Zhao, J (2016) Promoting a More Efficient Corporate Governance Model in Emerging Markets through Corporate Law. Washington University Global Studies Law Review, 15 (3). pp. 447-493. ISSN 1546-6981
Abstract
If we group together corporate governance models in countries with emerging markets, it is worthwhile to consider if reform suggestions could be offered to these counties collectively to address their shared weak points from a legal perspective. This article attempts to find common characteristics in corporate governance models from countries with emerging markets, who suffer from similar problems and challenges. The paper traces many dimensions through which corporate governance functions in emerging markets can be characterised, with an emphasis on the legal foundations and responses to problems especially within corporate law, in order to promote the soundness of corporate governance systems measured according to criteria such as accountability, transparency, responsibility and fairness. Focusing on corporate governance problems arising from state ownership, state control, board independency, and poor stakeholder and minority shareholder protection, several proposals are made at different levels. Hybrid regulatory sources from government legislation and soft law are suggested as appropriate for emerging markets. A series of elements are suggested, although some may have already been enforced individually in certain jurisdictions, including independent directors, employee representatives, more clearly defined directors’ duties, especially their duties toward stakeholders, mandatory information disclosure of CSR issues, legitimacy of cross-listing, effective auditing and the appointment of independent external auditors in order to promote corporate governance and respond to inefficiencies in emerging markets.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Keywords: | corporate law; corporate governance; emerging market; government intereference; board of director |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 25 Aug 2015 11:30 |
Last Modified: | 03 Nov 2016 06:47 |
Published Version: | http://openscholarship.wustl.edu/law_globalstudies... |
Status: | Published |
Publisher: | Washington University |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:88032 |