CGN: Emerging Economies (Topic)最新文献

{"title":"The Impact of Macroeconomic Factors on the Yield Curve in Emerging Markets: The Case of Sub-Saharan Africa","authors":"Joe Delvaux, Kate Phylaktis, Stephen H. Thomas","doi":"10.2139/ssrn.3283342","DOIUrl":"https://doi.org/10.2139/ssrn.3283342","url":null,"abstract":"We investigate the impact of local and global macroeconomic factors on Eurobonds and local currency issued bonds in Sub-Saharan Africa, at different points on the yield curve. Using a unique proprietary data set collected from local authorities, central banks and independent international sources over the period 2001-2016, we find the local monetary policy interest rate and the balance of trade to impact both local currency bond yields and Eurobonds; global risk aversion, as proxied by the VIX index, to impact only the Eurobonds and much more the commodity importing countries; and the explanatory power of most models to be high.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132339688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stakeholders’ Perception as to Corporate Governance Practice Possible Obstacles and Enablers in Ethiopian","authors":"Dr. Biruk Ayalew Wondem","doi":"10.2139/ssrn.3177934","DOIUrl":"https://doi.org/10.2139/ssrn.3177934","url":null,"abstract":"The purpose of this study was to investigate stakeholders’ perceptions as to Good corporate governance practice possible obstacles and enablers in Ethiopian share companies by taking into account seven stakeholder groups four from internal and three from external. And the stakeholders’ perception survey as to possible obstacles and enablers of good corporate governance practices in Ethiopian share companies was based on data collected from 191 respondents. The result revealed perception differences in both non-parametric tests of Kruskal-Wallis and Mann-Whitney tests on the possible obstacles affecting the practice of good corporate governance in the country. The study identified weak legal controls and poor quality of enforcement; poor financial and non-financial disclosure; and weak infrastructures of financial institutions are the major possible obstacles those impair good corporate governance. Further, as to the possible enablers of good corporate governance practices the study identified using training and other means of support; establishing an institute of directors for training; raising awareness and education for Chief Executive Officers, directors and board members; participating in international events, conferences, meetings and committees dealing with corporate governance are amongtop ranked enablers. The result indicated no statistically significant difference in stakeholders’ perception scores in both non-parametric tests carried out among seven stakeholders’ groups (Kruskal-Wallis Test) and between internal and external stakeholders group (Mann-Whitney Tests). The study concluded corporate governance practices in share companies suffered the problems of up-to-date regulatory framework. that results unable to ensure quality and adequate enforcement up on violation of applicable laws, weak legal controls and poor quality of enforcement, poor financial and non-financial disclosure, and weak infrastructures of financial institutions which can be eradicated by using training and other means of support and awareness creation.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131458499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Organisational Demography Affect Board Characteristics? Findings From the Manufacturing Sector in Greece","authors":"D. Koufopoulos, Ioannis Gkliatis, M. Seitanidi","doi":"10.2139/ssrn.2292204","DOIUrl":"https://doi.org/10.2139/ssrn.2292204","url":null,"abstract":"This study examines how organisational demography (organizational age, organisational size and number of years listed in the Athens Stock Exchange, ATHEX), impacts board structure (board size, CEO duality and CEO dependence/independence). Data was collected from the annual reports of 140 manufacturing organisations, quoted in the Athens Stock Exchange in 2002. Research findings revealed a significantly positive relationship of organisational size, organisational age and number of years that a firm is listed in the Stock Exchange with board size. However, the same organisational characteristics do not seem to influence the leadership structure or dependence/independence of the Chairperson to the CEO.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124071224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Istanbul Stock Exchange Moves First on Mandatory Electronic Voting at General Meetings of Shareholders","authors":"Melsa Ararat, M. Eroğlu","doi":"10.2139/SSRN.2172964","DOIUrl":"https://doi.org/10.2139/SSRN.2172964","url":null,"abstract":"Turkey’s New Company Law paved the way for its national stock exchange to be the first in the world to require the issuers change their company statutes in order to allow electronic participation and voting at their general assemblies. A recent regulation mandated all listed companies to use a single electronic portal to allow shareholders to participate and vote electronically in general assemblies with immediate effect. The move is one in a series of reforms in support of Istanbul International Financial Center Project. The Financial Times refers to the new regulation as a coup for international institutional investors with Turkish holdings as it increases the transparency of ISE listed companies and empowers them to embrace an activist approach. This commentary discusses the possible consequences of the new regulation.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132310949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does Corporate Governance Determine Corporate Performance and Dividends During Financial Crisis: Evidence from Poland","authors":"Oskar Kowalewski","doi":"10.2139/ssrn.2146168","DOIUrl":"https://doi.org/10.2139/ssrn.2146168","url":null,"abstract":"This study seeks to investigate the relationship between corporate governance, measured by Corporate Governance Index (CGI), and firm's performance and dividend payouts during the financial crisis in Poland. The empirical approach in the study lies in constructing a comprehensive measure of the corporate governance for 298 non-financial companies listed on Warsaw Stock Exchange in the years 2006-2010. The results show a positive association between corporate governance and performance measured by Tobin's q. Moreover, I find evidence that higher corporate governance leads to an increase in cash dividends. Finally, the results presents that during the recent financial crisis corporate governance is positively associated with return on assets. However, in the period of the financial crisis better governed companies paid dividends less generously than do firms with lower corporate governance standards.