Culture and Corporate Governance Frank H. Stephen

    Part C: Corporate Governance in the BRICS and MINT Countries

    Chapter 5. Brazil: Recent Corporate Governance Advances and Retreats Ricardo P. C. Leal and Flávia S Maranho

    Chapter 6. Corporate Governance in Russia: Law, Instrumentality and Political Order Rilka Dragneva

    Chapter 7. Corporate Governance in India: The Potential for Ghandism Mia Mahmudur Rahim and Sanjaya Kuruppu

    Chapter 8. Corporate Governance in China: Regulatory Reforms and Policies Min (Ann) Du and Agyenim Boateng

    Chapter 9. Institutions and corporate governance in South Africa Thanti Mthanti and Kalu Ojah

    Chapter 10. Corporate Governance in Mexico Eduardo Morales

    Chapter 11. Corporate Governance in Indonesia Sylvia Veronica Siregar

    Chapter 12. Institutional Perspectives on Corporate Governance Reforms in Nigeria Olabisi Daodu, Franklin Nakpodia and Emmanuel Adegbite

    Chapter 13. Corporate Governance in Turkey Gül Okutan Nilsson

    Part D: Critical Issues for Corporate Governance in Developing and Emerging Markets

    Chapter 14. Corporate Governance and State-Owned Firms: The Case of Brazil Alexandre Coelho

    Chapter 15. Corporate Governance under Islam: Islamic Republic of Iran Surendra Arjoon

    Chapter 16. Shareholder Value, Emerging Economies and the Need to Reconcile the Corporate Objective with Sustainable and Inclusive Goals Vincenzo Bavoso

    Chapter 17. Improving Corporate Governance in Developing and Emerging Markets: The Politics, Economics and Law Olawale Ajayi

    Chapter 18. Share Ownership in Developing and Emerging Economies: Legal Institutions and Determinants of Effective Corporate Governance Ngozi Okoye

    Chapter 19. Director Disqualification as a Corporate Governance Tool in Developing and Emerging Markets Onyeka Osuji and Imogen Moore

    Chapter 20. The Market for Corporate Control and Shareholder versus Stakeholder Models: Whither Developing and Emerging Market Economies? Kalu Ojah and Euphemia Godspower-Akpomiemie

    Part E: Conclusion

    Chapter 21. Corporate Governance in Developing and Emerging Markets: The Way Forward Frank H. Stephen, Franklin N. Ngwu and Onyeka K. Osuji



    Franklin N. Ngwu is a Senior Lecturer in Strategy, Finance and Risk Management at Lagos Business School, Pan-Atlantic University, Nigeria.

    Onyeka K. Osuji is a Senior Lecturer at the Law School, University of Exeter, UK.

    Frank H. Stephen is an Emeritus Professor of Regulation at the School of Law, University of Manchester, UK.

    'Corporate governance reformers have for far too long relied upon Anglo-American reference points in discussing and reforming corporate governance practices in transitional economies. As Osuji, Ngwu and Stephen show in their impressive edited volume on Corporate Governance in Developing and Emerging Markets, there are alternative theoretical models that can be usefully be used in thinking about and reforming governance practices in developing and emerging markets. This broader frame of reference has become essential as the governance outcomes in these markets have tended to diverge from the Anglo-American model. Rather than having reached an end of history in our thinking about corporate law and governance, it is clear that there are a number of alternative pathways that explain differences between developed economies and emerging markets. This volume draws upon a new institutional economics framework to provide insights which help to understand the causes of diversity in corporate governance patterns and practices. After charting some of the key issues that have shaped corporate governance debates, the volume contains nine in-depth country case studies and discussions of seven critical issues in helping us to better understand the institutional dynamics of corporate governance in developing and emerging markets. This volume will be essential reading in helping to reorient scholarship in the field of comparative corporate governance and in highlighting new ways of thinking about corporate governance in developing and emerging markets. A volume such as this has long been needed.' - Professor Roman Tomasic, Visiting Professor of Company Law, Durham Law School, UK, and Professor of Law, University of South Australia, Australia