Corporate Governance in Developing and Emerging Markets

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

• Part A: IntroductionChapter 1. Introduction Onyeka K. Osuji, Franklin N. Ngwu and Frank H. StephenPart B: Models of Corporate GovernanceChapter 2. Varieties of Corporate Governance Models: A Review and Synthesis Agyenim Boateng & Jia LuChapter 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. StephenPart C: Corporate Governance in the BRICS and MINT CountriesChapter 5. Brazil: Recent Corporate Governance Advances and Retreats Ricardo P. C. Leal and Flávia S MaranhoChapter 6. Corporate Governance in Russia: Law, Instrumentality and Political Order Rilka DragnevaChapter 7. Corporate Governance in India: The Potential for Ghandism Mia Mahmudur Rahim and Sanjaya KuruppuChapter 8. Corporate Governance in China: Regulatory Reforms and Policies Min (Ann) Du and Agyenim BoatengChapter 9. Institutions and corporate governance in South Africa Thanti Mthanti and Kalu OjahChapter 10. Corporate Governance in Mexico Eduardo MoralesChapter 11. Corporate Governance in Indonesia Sylvia Veronica SiregarChapter 12. Institutional Perspectives on Corporate Governance Reforms in Nigeria Olabisi Daodu, Franklin Nakpodia and Emmanuel AdegbiteChapter 13. Corporate Governance in Turkey Gül Okutan NilssonPart D: Critical Issues for Corporate Governance in Developing and Emerging MarketsChapter 14. Corporate Governance and State-Owned Firms: The Case of Brazil Alexandre CoelhoChapter 15. Corporate Governance under Islam: Islamic Republic of Iran Surendra ArjoonChapter 16. Shareholder Value, Emerging Economies and the Need to Reconcile the Corporate Objective with Sustainable and Inclusive Goals Vincenzo BavosoChapter 17. Improving Corporate Governance in Developing and Emerging Markets: The Politics, Economics and Law Olawale AjayiChapter 18. Share Ownership in Developing and Emerging Economies: Legal Institutions and Determinants of Effective Corporate Governance Ngozi OkoyeChapter 19. Director Disqualification as a Corporate Governance Tool in Developing and Emerging Markets Onyeka Osuji and Imogen MooreChapter 20. The Market for Corporate Control and Shareholder versus Stakeholder Models: Whither Developing and Emerging Market Economies? Kalu Ojah and Euphemia Godspower-AkpomiemiePart E: ConclusionChapter 21. Corporate Governance in Developing and Emerging Markets: The Way Forward Frank H. Stephen, Franklin N. Ngwu and Onyeka K. Osuji