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...
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| Format: | Viewpoint |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2003/08/12119970/minority-shareholders-works-protect-shareholder-rights http://hdl.handle.net/10986/11293 |
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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 |
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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 |