The changing corporate governance paradigm: Implications for transition and developing countries


Berglöf, Erik ; Thadden, Ernst-Ludwig von



URL: https://ideas.repec.org/p/lau/crdeep/9912.html
Document Type: Working paper
Year of publication: 1999
The title of a journal, publication series: Cahiers de Recherches Économiques
Volume: 99-12
Place of publication: Lausanne
Publishing house: Département d'Econométrie et d'Economie Politique, Université de Lausanne ; HEC
Publication language: English
Institution: School of Law and Economics > VWL, Mikroökonomische Theorie (von Thadden)
Subject: 330 Economics
Abstract: The rapidly growing literature studying the relationship between legal origin, investorprotection, and finance has stimulated an important debate in academic circles. It has alsogenerated a number of applied research projects and strong policy statements. This paperdiscusses the implications, in particular for developing and transition countries, from thisliterature. We conclude that its focus on the plight of small investors is too narrow whenapplied to these countries. We argue that this group is unlikely to play an important role inmost developing and transition countries. External investors may still be crucial, but they aremore likely to come in as strategic investors or creditors. The paper also proposes a broaderparadigm including other stakeholders and mechanisms of governance in order to betterunderstand the problems facing these countries and generate policy implications thatcompensate for the weaknesses of capital markets.

Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation.




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Berglöf, Erik ; Thadden, Ernst-Ludwig von (1999) The changing corporate governance paradigm: Implications for transition and developing countries. Cahiers de Recherches Économiques Lausanne 99-12 [Working paper]


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