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Author: Giang Hoang
Publisher: Springer Nature
ISBN: 9819915058
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.
Author: Giang Hoang
Publisher: Springer Nature
ISBN: 9819915058
Category : Business & Economics
Languages : en
Pages : 257
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Book Description
This book investigates the institutional characteristics of state-linked firms in Vietnam to draw lessons for investors/MNCs targeting Vietnam and other emerging markets in the region. Vietnam and many other ASEAN countries have gone through a period of privatization and equitization of wholly controlled SOEs, with the State retaining partial ownership in many privatized businesses. This book explains the dynamic relationships between the State, BODs, shareholders, and regulators and their influence on corporate governance and SOE performance. This book differs from other publications in that it extrapolates the findings from our study to a broader context on how the defined internal mechanisms implicate the local economy and global supply chains/markets. This book investigates robust theoretical foundations, and rigorous applied empirical research underpin the role of the State in SOEs. It differs from other studies in terms of qualitative and empirical research to provide the contextual setting to elucidate how to successfully navigate emerging market business with the State as an "owner-participant." This book explains the theoretical constructs of corporate governance in SOEs, applies empirical research methodologies, and draws results to validate inferences to (1) investigate the link between the board of directors and ownership attributes and agency cost levels using Vietnamese listed firms for the period from 2006 to 2013, (2) evaluate the effectiveness of State's corporate initiatives and monitoring through its sovereign wealth fund known as the State Capital Investment Corporation (SCIC), and (3) infer and explain the motivation of the State as a shareholder. This book takes cognizance of Vietnam's idiosyncratic institutional (using its sovereign wealth fund as an investment vehicle and management proxy), economic, regulatory, and corporate environments and the realities for developing an effective and sustainable business model, vis-à-vis the ownership structure, board of directors' composition and corporate governance, for better business performance. While the focus is on Vietnam, the content is also relevant to the role of the State in other emerging markets as a player in shaping the business strategy, model, and direction of SOEs.
Author: Nga Pham
Publisher: Springer Nature
ISBN: 9811635250
Category : Political Science
Languages : en
Pages : 270
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Book Description
Research in this book focuses on the strategic behaviour of the State as a shareholder in businesses, and the implications it has for the other shareholder(s) and business performance. It investigates the institutional characteristics of State-linked and State-owned firms (SIEs & SOEs), in emerging markets using Vietnam as a case study with comparative analysis on China and selected ASEAN countries. In doing so, the book adopts an evidence-based approach to explain the State’s role as a shareholder in the different aspects of corporate governance, including CEO appointment, board structure and impact of State ownership on business strategy and performance. It highlights the influence of the State as a shareholder by investigating institutional factors consistent with “path dependence” theory, which postulates that the initial and underlying structure of an economy influences its performance. In addition, the book presents empirical evidence of the dynamics of corporate governance arising from interactions between the State and other shareholders, which has not yet been addressed in the literature, and is distinctive in providing new insights from both qualitative and empirical research on how to successfully navigate the emerging market business environments from the perspective of the State as an “owner-participant”. Explaining the theoretical constructs in corporate governance in State-invested firms, empirical research methodologies, and results to draw and validate inferences, the book is comprehensive and provides a practical guide for practitioners as well as a reference for academics, undergraduate and postgraduate students. The new theoretical models proposed integrate traditional political-economic and agency theories, which also underpin tertiary business courses and academic research.
Author: Maria Vagliasindi
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition, other factors that may reduce directors' ability to monitor corporate activities, such as the age profile and the number of Boards on which they sit, need to be handled more carefully.
Author: Sabri Boubaker
Publisher: Springer Science & Business Media
ISBN: 3642449557
Category : Business & Economics
Languages : en
Pages : 625
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Book Description
This book fills the gap between theories and practices of corporate governance in emerging markets by providing the reader with an in-depth understanding of governance mechanisms, practices and cases in these markets. It is an invaluable resource not only for academic researchers and graduate students in law, economics, management and finance but also for people practicing governance such as lawmakers, policymakers and international organizations promoting best governance practices in emerging countries. Investors can benefit from this book to better understand of these markets and to make judicious investment decisions.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264035745
Category :
Languages : en
Pages : 268
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Book Description
This publication provides policy makers, board members, managers, equity providers, creditors and other stakeholders an overview of the issues to be addressed in establishing good corporate governance of non-listed companies.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: World Bank Publications
Publisher: World Bank Publications
ISBN: 1464802297
Category : Business & Economics
Languages : en
Pages : 391
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Book Description
This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
Author: Leora F. Klapper
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. Klapper and Love extend this literature and provide a study of firm-level corporate governance practices across emerging markets and a greater understanding of the environments under which corporate governance matters more. Their empirical tests show that better corporate governance is highly correlated with better operating performance and market valuation. More important, the authors provide evidence showing that firm-level corporate governance provisions matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. The authors' tests also show that firm-level governance and performance is lower in countries with weak legal environments, suggesting that improving the legal system should remain a priority for policymakers.This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study corporate governance around the world.
Author: World Bank
Publisher: World Bank Publications
ISBN: 146480222X
Category : Business & Economics
Languages : en
Pages : 391
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Book Description
State-owned enterprises (SOEs) are still signifi cant players in critical economic sectors such as infrastructure, finance, natural resources, and manufacturing. They are under increasing pressure to improve their performance. These pressures come from various sources, including the need to enhance their competitiveness and that of the economy as a whole, especially where SOEs are major players; to provide essential infrastructure, financial, and other services to businesses and consumers more efficiently and cost effectively; to access alternative sources of finance through the capital markets while reducing their fiscal burden and fi scal risk; and to enhance the transparency and accountability of the use of scarce public funds. Improved performance of financial SOEs is also essential for broader financial sector development and for ensuring the soundness and stability of the financial system. A long history of SOE reform shows that the key to better SOE performance is improved governance. The aim of the Corporate Governance of State-Owned Enterprises: A Toolkit is to harness reform experiences and the growing body of knowledge to help policy makers and practitioners improve the corporate governance of SOEs. The toolkit provides an overall framework and practical solutions for improving SOE governance for the benefi t of all stakeholders: governments, managers, employees, consumers, and citizens. It focuses on commercial enterprises in which the government has significant control through full, majority, or signifi cant minority ownership. It includes SOEs in a range of sectors-manufacturing and services, utilities, banks and other financial institutions, and natural resources. The toolkit does not cover noncommercial SOEs fulfilling special public policy purposes (whether or not in a corporate form), although the frameworks and tools may still be relevant for such entities.
Author: Siti Nuryanah
Publisher: LAP Lambert Academic Publishing
ISBN: 9783846597330
Category : Capital market
Languages : en
Pages : 196
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Book Description
How corporate governance has developed in the emerging markets in the past 10 years raises issues pertaining to corporate governance in developing countries, and addresses the ongoing debate about the links between corporate governance practices and corporate performance. This book, based on research in one of the emerging markets, is intended as a resource to students of governance and an informative text for those practicing governance in developing countries. The chapters are oriented to providing readers with an in-depth understanding of governance principles. It addresses the questions: What is corporate governance? How has it developed? What are the particular characteristics of governance practices in an emerging market? Does it really improve performance? The conclusions are illustrated by research from Indonesia. The authors hope that it will enable investors and directors of companies to understand the uniqueness of the emerging market's environment, take advantage of the opportunities offered by good governance practices and provide guidance on what steps can be taken by the government, regulators and company directors to improve governance in their enterprises.
