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. 



National Variation in Financing Patterns

Throughout this chapter, we focus on firms that are not listed on stock exchanges; our special emphasis is on large firms that may exhibit information asymmetries and agency costs because such companies are most likely to experience corporate governance problems (i.e. expropriation of value at the expense of minority shareholders). More specifically, by “large firms” we mean those that are relatively similar in size to listed firms in the same country. Thus, we focus on widely held, non-listed companies that may be of interest to policy-makers and regulators.


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