Type
Communication dans des actes de colloque publiés
Titre
Corporate Finance in Emerging Market Economies : World Bank ABCDE 2006
Dans
Beyond Transition
Auteur(s)
BOLTON Patrick - Columbia Business School (Auteur)
BERGLOF Erik - London School of Economics and Political Science (LSE IDEAS) (Auteur)
GURIEV Sergei - (Auteur)
ZHURAVSKAYA Ekaterina - Paris School of Economics, Université Paris I and CEPII (Auteur)
BOURGUIGNON François - (Editeur scientifique)
PLESKOVIC Boris - (Editeur scientifique)
Éditeur
World Bank Publications
Nom de la conférence
World Bank ABCDE
Date(s) de la conférence
2006-01-18 / 2006-01-19
Lieu de la conférence
Saint Petersburg, RUSSIE, FÉDÉRATION DE
Résumé
EN
Corporate governance and bankruptcy are about ensuring that market signals are channeled into corporate decisions, and corporations do not abscond with resources entrusted them by investors. The purpose of this paper is to discuss how market and government failures influence the design of institutions supporting corporate finance in emerging market economies. Weaknesses in these institutions are an important part of the explanation for why more capital is not flowing from the capital-rich to the capital-poor economies. Even in countries that now enjoy large inflows of direct investment may find weak corporate governance and poorly functioning bankruptcy procedures to be critical if these flows were to corporate governance and bankruptcy laws are generally believed to be critical to investment and growth, they are particularly important in emerging market economies where corporations often are hugely influential in the economy-at-large and in politics. We propose a general framework for thinking about the challenges of designing these institutions in emerging market economies and draw some policy implications. In particular, we emphasize the importance of enforcement and the impact of weak enforcement on corporate governance and bankruptcy design.

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