Corporate Governance in Emerging Economies
论文指出在新兴经济体中，由于市场不完善，公司治理不应只追求股东利益，而应考虑利益相关者，并可能依赖竞争、信任和声誉等非法律机制。
Most of the literature on corporate governance emphasizes that firms should be run in the interests of shareholders. This is an appropriate objective function when markets are perfect and complete. In many emerging economies this is not the case: markets are imperfect and incomplete. The first theme of the paper is that alternative firm objective functions, such as pursuing the interests of all stakeholders, may help overcome market failures. The second theme is that it is not necessarily optimal to use the law to ensure good corporate governance. Other mechanisms such as competition, trust, and reputation may be preferable.