5th International Conference on Corporate Governance in Emerging Markets


September 25-26, 2015 in Leipzig


Welcome to the 5th CGEM Conference

The Emerging Markets Corporate Governance Research Network, supported by the IFC Corporate Governance Solutions Group and the Center for Corporate Governance at HHL hold the 5th International Conference on Corporate Governance in Emerging Markets to be held on September 25-26, 2015 in Leipzig, Germany.

The conference series brings together researchers from around the world investigating the impact of corporate governance on firm performance and economic development, and the role of legal, economic and political institutions in shaping corporate governance systems in emerging markets. The conference series aims to facilitate dissemination of state of the art research on corporate governance in emerging markets with the objective of supporting policy and practice development, all to improve corporate governance research. To this end the conference provided a forum to discuss and solicit research from both theoretical and policy perspectives.

5th International Conference on Corporate Governance in Emerging Markets

Date

September 25-26, 2015

Location

HHL Leipzig Graduate School of Management
Schmalenbach Building
Jahnallee 59
04109 Leipzig
Germany

Conference Language

English

Organizing Committee

Chair: Christian Strenger (HHL Leipzig Graduate School of Management)

Melsa Ararat (IFC-GCGF and Sabanci University Corporate Governance Forum)

Stijn Claessens (University of Amsterdam, Member of the Federal Reserve Board)

Marc Steffen Rapp (Philipps-Universität Marburg)

Burcin Yurtoglu (WHU - Otto Beisheim School of Management)

Conference Speakers

Representatives from different organizations in emerging markets such as institutions, scholars and regulators.

Number of participants

60-80

Program

The academic conference followed the conference “Corporate Governance in Emerging Markets: How to gain the competition for investors?” from September 24-25, 2015, at the same location. The 2015 conference featured two distinguished keynote addresses by Colin Mayer, Peter Moores Professor of Management Studies, Said Business School, University of Oxford and Christian Lundblad, Kenan-Flagler School of Business, University of North Carolina.

Leading scholars and discussants presented their papers in seven thematically different sessions covering important governance topics like expropriation of minority shareholders, business groups and fraud in emerging economies.

Thursday, September 24 (7 p.m.)

07:00 p.m.Conference Dinner 
Alter Ratskeller Leipzig

Friday, September 25 (2 p.m.- 7 p.m.)

02:00 p.m.Welcome And Opening 
I. Keynote speech I: Reinventing the Corporation
02:30 p.m.Colin Mayer 
Peter Moores Professor of Management Studies, Said Business School, University of Oxford
II. Paper Session 1: Firm- and country-level governance
03:15 p.m.Session Chair: Stijn Claessens,
Board of Governors of the Federal Reserve System

Is the US Law Enforcement Stronger than that of a Developing Country? The Case of Securities Fraud by Brazilian Corporations and Lessons for the Private and Public Enforcement Debate 
Érica Gorga, Yale Law School Center for the Study of Corporate Law
Discussant: Brigitte Haar, Goethe University Frankfurt

Firm- and Country-level Determinants of Firm Value in Emerging Markets: A Corporate Governance Approach 
Paolo Saona Hoffmann, Saint Louis University
Pablo San Martín, Universidad Católica de la Santísima Concepción
Discussant: B. Burcin Yurtoglu, WHU – Otto Beisheim School of Management
04:30 p.m.Coffee Break
III. Paper Session 2: Business Groups
04:45 p.m.Session Chair: Christian Strenger,
HHL Leipzig Graduate School of Management

Institutional Development and Business Group Affiliation Value: Theory and Evidence 
Vijaya B. Marisetty, RMIT University
Narahari Hansoge, Indian Institute of Management Tiruchirappalli
Poonam Singh, National Institute of Industrial Engineering
Discussant: Francisco Urzua, Rotterdam School of Management

The Effect of Business Group Governance on Market Value and Profitability: Time-Series Evidence from Turkey 
Melsa Ararat, Sabanci University, School of Management
Bernard S. Black, Northwestern University School of Law; Kellog School of Management
B. Burcin Yurtoglu, WHU – Otto Beisheim School of Management
Discussant: Yishay Yafeh, School of Business Administration, The Hebrew University
06:00 p.m.EMCGN Network Meeting – by invitation only
HHL Leipzig

