Minority Shareholders : What Works to Protect Shareholder Rights?

The World Bank's assessments of corporate governance practices in 25 countries across five continents have revealed a general commitment to comply with international principles. But the necessary legal changes are slow and subject to political...

Full description

Bibliographic Details
Main Author: Capaul, Mierta
Format: Viewpoint
Language:English
Published: World Bank, Washington, DC 2012
Subjects:
Online Access:http://documents.worldbank.org/curated/en/2003/08/12119970/minority-shareholders-works-protect-shareholder-rights
http://hdl.handle.net/10986/11293
id okr-10986-11293
recordtype oai_dc
spelling okr-10986-112932021-04-23T14:02:54Z Minority Shareholders : What Works to Protect Shareholder Rights? Capaul, Mierta ACCOUNTING ACQUISITION ADVANCED ECONOMIES ARBITRAGE ARBITRATION BOARD MEMBERS COMMUNICATIONS DEVELOPMENT CONSTITUENCY CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE CONTROL CORPORATE FINANCE CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE FRAMEWORK CORPORATE GOVERNANCE LAWS CORPORATE GOVERNANCE STANDARDS CORPORATE LAW CORPORATE LAW REFORM COST OF CAPITAL COURT SYSTEM DISCLOSURE ENFORCEMENT MECHANISM ENTREPRENEURS EQUAL TREATMENT EXCHANGE COMMISSION EXPROPRIATION EXPROPRIATION OF MINORITY SHAREHOLDERS EXTERNAL FINANCE FINANCIAL INSTITUTION FIRMS FUTURES GOOD CORPORATE GOVERNANCE GOVERNANCE PRACTICES INCOME INCOME FLOWS INSIDER DEALING INSIDER TRADING INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL INVESTORS INVESTMENT CLIMATE INVESTOR PROTECTION JUDICIAL ENFORCEMENT JUDICIAL SYSTEM LARGE ENTERPRISE LEGAL FRAMEWORKS LIQUIDITY LISTED COMPANIES MAJORITY SHAREHOLDER MAJORITY SHAREHOLDERS MARKET PRACTITIONERS MERGER MIDDLE-INCOME COUNTRIES MINORITY SHAREHOLDERS MONETARY FUND NEW MARKET OUTSIDE INVESTORS PENSION PENSION FUNDS PORTFOLIO PRIVATIZATION PUBLIC CONTROVERSY PUBLIC POLICY REGULATORS REGULATORY AGENCIES REGULATORY FRAMEWORK REGULATORY FRAMEWORKS RISK PROFILES RULE OF LAW SECURITIES SECURITIES LAW SECURITIES LAWS SECURITIES MARKETS SECURITIES REGULATOR SECURITIES REGULATORS SHARE OF CAPITAL SHARE PRICE SHAREHOLDER SHAREHOLDER PROTECTION SHAREHOLDER RIGHTS SMALLER COMPANIES STATE REVENUES STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET SUPPLIERS TAKEOVER TAKEOVERS TARGET COMPANY TRANSACTION TRANSACTION COSTS TRANSITION ECONOMIES TRANSPARENCY VALUATION VOTING WEAK CORPORATE GOVERNANCE WEAK ENFORCEMENT The World Bank's assessments of corporate governance practices in 25 countries across five continents have revealed a general commitment to comply with international principles. But the necessary legal changes are slow and subject to political compromise. Moreover, most countries have a poor track record in enforcing existing laws and regulations. Expropriation of minority shareholders continues to be a problem around the world. The corporate governance assessments show that choice can facilitate reform. Allowing different models of corporate governance to coexist permits investors with varying risk profiles to choose the appropriate market and company to invest in and allows market forces to pick the winners. When companies have the choice of listing their shares on a stock market segment with stricter corporate governance rules or of complying with a code of best practice, they can use this option to signal to investors that they are different. While establishing a corporate governance market segment appears to be an attractive option only for middle-income countries, codes of best practice seem to be important regardless of a country's level of development. 