Posts Tagged ‘Andrea Hugill’

Firms, Countries, and Quality of Corporate Governance in Developing Countries

Posted by R. Christopher Small, Co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Monday February 25, 2013 at 9:22 am
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Editor’s Note: The following post comes to us from Andrea Hugill and Jordan Siegel, both of the Strategy Unit at Harvard Business School.

Variation in firms’ corporate governance is an important topic of debate in the governance literature. One of the main questions is whether weak and/or incomplete public institutions in emerging economies dictate the governance quality of local firms. The most recent scholarship on the subject has generally argued that country characteristics strongly predict governance (Krishnamurti, Sevic, and Sevic (2006)). Doidge, Karolyi, and Stulz (2007) find that country variables explain 39-73% of governance variance while firms explain only 4-22%. Moreover, they argue that firm characteristics explain almost none of the governance variation in “less-developed countries.” In our paper, Which Does More to Determine the Quality of Corporate Governance in Emerging Economies, Firms or Countries?, which was recently made publicly available on SSRN, we offer a new understanding of firm and country characteristics’ contribution to emerging economies’ governance.

…continue reading: Firms, Countries, and Quality of Corporate Governance in Developing Countries

 
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