Download e-book for iPad: Corporate Governance In Development: The Experiences Of by Charles P. Oman

By Charles P. Oman

ISBN-10: 9264106588

ISBN-13: 9789264106581

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Read Online or Download Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre) PDF

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Extra info for Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre)

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In the real sector, close attention must also be given to competition policy and to sector-specific regulatory reform. Forces working in favour of improved corporate governance include those operating both on the demand and on the supply side of portfolio equity flows to corporations in developing countries. Those on the demand side include corporations whose extra-firm financial needs have grown as their traditional sources of supply have shrunk; they can include governments responsible for those traditional sources (mainly national development banks), where they still exist, as well.

Forces on the supply side include major institutional investors, especially pension funds and other long-term investors, both in OECD countries and, increasingly, in developing countries themselves. Forces that resist significantly improved corporate governance (which may nevertheless give lip service to the need for such improvement) include many dominant shareholders and other corporate insiders, who widely operate in the private and public sectors alike. They often benefit from corporate-control rents and therefore have significant means as well as the motivation to resist the changes needed for truly enhanced corporate governance.

Financial managers throughout the private sector had to escape from debt as fast as possible. This led to massive de-leveraging in the corporate sector. According to Central Bank data the amount of bank loans to the private sector contracted from around 50 per cent of GDP in the first half of the 1980s to approximately 25 per cent of GDP in the second half of the 1990s. The accumulation of a portfolio of liquid financial assets became a major objective for all firms during this period, since it could offer juicy interest and capital gains.

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Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre) by Charles P. Oman


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