Saturday, September 26

IV. Parallel Paper Sessions 3
09:00 a.m. Session 3a: Shareholders
Session Chair: Melsa Ararat,
Sabanci University, School of Management

Impact of Controlling Shareholders on Corporate Social Responsibility under External Financial Constraints 
Hee Sub Byun, Korea Deposit Insurance Corporation
Ji Hye Lee, Korea University Business School
Kyung Suh Park, Korea University Business School
Discussant:Halit Gonenc, University of Groningen

Independent Directors’ Tenure, Related Party Transactions, Expropriation and Firm Value: Evidence From Malaysian Firms 
Liew Chee Yoong, SEGi University, Malaysia
Ervina Alfan, University of Malaya, Malaysia
S. Susela Devi, UNITAR International University, Malaysia
Discussant:Jana Oehmichen, Georg-August-University Göttingen

09:00 a.m. Session 3b: China
Session Chair: Arnis Vilks,
Sabanci University, School of Management

Are Dissenting Independent Directors Rewarded or Punished? Insights from Corporate China 
Julan Du, Chinese University of Hong Kong
Wu Sun, Chinese University of Hong Kong
Discussant: Michael Wolff, Georg-August-University Göttingen

Analyst following and pay-performance sensitivity: Evidence from China 
Bei Yang, School of Management, Xi’an Jiaotong University
Charles P. Cullinan, Bryant University
Hui Liua, School of Management, Xi’an Jiaotong University
Discussant: Marc Steffen Rapp, Philipps University Marburg
10:15 a.m.Coffee Break
V. Parallel Paper Sessions 4
10:30 a.m. Session 4a: Fraud
Session Chair: B. Burcin Yurtoglu,
WHU - Otto Beisheim School of Management

The Role of Corporate Governance for Acquisitions by the Emerging Market Multinationals: Evidence from India 
Burcin Col, Pace University, New York
Kaustav Sen, Pace University, New York
Discussant:Nihat Aktas, WHU – Otto Beisheim School of Management

Corporate governance and its impact on R&D investment in emerging markets 
Marc Steffen Rapp, Philipps University Marburg
Iuliia Udoieva, Philipps University Marburg
Discussant: Subrata Sarkar, Indira Gandhi Institute of Development Research (IGIDR)
11:45 a.m.Lunch Break
VI. Keynote speech
01:00 p.m. Keynote II: Political Risk and International Valuation
Christian Lundblad,
Kenan-Flagler School of Business, University of North Carolina
01:40 p.m. Coffee Break
VII. Paper Session 5: Regulation, Governance, and Firm Behavior
01:55 a.m. Session Chair: Akpan Ekpo,
West African Institute For Financial And Economic Management (WAIFEM)

The Great Pyramids of America: A Revised History of US Business Groups Corporate Ownership and Regulation, 1930-1950 
Yishay Yafeh, School of Business Administration, The Hebrew University
Eugene Kandel, Hebrew University of Jerusalem
Konstantin Kosenko, Bank of Israel
Randall Morck, University of Alberta School of Business
Discussant:Érica Gorga, Yale Law School Center for the Study of Corporate Law

How Does Corporate Governance Affect Firm Behavior? Panel Data versus Shock-Based Methods 
Bernard S. Black, Northwestern University School of Law; Kellog School of Management
W. Kim, University Business School
Julia Nasev, University of Cologne
Discussant: Stijn Claessens, Board of Governors of the Federal Reserve System
03:10 a.m.Closing Remarks

Please write to kati.roleder(at)hhl.de if you are interested in the speeches, papers or presentations. We recommend also the conference documentation provided below.

Partners

 

 

Organizing Committee


Prof. Christian Strenger

Academic Director, Center for Corporate Governance, HHL Leipzig Graduate School of Management

Prof. Melsa Ararat, Ph.D.
IFC-GCGF and Sabanci University Corporate Governance Forum

Prof. Dr. Stijn Claessens
Federal Reserve Board, University of Amsterdam

Prof. Dr. Marc Steffen Rapp
> Academic Director, Center for Corporate Governance, HHL Leipzig Graduate School of Management; Philipps-University of Marburg

Prof. Dr. B. Burcin Yurtoglu
Chair of Corporate Finance, WHU – Otto Beisheim School of Management

Accreditation & Rankings

Among the leading EMBA
programs worldwide

Top 3 in Germany

#2 in Europe for salaries

#6 worldwide for career progress

Favorite business school
in Germany