고려대학교 기업지배연구소

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The 2nd CGEM

Conference outline

The conference aims to facilitate dissemination of state of the art research on corporate governance in emerging market, with the object of supporting policy and practice development. To this end, the conference will provide a forum to discuss the ongoing research on corporate governance in emerging markets and to solicit ideas from both theory and policy perspectives as to how to further improve corporate governance research. The conference will also provide an opportunity to inquire how academic research findings relate to practice in emerging markets by having leading practitioners as discussants.

Conference topics

The conference is expected to provide new thinking and new approaches to Corporate Governance research in emerging:

I. Dynamic aspects of ownership and control structures:

- how do developments in the institutional framework of countries(legal, economic and political) relate to ownership structures and ownership concentration?
- What are the dynamics of ownership corporate governance institutions and frameworks?
- What are the effects of regulations or laws that force dilution of concentrated ownership or dismantling of business groups in emerging markets?

II. Inside the Emerging Market Companies:

- How does family ownership shape the short and long-run aspects of management and business strategy of emerging market companies?
- How do emerging market companies manage the succession of founding owners? How do cultural, legal and institutional factors such as family values, inheritance structures or marriage norms influence these choices?
- What are the interactions between family preferences and formal institutions within and across countries?

III. The role of external and voluntary mechanisms of governance:

- This topic includes research on governance mechanisms that are likely to shape the contracting environment of inside owners in emerging markets. Furthermore, there are also voluntary mechanisms of governance such as cross-listings, adopting internationally recognized accounting standards, hiring reputable auditors and adoptions of code of governance, etc.

While papers are expected to be in economics and finance fields, the conference welcomes papers from a variety of disciplines, including sociology, organizational science, law and management. Both theoretical and empirical papers, as well as clinical studies, are welcome. Researchers from emerging market institutions are especially encouraged to submit papers.

IV. The role of stakeholders in emerging markets and sustainable development:

- Should the objective of an emerging market firm be the maximization of shareholder value? - Is a broader perspective, 8including social objectives, more useful in emerging markets given various distortions, concentration of power and institutional weaknesses? - How is this perspective reflected in the relationship to employees, input suppliers and broadly defined stakeholders?

V. Corporate governance and enforcement mechanisms in emerging markets:

- What is the nature and means of misuse of private benefits of control in emerging market?
- What legal and economic strategies can minimize minority rights expropriation and reduce private benefits?
- Can reputation and trust effectively substitute for strong shareholder rights?
- Can employee monitoring partially substitute for weak market forces?
- Are factor and management and governance of companies in emerging counties?
- How can private enforcement disadvantages of using firm-level corporate governance indicators?
- Which governance indicators are most meaningful in emerging markets?