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Corporate Governance, Value Creation and Growth

The Bridge between Finance and Enterprise

image of Corporate Governance, Value Creation and Growth

This publication examines the role of corporate governance arrangements in providing the right incentives to contribute to the value creation process within the private enterprises and the implications of the differences in ownership structures on corporate governance practices and frameworks. It also addresses these global changes from emerging markets perspective and the distinguishing features of these economies that shape their capital markets, corporate structures and corporate governance landscape.

This publication is an important reminder that all those corporate governance rules, regulations and practices that we discuss are not a goal in themselves. They are supposed to be means to a greater end. Be it minority rights, mandatory bids, or independent directors, the rules and regulations that we put in place should serve a purpose. And it is against this purpose and these objectives that the quality of any corporate governance system should be evaluated. So, we need to find a benchmark against which we can assess new regulations and evaluate existing ones.

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Introduction: What Makes Controlling Ownership Different?

Mainstream corporate governance has been geared towards issues with public companies and dispersed shareholders. The problem has always been the agency issue. The question has been: how can managers be reined in, in the interest of shareholders overall? There is nothing wrong with that focus. Dealing with the agency issue in public companies was a very important development, and we have made progress worldwide in focusing on this. The only problem is that perhaps this was too limited a view. There is more to corporate governance than this.

English

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