Corporate Governance of Non-Listed Companies in Emerging Markets

image of Corporate Governance of Non-Listed Companies in Emerging Markets

This publication provides policy makers, board members, managers, equity providers, creditors and other stakeholders an overview of the issues to be addressed in establishing good corporate governance of non-listed companies. 

While the corporate governance debate has mostly focused on listed companies with dispersed shareholdings, issues such as financial transparency, the role of access to outside capital and conflict resolution are just as important for non-listed and family controlled companies which play a major role in many economies. 

Contributors to this publication are policy makers, regulators and practitioners, mostly from emerging markets and developing countries including Brazil, China, India, Lebanon and Mexico. Drawing on their varied experiences, the contributors address key corporate governance issues such as the role of professional managers, the implications of specific control and ownership structures; the unique characteristics of corporate governance of non-listed companies, the adequate transparency requirements in non-listed companies, and how policy makers should inform themselves in order to facilitate better corporate governance and business performance in non-listed companies. 




Policy Implications

Depending on type of ownership, non-listed companies in China can be classified into four forms: state-owned and state holding enterprises, collective enterprises, privately run enterprises and stock enterprises. This classification is due to the ongoing reform process in China, which has gone from a planned economy to a market economy, and from the total domination of state-owned enterprises (formerly named state-run enterprises), to the inception, formation and development of a non-state-run economy (collective enterprises and privately run enterprises), and then to an even match between stateowned and non-state-owned enterprises. The ups and downs of these two kinds of enterprises have led to big differences in the nature of corporate governance in China.


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