2012-08-13T14:40:38Z 2012-08-13T14:40:38Z 2003-08 http://documents.worldbank.org/curated/en/2003/08/12119970/minority-shareholders-works-protect-shareholder-rights http://hdl.handle.net/10986/11293 English Viewpoint: Public Policy for the Private Sector; Note No. 265 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCOUNTING
ACQUISITION
ADVANCED ECONOMIES
ARBITRAGE
ARBITRATION
BOARD MEMBERS
COMMUNICATIONS DEVELOPMENT
CONSTITUENCY
CONTROLLING SHAREHOLDER
CONTROLLING SHAREHOLDERS
CORPORATE CONTROL
CORPORATE FINANCE
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE CODE
CORPORATE GOVERNANCE FRAMEWORK
CORPORATE GOVERNANCE LAWS
CORPORATE GOVERNANCE STANDARDS
CORPORATE LAW
CORPORATE LAW REFORM
COST OF CAPITAL
COURT SYSTEM
DISCLOSURE
ENFORCEMENT MECHANISM
ENTREPRENEURS
EQUAL TREATMENT
EXCHANGE COMMISSION
EXPROPRIATION
EXPROPRIATION OF MINORITY SHAREHOLDERS
EXTERNAL FINANCE
FINANCIAL INSTITUTION
FIRMS
FUTURES
GOOD CORPORATE GOVERNANCE
GOVERNANCE PRACTICES
INCOME
INCOME FLOWS
INSIDER DEALING
INSIDER TRADING
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL INVESTORS
INVESTMENT CLIMATE
INVESTOR PROTECTION
JUDICIAL ENFORCEMENT
JUDICIAL SYSTEM
LARGE ENTERPRISE
LEGAL FRAMEWORKS
LIQUIDITY
LISTED COMPANIES
MAJORITY SHAREHOLDER
MAJORITY SHAREHOLDERS
MARKET PRACTITIONERS
MERGER
MIDDLE-INCOME COUNTRIES
MINORITY SHAREHOLDERS
MONETARY FUND
NEW MARKET
OUTSIDE INVESTORS
PENSION
PENSION FUNDS
PORTFOLIO
PRIVATIZATION
PUBLIC CONTROVERSY
PUBLIC POLICY
REGULATORS
REGULATORY AGENCIES
REGULATORY FRAMEWORK
REGULATORY FRAMEWORKS
RISK PROFILES
RULE OF LAW
SECURITIES
SECURITIES LAW
SECURITIES LAWS
SECURITIES MARKETS
SECURITIES REGULATOR
SECURITIES REGULATORS
SHARE OF CAPITAL
SHARE PRICE
SHAREHOLDER
SHAREHOLDER PROTECTION
SHAREHOLDER RIGHTS
SMALLER COMPANIES
STATE REVENUES
STATUTORY REQUIREMENTS
STOCK EXCHANGE
STOCK MARKET
SUPPLIERS
TAKEOVER
TAKEOVERS
TARGET COMPANY
TRANSACTION
TRANSACTION COSTS
TRANSITION ECONOMIES
TRANSPARENCY
VALUATION
VOTING
WEAK CORPORATE GOVERNANCE
WEAK ENFORCEMENT
spellingShingle ACCOUNTING
ACQUISITION
ADVANCED ECONOMIES
ARBITRAGE
ARBITRATION
BOARD MEMBERS
COMMUNICATIONS DEVELOPMENT
CONSTITUENCY
CONTROLLING SHAREHOLDER
CONTROLLING SHAREHOLDERS
CORPORATE CONTROL
CORPORATE FINANCE
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE CODE
CORPORATE GOVERNANCE FRAMEWORK
CORPORATE GOVERNANCE LAWS
CORPORATE GOVERNANCE STANDARDS
CORPORATE LAW
CORPORATE LAW REFORM
COST OF CAPITAL
COURT SYSTEM
DISCLOSURE
ENFORCEMENT MECHANISM
ENTREPRENEURS
EQUAL TREATMENT
EXCHANGE COMMISSION
EXPROPRIATION
EXPROPRIATION OF MINORITY SHAREHOLDERS
EXTERNAL FINANCE
FINANCIAL INSTITUTION
FIRMS
FUTURES
GOOD CORPORATE GOVERNANCE
GOVERNANCE PRACTICES
INCOME
INCOME FLOWS
INSIDER DEALING
