Corporate Ownership and Control: Corporate Governance and Economic Development in Sri Lanka
The governance of companies is of importance to developing countries due to the link between effective corporate governance and economic development. Ownership and control of public companies, except in the US and UK, is often in the hands of a few individuals, families or corporate groups and impact on corporate governance and economic development.Using Sri Lanka as an illustrative example, Corporate Ownership and Control sets out the implications of corporate ownership and control structures on the governance of companies, and suggests a reform agenda to meet the challenges posed by such structures. Any analysis into the reform of corporate governance in developing countries should begin with a focus on the local market structures that define its adaptation and effectiveness. The issues explored in the book provide an insight into ownership and control structures in Sri Lanka, the costs and benefits of such structures, and the necessary reform framework to promote effective corporate governance. The analysis can be used to both understand the impact of ownership structures on corporate governance, and suggest how corporate governance issues arising from such structures should be resolved in order to promote economic development and growth.
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CHAPTER 2 Corporate Ownership Control and Corporate Governance
CHAPTER 3 The Separation of Ownership and Control in Sri Lanka
CHAPTER 4 Determinants of Ownership and Control Structures in Sri Lanka
CHAPTER 5 Controlling Shareholder Systems and Corporate Governance
The Search for Reform
CHAPTER 7 The Role of Lenders in Controlling Shareholder Systems
agency conflict agency problem analysis Asian Asian Development Bank assets Bank of Sri benefits of control blockholders Bukit Darah business groups capital markets Carson Cumberbatch Central Bank Ceylon Chapter Claessens Colombo Stock Exchange Commercial Bank Companies Act 2007 Company Law company’s context control rights control structures control the costs controlling share controlling shareholder systems corporate control corporate governance mechanism corporate governance reform corporate ownership costs of controlling creditors cross-holdings debt developing countries Dialog Telekom disclosure economic development economic stakes effective corporate governance enforcement entrenchment family controlled Financial Economics focus framework growth Hatton National Bank holders ibid institutions International investment Journal of Financial listed companies LLSV market forces minority shareholders Morck norms ownership and control Oxford University Press percent political private benefits privatisation pyramids reform agenda regulatory role of lenders sample companies sector Shleifer Sri Lanka Sri Lanka Telecom subsidiary transactions tunnelling voting rights World Bank