Predicting corporate governance in emerging markets
This paper investigates what predicts corporate governance in emerging markets. Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique dataset from AllianceBernstein that consists of monthly firm-level corporate govern...
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Veröffentlicht in: | Journal of international money and finance 2012-10, Vol.31 (6), p.1414-1439 |
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creator | Braga-Alves, Marcus V. Morey, Matthew |
description | This paper investigates what predicts corporate governance in emerging markets. Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique dataset from AllianceBernstein that consists of monthly firm-level corporate governance ratings for 24 emerging market countries for almost seven years. Since the AllianceBernstein ratings are time-series data, they allow us to determine the direction of change in a firm’s corporate governance, and the timing of these changes. Using these data, we find two main results. First, as firms grow they are more likely to improve their governance. Second, the level of political risk where the firm resides is negatively and significantly related to the level of firm governance but positively and significantly related to changes in firm governance. Hence, firm governance is better in countries with lower political risk but firms are more likely to improve their governance in countries with higher political risk. |
doi_str_mv | 10.1016/j.jimonfin.2012.02.009 |
format | Article |
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Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique dataset from AllianceBernstein that consists of monthly firm-level corporate governance ratings for 24 emerging market countries for almost seven years. Since the AllianceBernstein ratings are time-series data, they allow us to determine the direction of change in a firm’s corporate governance, and the timing of these changes. Using these data, we find two main results. First, as firms grow they are more likely to improve their governance. Second, the level of political risk where the firm resides is negatively and significantly related to the level of firm governance but positively and significantly related to changes in firm governance. Hence, firm governance is better in countries with lower political risk but firms are more likely to improve their governance in countries with higher political risk.</description><identifier>ISSN: 0261-5606</identifier><identifier>EISSN: 1873-0639</identifier><identifier>DOI: 10.1016/j.jimonfin.2012.02.009</identifier><language>eng</language><publisher>Kidlington: Elsevier Ltd</publisher><subject>Board of directors ; Corporate governance ; Country risk ; Emerging markets ; Evaluation ; Forecasts ; International comparisons ; Political influences ; Political risk ; Studies ; Time series</subject><ispartof>Journal of international money and finance, 2012-10, Vol.31 (6), p.1414-1439</ispartof><rights>2012 Elsevier Ltd</rights><rights>Copyright Elsevier Science Ltd. 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Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique dataset from AllianceBernstein that consists of monthly firm-level corporate governance ratings for 24 emerging market countries for almost seven years. Since the AllianceBernstein ratings are time-series data, they allow us to determine the direction of change in a firm’s corporate governance, and the timing of these changes. Using these data, we find two main results. First, as firms grow they are more likely to improve their governance. Second, the level of political risk where the firm resides is negatively and significantly related to the level of firm governance but positively and significantly related to changes in firm governance. Hence, firm governance is better in countries with lower political risk but firms are more likely to improve their governance in countries with higher political risk.</description><subject>Board of directors</subject><subject>Corporate governance</subject><subject>Country risk</subject><subject>Emerging markets</subject><subject>Evaluation</subject><subject>Forecasts</subject><subject>International comparisons</subject><subject>Political influences</subject><subject>Political risk</subject><subject>Studies</subject><subject>Time series</subject><issn>0261-5606</issn><issn>1873-0639</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2012</creationdate><recordtype>article</recordtype><recordid>eNqFkEtLxDAUhYMoOI7-BSm4cdN682ia7pTBFwzoQtchk94OqW0zJp0B_70ZRjduhAN3850L5yPkkkJBgcqbrujc4MfWjQUDygpIgfqIzKiqeA6S18dkBkzSvJQgT8lZjB0ASMnVjPDXgI2zkxvXmfVh44OZMFv7HYbRjBYzN2Y4YFjvgcGED5ziOTlpTR_x4ufOyfvD_dviKV--PD4v7pa5FbyacmqwBmmbqhRMgBFccdG00NaS4Uo0DDhSXiojuTGsVaVA0a4AlGCKNVQIPifXh7-b4D-3GCc9uGix782Ifhs1ZRxKVSklE3r1B-38Ni3oEwUsRYDgiZIHygYfY8BWb4JLo74SpPcudad_Xeq9Sw0pUKfi7aGIae7OYdDROkx6GhfQTrrx7r8X39M-fq4</recordid><startdate>20121001</startdate><enddate>20121001</enddate><creator>Braga-Alves, Marcus V.</creator><creator>Morey, Matthew</creator><general>Elsevier Ltd</general><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20121001</creationdate><title>Predicting corporate governance in emerging markets</title><author>Braga-Alves, Marcus V. ; Morey, Matthew</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c437t-1ae906cd754240a43834df0f962eb4d203e1358a63aa2f854e4fb0084282d1443</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2012</creationdate><topic>Board of directors</topic><topic>Corporate governance</topic><topic>Country risk</topic><topic>Emerging markets</topic><topic>Evaluation</topic><topic>Forecasts</topic><topic>International comparisons</topic><topic>Political influences</topic><topic>Political risk</topic><topic>Studies</topic><topic>Time series</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Braga-Alves, Marcus V.</creatorcontrib><creatorcontrib>Morey, Matthew</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of international money and finance</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Braga-Alves, Marcus V.</au><au>Morey, Matthew</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Predicting corporate governance in emerging markets</atitle><jtitle>Journal of international money and finance</jtitle><date>2012-10-01</date><risdate>2012</risdate><volume>31</volume><issue>6</issue><spage>1414</spage><epage>1439</epage><pages>1414-1439</pages><issn>0261-5606</issn><eissn>1873-0639</eissn><abstract>This paper investigates what predicts corporate governance in emerging markets. Specifically, we examine what predicts governance changes and the level of governance itself. To conduct this study, we utilize a unique dataset from AllianceBernstein that consists of monthly firm-level corporate governance ratings for 24 emerging market countries for almost seven years. Since the AllianceBernstein ratings are time-series data, they allow us to determine the direction of change in a firm’s corporate governance, and the timing of these changes. Using these data, we find two main results. First, as firms grow they are more likely to improve their governance. Second, the level of political risk where the firm resides is negatively and significantly related to the level of firm governance but positively and significantly related to changes in firm governance. Hence, firm governance is better in countries with lower political risk but firms are more likely to improve their governance in countries with higher political risk.</abstract><cop>Kidlington</cop><pub>Elsevier Ltd</pub><doi>10.1016/j.jimonfin.2012.02.009</doi><tpages>26</tpages></addata></record> |
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subjects | Board of directors Corporate governance Country risk Emerging markets Evaluation Forecasts International comparisons Political influences Political risk Studies Time series |
title | Predicting corporate governance in emerging markets |
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