The stakeholder view of corporate governance, especially when based on incomplete-contracts theory, suggests that stakeholders' relative bargaining powers affect overall firm performance. We investigate this utilizing a natural experiment in the U.S. Specifically, we study the impact of bank...

Between the early-1970s and the mid-1990s, the U.S. banking sector was deregulated and U.S. workers gained more statuary basic protections. The effects of these two reforms on productive activity have largely been studied separately in the finance and labor literatures. Yet they only have...

The Third International Conference on Corporate Governance in Emerging Markets is one in a series of academic events organized by the Emerging Markets Corporate Governance Network (EMCGN). The Global Corporate Governance Forum at IFC endorses and supports the Network, which was first convened by...

This paper reviews recent research on corporate governance, with a special focus on emerging markets. It finds that better corporate frameworks benefit firms through greater access to financing, lower cost of capital, better performance, and more favorable treatment of all stakeholders. Numerous...

In this review, we show how corporate governance reforms and research have been mutually reinforcing in emerging markets and propose a research agenda going forward. Acknowledging the broad recognition of corporate governance as a key development driver, we show how research on corporate...

Financial frictions have been identified as key factors affecting both short-term economic fluctuations and long-term growth. An important policy question therefore is whether institutional reforms can reduce financial frictions and, if so, which reforms are best? We address this question by...