Governance and. Emerging Markets Focus. Editors. Sabri Boubaker Champagne School of Management, France. Duo Khuong Nguyen IPAG Business School, France

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1 Corporate Governance and Corporate Social Responsibility Emerging Markets Focus Editors Sabri Boubaker Champagne School of Management, France Duo Khuong Nguyen IPAG Business School, France World Scientific NEW JERSEY LONDON SINGAPORE BEIJING SHANGHAI HONG KONG TAIPEI CHENNAI

2 Contents Foreword Preface A cknowledgments About the Editors Notes on the Contributors PART I CORPORATE GOVERNANCE: LEGAL FRAMEWORK AND CODES OF BEST PRACTICES Corporate Governance Bundles for Emerging Markets Rahul Bedi, Berkeley College, New York, NY Darshan Desai, Berkeley College, New York, NY "Good" Corporate Governance in Transformation Countries A Comparison of Experts' Perceptions in East Germany, Estonia and Hungary Thomas Steger, University of Regensburg, Germany Ruth Alas, Estonian Business School, Estonia Külliki Tafel-Viia, Tallinn University, Estonia Corporate Governance, Policies and Public Listing: The Gase of Chinese State-owned Enterprises Zigan Wang, Columbia University, United States xxvii

3 xxv iii Contents Corporate Governance in Turkey: The Case of Borsa Istanbul 50 Companies 107 Esra Nemli Caliskan, Istanbul University, Turkey Basak Turan Icke, Istanbul University, Turkey Barners to Effective Corporate Governance Reforms: Corruption and the Peculiar Case of Nigeria 133 Ngozi Okoye, Lincoln Law School, University of Lincoln, United Kingdom The Brazilian Fiscal Council Protecting Minority Shareholders in a Weak Legal System 159 Jairo Laser Procianoy, University of Federal do Rio Grande do Sul, Brazil Roberto Frota Decourt, University ofvale do Rio dos Sinos, Brazil Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets The Case for Corporate Governance Stock Exchange Indices 181 Andreas Grimminger, PGS Advisors International PART II CORPORATE GOVERNANCE: SOME COUNTRY EXPERIENCES 209 The Audit Committee in the EU Emerging Countries 211 Daniela M. Salvioni, University of Brescia, Italy Francesca Gennari, University of Brescia, Italy Luisa Bosetti, University of Brescia, Italy AlexAlmici, University of Brescia, Italy Great Expectations from Pension Fund Activism: Insights from Poland 235 Agnieszka Sfomka-Gof biowska, Warsaw School of Economics, Poland v

4 Contents xxix Ownership Structure and Directors' Compensation Disclosure in Malaysia 267 Elinda Binti Esa, National Energy University (UNITEN), Malaysia Abdul Rahman Zahari, National Energy University (UNITEN), Malaysia Corporate Governance, Performance and Liquidity Risk of West African Economic and Monetary Union (WAEMU) Banks 287 Alassane Ouattara, IRG Research Center, University of Paris-Est Creteil, France Luc Paugam, ESSEC Business School, France Olivier Ramond, IRG Research Center, University of Paris-Est Creteil, France Board Composition and Company Performance: A Study of Sub-Saharan African Countries 319 Gibson Munisi, Ardhi University, Tanzania and University ofagder, Norway Emerging Markets Banks Ownership and Performance: Evidence from China 347 Xiaoxi Zhang, School of Business, Chinese Academy of Social Science, China Kevin Daly, School of Business, University of Western Sydney, Australia Corporate Governance in Romania: Theories and Practices 375 Gheorghe N. Popescu, The Bucharest University of Economic Studies, Romania Veronica Adriana Popescu, Commercial Academy Satu - Mare, Romania and The Bucharest University of Economic Studies, Romania Cristina Raluca Popescu, University of Bucharest, Romania and The Bucharest University of Economic Studies, Romania

5 xxx Contents PART III CORPORATE SOCIAL RESPONSIBILITY 403 Corporate Governance and Corporate Social Responsibility in Financial Institutions: Evidence from Islamic Banks 405 Hisham Farag, Birmingham Business School, University of Birmingham, UK Is Corporate Governance Related to Corporate Social Responsibility? The Case of South Africa 437 Idoya Ferrero-Ferrero, Universität Jaume 1, Spain Maria Angeles Fernändez-Izquierdo, Universität Jaume I, Spain Maria Jesus Munoz-Torres, Universität Jaume I, Spain Juana Maria Rivera-Lirio, Universität Jaume I, Spain Raul Leon-Soriano, Universität Jaume I, Spain Elena Escrig-Olmedo, Universität Jaume I, Spain Achieving Corporate Governance and Corporate Social Responsibility in an Emerging Market through Gender Diversity on Boards in India 475 Sharon Ayson, Asia Pacific International College, Australia Executive Compensation in Emerging Markets: Theoretical Developments and Empirical Evidence 499 Yongli Luo, Wayland Baptist University, United States Placing Stakeholder Theory within the Debate on Corporate Social Responsibility 531 Tarek Mlloud, Chambery Graduate School of Business, France Corporate Governance and Corporate Social Responsibility Reporting: Empirical Evidence from Bangladesh 551 Pallab Kumar Biswas, University ofdhaka, Bangladesh Index 581