INSIDER TRADING
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL INVESTORS
INVESTMENT CLIMATE
INVESTOR PROTECTION
JUDICIAL ENFORCEMENT
JUDICIAL SYSTEM
LARGE ENTERPRISE
LEGAL FRAMEWORKS
LIQUIDITY
LISTED COMPANIES
MAJORITY SHAREHOLDER
MAJORITY SHAREHOLDERS
MARKET PRACTITIONERS
MERGER
MIDDLE-INCOME COUNTRIES
MINORITY SHAREHOLDERS
MONETARY FUND
NEW MARKET
OUTSIDE INVESTORS
PENSION
PENSION FUNDS
PORTFOLIO
PRIVATIZATION
PUBLIC CONTROVERSY
PUBLIC POLICY
REGULATORS
REGULATORY AGENCIES
REGULATORY FRAMEWORK
REGULATORY FRAMEWORKS
RISK PROFILES
RULE OF LAW
SECURITIES
SECURITIES LAW
SECURITIES LAWS
SECURITIES MARKETS
SECURITIES REGULATOR
SECURITIES REGULATORS
SHARE OF CAPITAL
SHARE PRICE
SHAREHOLDER
SHAREHOLDER PROTECTION
SHAREHOLDER RIGHTS
SMALLER COMPANIES
STATE REVENUES
STATUTORY REQUIREMENTS
STOCK EXCHANGE
STOCK MARKET
SUPPLIERS
TAKEOVER
TAKEOVERS
TARGET COMPANY
TRANSACTION
TRANSACTION COSTS
TRANSITION ECONOMIES
TRANSPARENCY
VALUATION
VOTING
WEAK CORPORATE GOVERNANCE
WEAK ENFORCEMENT
Capaul, Mierta
Minority Shareholders : What Works to Protect Shareholder Rights?
relation Viewpoint: Public Policy for the Private Sector; Note No. 265
description The World Bank's assessments of corporate governance practices in 25 countries across five continents have revealed a general commitment to comply with international principles. But the necessary legal changes are slow and subject to political compromise. Moreover, most countries have a poor track record in enforcing existing laws and regulations. Expropriation of minority shareholders continues to be a problem around the world. The corporate governance assessments show that choice can facilitate reform. Allowing different models of corporate governance to coexist permits investors with varying risk profiles to choose the appropriate market and company to invest in and allows market forces to pick the winners. When companies have the choice of listing their shares on a stock market segment with stricter corporate governance rules or of complying with a code of best practice, they can use this option to signal to investors that they are different. While establishing a corporate governance market segment appears to be an attractive option only for middle-income countries, codes of best practice seem to be important regardless of a country's level of development.
format Publications & Research :: Viewpoint
author Capaul, Mierta
author_facet Capaul, Mierta
author_sort Capaul, Mierta
title Minority Shareholders : What Works to Protect Shareholder Rights?
title_short Minority Shareholders : What Works to Protect Shareholder Rights?
title_full Minority Shareholders : What Works to Protect Shareholder Rights?
title_fullStr Minority Shareholders : What Works to Protect Shareholder Rights?
title_full_unstemmed Minority Shareholders : What Works to Protect Shareholder Rights?
title_sort minority shareholders : what works to protect shareholder rights?
publisher World Bank, Washington, DC
publishDate 2012
url http://documents.worldbank.org/curated/en/2003/08/12119970/minority-shareholders-works-protect-shareholder-rights
http://hdl.handle.net/10986/11293
_version_ 1764416213397536768