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132594477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relation between Investor Protection and Equity Markets Development in Emerging Economies: A Study of the Bullish Period between 2003 and 2007","authors":"G. Geller","doi":"10.2139/ssrn.1728083","DOIUrl":"https://doi.org/10.2139/ssrn.1728083","url":null,"abstract":"Financial intermediation plays a key role in the economic organization of nations as financial agents are capable of relaxing the underlying market imperfections and frictions that make exchanges extremely costly to a level that they would simply not be performed in their absence. A long lasting debate in the literature has opposed the advocates of bank-centred systems to the advocates of market-centred systems. In the late 1990s, a series of papers by La Porta. Lopez-de-Silanes, Shleifer Vishny (henceforth LLSV), accompanied by studies from Levine (1997, 1999b), Barth, Caprio and Levine (2000) and others, have suggested and demonstrated with empirical evidence that establishing a legal environment that credibly protects the rights of investors is much more important than considerations regarding bank-based or market-based systems. LLSV (1997, 2008) have also demonstrated that the origins of the legal system influence investor protection and the development of stock markets, showing that English origin countries are the most financially developed and French Origin countries are the worst. Djankov et al. (2008) has developed an anti-self-dealing index for 72 countries to classify them according to their level of investor protection. These series of papers by various authors have changed the focus of the debate, redirecting it to the relation between corporate governance, investor protection and the development of financial markets. To understand how investor protection influences financial development is quite important given that this is the most obvious potential channel of influence of investor protection on growth. The present work intends to analyze how different levels of investor protection measured by the anti-self-dealing index (Djankov et al.) and also how legal origins have affected the stock market development in emerging and developed economies in the period between 2003 and 2007. Given their institutional framework (generally weaker than developed economies) and the fact that they compose a more diversified range of countries with various levels of development, emerging markets constitute an interesting group to study the impact of different levels of investor protection as this element can be the cause of particularly relevant discrepancies. Results confirm that investors protection have an effect on the depth of financial markets and show that the relation has worked differently in emerging economies in comparison to developed countries in the period studied. There is indication that the level of investor protection is even more important in emerging markets, although significant differences are only felt between very high and very low protection economies, whereas in developed markets higher protection stock markets have performed worse in the period. In terms of legal origin, a surprising finding was that in the period between 2003 and 2007 ‘French origin’ economies have performed better than ‘English origin’, although the indica","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"20 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120915711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Governance Reform: Does It Matter?","authors":"L. A. Sahlan","doi":"10.2139/ssrn.1635116","DOIUrl":"https://doi.org/10.2139/ssrn.1635116","url":null,"abstract":"This paper examines the impact of corporate governance reform on earnings management practices. The discussions focus on corporate governance reform in Malaysia, corporate governance functions and earnings management practices.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126279163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Handbook of Business Practices and Growth in Emerging Markets","authors":"Satyendra Singh","doi":"10.1142/6745","DOIUrl":"https://doi.org/10.1142/6745","url":null,"abstract":"The Handbook of Business Practices and Growth in Emerging Markets consists of a collection of specially commissioned chapters that describe the current business environment, organizational culture, consumer behavior, financial investment climate, and examples of best prevailing practices in emerging markets. It covers all the major functional areas of business - marketing, strategy, operations and finance - in all continents. The focus of each chapter is on the identification of different business issues in different emerging markets (including Asia, Africa and South America) and on the implementation of a proposed set of recommendations, using both qualitative and quantitative techniques to assist in decision-making and in improving organizational efficiency and effectiveness. Readers will also appreciate the multidimensional view of financial and non-financial performance measurement of businesses.Specifically, the goal of this research-based handbook is to provide a comprehensive guide for business students and managers by discussing a range of issues from the diverse emerging markets and enabling them to develop a strategic mindset for a market-oriented culture. Given the changing business dynamics, government policies and demands in industries, this handbook is both timely and topical.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121329688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Governance in Transition Economies: A Comparative Study of Armenia, Azerbaijan and Georgia","authors":"Robert W. McGee, Sanjoy Bose","doi":"10.2139/ssrn.1310451","DOIUrl":"https://doi.org/10.2139/ssrn.1310451","url":null,"abstract":"Corporate governance has become an increasingly important issue in recent years, both as a result of corporate scandals and because more than 20 transition economies in the former Soviet Union, Eastern and Central Europe are in the process of converting their economies from a central planning model to a market model. The present study uses the data from the World Bank ROSC studies on Armenia, Azerbaijan and Georgia and assigns points based on the extent of compliance with the OECD's Principles and compares the relative scores using a five-point Likert Scale.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134064460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The New Indonesian Company Law: Does it Support Good Corporate Governance?","authors":"Miko Kamal","doi":"10.2139/SSRN.1215867","DOIUrl":"https://doi.org/10.2139/SSRN.1215867","url":null,"abstract":"This article explores and analyses concept of board of commissioners under Law No. 40 of 2007, which is to answer a question of whether it is a legal tool to support the hope of Indonesian Government in implementing good corporate governance. It finds that the law has contained differences and uniqueness of the two-tier board model compare to the European Two-tier systems such as the two-tier board structure is compulsory, regardless of size, listing or type of company; the board of commissioners (except the delegated commissioners) are representative of shareholders; the board of commissioners do not have right to both appoint and dismiss the board of directors. Additionally, the law also introduces the delegated and the independent commissioners. This concludes that the law does not regulate fundamental principles that encourage the board of commissioners to be professional. Thus, the hope of the government to implement corporate governance is a dream.","PeriodicalId":236376,"journal":{"name":"CGN: Emerging Economies (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132728272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}