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date: 24 June 2019

Abstract and Keywords

Despite deep differences in their political systems, legal regimes, and economic structures, emerging markets share a recent history of rapid economic growth and capital market expansion. This chapter explores the degree and direction of transformation in corporate governance in emerging markets in the last decades. It begins by surveying the interaction between the ownership structures prevailing in emerging markets – marked by the presence of controlling shareholders, business groups, and state ownership – and the underlying institutional environment. It then examines the driving forces of change by comparing the relative roles played by legislatures, regulators, courts, and alternative institutional arrangements in corporate governance reform in Brazil, Russia, India, and China (collectively known as the BRIC countries). The chapter concludes by evaluating the degree of convergence and persistence in emerging markets governance, and underscoring the need to consider the particular contextual significance of different practices.

Keywords: corporate governance, emerging markets, capitalism, ownership, business groups, state intervention, economic reforms, legal reforms, capital markets, BRIC countries

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