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. 



The Role of the Law in Developing Efficient Corporate Governance Frameworks

The purpose of this chapter is to address the main corporate governance issues for non-listed companies. It will analyse the economic and legal problems of these companies, and examine the diverse theoretical arguments for and against the importance of a corporate governance framework for non-listed companies, thereby placing corporate governance analysis on a new footing. The paper will review current corporate governance discussions and reforms in emerging and transition markets. In these markets, the corporate governance discussion took off in the wake of the financial crises in Asia, Russia and Brazil in the mid-1990s.


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