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Governance and Performance in Emerging Markets : Empirical Study on the Link Between Performance and Corporate Governance of IFC Investment Clients (Spanish)

Investors, including International Finance Corporation (IFC) and other development finance institutions, increasingly look at governance as an indicator of firm quality and a factor in investment selection. There is a strong business case for linking sound corporate governance (CG) practices to better firm performance. This proposition is based on the view that companies adopting governance best practices make better business decisions over time, better manage their risks, enjoy enhanced market reputation, and have improved access to capital. From a macro perspective, CG may also contribute to country-level social and economic development. This study explores the empirical link between CG and performance with data from IFC’s investment portfolio, using a research methodology in line with other studies in the field but adapted to IFC’s investment environment. The study sample comprised companies that IFC invested in during FY11 and FY12 (July 1, 2010, through June 30, 2012). First, the study adds to a body of academic research by including unlisted companies from emerging markets. Second, IFC can further leverage its strong relationships with other development finance institutions by encouraging them to conduct similar studies.

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Citation

Karapetyan,Davit Wasti,Nazeem A. Volynets,Alexey K. Di Miceli Da Silveira,Alexandre

Governance and Performance in Emerging Markets : Empirical Study on the Link Between Performance and Corporate Governance of IFC Investment Clients (Spanish). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/797941627380315883/Governance-and-Performance-in-Emerging-Markets-Empirical-Study-on-the-Link-Between-Performance-and-Corporate-Governance-of-IFC-Investment-Clients