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About this product
- DescriptionThis important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional ecomics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this vel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this 'China puzzle' by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investors' speculation. Indeed, there is probably where better to look than China's stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of ecomics and law with an interest in corporate governance, Chinese ecomic development and new institutional ecomics.
- Author BiographyDing Chen, The University of Sheffield, UK
- Author(s)Ding Chen
- PublisherEdward Elgar Publishing Ltd
- Date of Publication30/04/2013
- SubjectManagement & Business: General
- Place of PublicationCheltenham
- Country of PublicationUnited Kingdom
- ImprintEdward Elgar Publishing Ltd
- Width234 mm
- Height156 mm
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