Emerging Markets

Working Paper

Which Aspects of Corporate Governance Matter in Emerging Markets: Evidence from Brazil, India, Korea, and Turkey

There is evidence that some “corporate governance indices” predict higher firm values in emerging markets, but little evidence on which specific aspects of governance drive that overall relationship. We study that question across four major...Read more

Bernard Black
Woochan Kim
27 August 2018

The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity

This paper investigates whether foreign institutional investors in emerging markets can
enhance shareholder value. We pay special attention to two dimensions of investor
heterogeneity: whether an investor declares itself as an...Read more

Woochan Kim
01 May 2014

Methods for Multicountry Studies of Corporate Governance (and Evidence from the BRIKT Countries)

We discuss empirical challenges in multicountry studies of the effects of firm-level corporate governance on firm value, focusing on emerging markets. We assess the severe data, “construct validity,” and endogeneity issues in these studies,...Read more

Bernard Black
Woochan Kim
01 March 2014

What Matters and for Which Firms for Corporate Governance in Emerging Markets? Evidence from Brazil (and Other BRIK Countries)

A central issue in corporate governance research is the extent to which “good” governance practices are universal (one size mostly fits all) or instead depend on country and firm characteristics. We report evidence that supports the second view....Read more

Bernard Black
01 July 2011