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.


The Impact of an Emerging European Corporate Bond Market on Corporate Governance

Corporate debt and equity are two main forms of financing that give companies an opportunity to access external capital they need for investment and growth. This chapter examines the European corporate funding market and highlighs the needs for capital in refinancing maturing loans in the coming years and the possible impacts of Basel III on banks' capital needs. The chapter discusses the need for non-bank debt funding and loan contracting considering banks would have a decreasing share in corporate funding in Europe and equity markets would not be able to bridge this gap. It also addresses the corporate governance aspects of debt contracts which have the potential to exert positive influence on the management of a company for value creation.


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