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Corporate Governance in Emerging Markets : Why It Matters to Investors—and What They Can Do About ItWhat should investors do when scholarly research on corporate governance in emerging markets does not provide conclusive evidence on which aspects of governance matter most across all the emerging markets and how they affect firm performance? A researcher and a practitioner team up to offer guidelines and recommendations that focus on board independence and business group affiliation. Every day, institutional investors in emerging markets must make practical decisions on the basis of incomplete and at times conflicting information. So, it is critically important that they make the best use of this imperfect knowledge. Moreover, investors too often enter emerging markets with misguided perceptions of the underlying realities. And worse, they may cling to a conceptual framework of governance that does not allow them even to consider the searching questions they should be asking. This Private Sector Opinion, by the authors, explicitly highlights this problem. The authors identify a serious gap in research on emerging markets between high-level cross-country studies, with their inconclusive findings on good governance indicators at the macro level, and the separate effort to establish firm-level or country-specific governance metrics, typically based on what works 'in the West.' Unfortunately, less than one percent of the research papers available on corporate governance focus on emerging markets.
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Track RecordThis book of SmartLessons is a compendium of our knowledge on implementing corporate
 governance projects. The lessons represent an impressive body of work, with individual
 contributions written by our staff—the people who really know what they are talking
 about, because they are out there, engaged in the work on a day-to-day basis. It reflects the
 evolution of our project approach as the world has changed. In the early years of our work,
 efforts focused on the newly independent and newly market-driven nations of the former
 Soviet Union. More recently, projects have addressed the sometimes rocky road to stability
 for emerging market countries as they struggle to regain economic momentum in the wake
 of the global financial crisis. Meanwhile, new opportunities and new challenges lie ahead as
 events in the Middle East and North Africa underscore the broader importance of IFC’s core
 mission to drive job creation and economic development by supporting expansion of well-governed, sustainable, and thriving private sectors.
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A Guide to Corporate Governance Practices in the European UnionAs one of the most rapidly changing
 corporate governance environments in the world, Europe
 represents a microcosm of the exciting innovation happening
 in the corporate governance arena, ranging from new
 approaches to board-level corporate governance practices to
 changes in regulatory requirements at the legislative level.
 Representing a diverse mix of nations at various stages of
 economic development and market maturity, the European Union
 as an entity is demonstrating the broad value of a
 prioritized focus on corporate governance while accounting
 for individual country and company circumstances. This
 publication, a guide to Corporate Governance practices in
 the European Union, offers an overview of the changes taking
 place across the EU’s corporate governance landscape. It
 provides a focused examination of specific regulations and
 practices as well as a frank assessment of the challenges
 that remain. The value of this publication is that it
 examines the issues from all sides. It assesses the steps
 forward and steps backward, the progress made and the gaps
 that remain, presenting the sometimes widely varying
 perspectives of owners, boards, management, and other
 stakeholders to create a complete picture of the European
 corporate governance environment.