Author Abstract
Scholars of corporate governance have debated the relative importance of country characteristics and firm characteristics in understanding variations in the corporate governance practices of firms in emerging economies. Using panel data and a number of model specifications we shed new light on this debate. We find that firm characteristics are as important as and often meaningfully more important than country characteristics in explaining governance ratings variance. Our findings show that firms in emerging economies over recent years had more capability to rise above home-country peer firms in corporate governance ratings than has been previously suggested.
Paper Information
- Full Working Paper Text
- Working Paper Publication Date: December 2012
- HBS Working Paper Number: 13-055
- Faculty Unit(s): Strategy