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The Effect of Corporate Governance Practices on Financial Structure in Emerging Markets: Evidence from BRICK Countries and Lessons for Turkey

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  • Guler Aras

Abstract

In this article, I aim to investigate major emerging markets (BRICK [Brazil, Russia, India, China, South Korea] countries and Turkey) in terms of governance practices, which differ in many ways including board structures, board procedures, disclosures, audit committee meeting frequency, ownership structures, and minority shareholder rights. Moreover, I aim to relate these governance practices to the impact they have on financial structures in terms of financial profitability and financial leverage. Findings provide support for the notion that board independence, representation of women on the board, duality, and the number of board meetings are key factors in determining corporate governance efficiency and play important roles in enhancing firm financial structure in BRICK firms. I also attempt to identify the main issue in corporate governance research, which is whether governance practices are universal or instead depend on country and firm characteristics. These multicountry results, together with the view of common- and civil-law differentiation, suggest that country characteristics strongly influence the aspects of governance practices while predicting firm financial structure.

Suggested Citation

  • Guler Aras, 2015. "The Effect of Corporate Governance Practices on Financial Structure in Emerging Markets: Evidence from BRICK Countries and Lessons for Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(S2), pages 5-24, March.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:s2:p:s5-s24
    DOI: 10.1080/1540496X.2014.998940
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    Cited by:

    1. Suzuki Yasushi & Hasan A K M Kamrul, 2018. "An Analysis of Codified Corporate Governance Practices in the Banking Industry: The Case Study of Bangladesh," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 14(3), pages 60-75, September.
    2. Muravyev, Alexander, 2017. "Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects," Economic Systems, Elsevier, vol. 41(1), pages 5-25.
    3. Mudassar Mushtaq & Sajida Parveen & Muhammad Furqan Ashraf, 2019. "Impact of Corporate Governance on a Firms Financial Performance (The Case of Pakistan)," Global Economics Review, Humanity Only, vol. 4(1), pages 11-21, March.
    4. Doğan Berna & Ekşi İbrahim Halil, 2020. "The effect of board of directors characteristics on risk and bank performance: Evidence from Turkey," Economics and Business Review, Sciendo, vol. 6(3), pages 88-104, August.
    5. Hania Rehman & Muhammad Ramzan & Muhammad Zia Ul Haq & Jinsoo Hwang & Kyoung-Bae Kim, 2021. "Risk Management in Corporate Governance Framework," Sustainability, MDPI, vol. 13(9), pages 1-17, April.

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