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Corporate Governance in Emerging Markets
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Corporate Governance in Emerging Markets

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 30 June 2026 | Viewed by 1374

Special Issue Editors

Prof. Dr. Yusuf Karbhari

E-Mail Website
Guest Editor
Cardiff Business School, Cardiff Unveristy, Cardiff, UK
Interests: accounting; auditing and corporate governance in emerging economies; international public sector accounting; Islamic banking and finance
Dr. Xin Yang

E-Mail Website
Guest Editor
School of Business, Nanfang College, Guangzhou, China
Interests: ESG; corporate governance; empirical finance

Special Issue Information

Dear Colleagues,

This special issue examines corporate governance in emerging markets, focusing on how institutional, political, and economic contexts shape governance practices and firm outcomes. It solicits rigorous empirical and theoretical contributions that advance understanding of governance mechanisms, stakeholder interactions, and regulatory forces in economies undergoing rapid structural change. Topics of interest include board composition and effectiveness, ownership concentration and control, minority shareholder protection, state ownership and privatization, corporate political connections, governance and firm performance, cross-border listings, disclosure and transparency, governance during crises, ESG and sustainability practices, and the role of informal institutions and culture. Comparative studies across regions, mixed-methods research, and papers that leverage novel data or identification strategies are particularly welcome. Policy-relevant analyses that offer actionable implications for regulators, investors, and practitioners in emerging markets are encouraged. Submissions must clearly articulate how findings extend existing governance theory or reveal context-specific mechanisms absent in developed-market settings. The issue aims to bridge academic rigor with real-world relevance by highlighting governance challenges and innovations that influence firm resilience, capital allocation, and economic development in emerging economies.

Prof. Dr. Yusuf Karbhari
Dr. Xin Yang
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate governance
  • emerging markets
  • board composition
  • ESG and sustainability
  • corporate finance
  • digital governance
  • responsible AI governance

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Published Papers (2 papers)

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Research

32 pages, 462 KB  
Article
Corporate Governance and Financial Outcomes: A Multi-Country Study of BRICS
by Deepika Gupta and Asheesh Pandey
J. Risk Financial Manag. 2026, 19(5), 334; https://doi.org/10.3390/jrfm19050334 - 5 May 2026
Viewed by 429
Abstract
This study examines the association between corporate governance and firm-level financial outcomes across the BRICS economies from 2013 to 2023. A multidimensional Corporate Governance Index (CGI), comprising five sub-indices and thirty-one attributes, is constructed to examine how governance frameworks are related to firm-level [...] Read more.
This study examines the association between corporate governance and firm-level financial outcomes across the BRICS economies from 2013 to 2023. A multidimensional Corporate Governance Index (CGI), comprising five sub-indices and thirty-one attributes, is constructed to examine how governance frameworks are related to firm-level outcomes in evolving institutional environments. Using panel regression analysis on a dataset of publicly traded firms, the study focuses on three core dimensions of firm performance, i.e., cost of capital (COC), return on capital employed (ROCE), and working capital efficiency (WC). The findings suggest that governance is associated with variations in financing costs and firm performance indicators, although the strength and consistency of these relationships vary across the BRICS economies. The results also highlight cross-country differences, which are interpreted in light of institutional variation in regulatory and enforcement environments across BRICS economies. Additional sensitivity analysis indicates that the findings are not driven by the specific construction of the governance index. Overall, the study contributes to the literature by providing comparative evidence on governance and firm outcomes in emerging markets, while emphasizing that the results should be interpreted as associational rather than causal. Full article
(This article belongs to the Special Issue Corporate Governance in Emerging Markets)
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23 pages, 393 KB  
Article
Green Boardroom Influence on Climate Change Target Disclosure: The Role of Eco-Conscious Investors and Corporate Environmental Attention
by Fahad Khalid, Fadoua Toumi and Cosmina L. Voinea
J. Risk Financial Manag. 2026, 19(5), 325; https://doi.org/10.3390/jrfm19050325 - 1 May 2026
Viewed by 512
Abstract
Corporations are under mounting pressure from diverse stakeholders to address their climate change commitments amidst rising environmental concerns. In response, companies are improving their governance structures to strengthen their climate commitments. This study explores the impact of green directors on the disclosure of [...] Read more.
Corporations are under mounting pressure from diverse stakeholders to address their climate change commitments amidst rising environmental concerns. In response, companies are improving their governance structures to strengthen their climate commitments. This study explores the impact of green directors on the disclosure of climate change targets (CTD), prompted by the recent developments in corporate structures. The dataset for this study includes companies listed on China’s A-share market from 2010 to 2022. The findings indicate that the inclusion of directors with environmental backgrounds on boards enhances the level of CTD. Results also reveal that the entry of eco-conscious investors amplifies the impact of green directors on CTD. The mediation results identify corporate environmental attention as a key mechanism through which green directors drive CTD. The findings remain robust when considering different proxies, variations over time, and checks for endogeneity. Additionally, heterogeneity analysis suggests that the influence of green directors on CTD is pronounced for sensitive sector firms and those exhibiting low sustainability performance. This study contributes to the existing body of knowledge on corporate environmental governance and provides valuable insights for policymakers and corporate leaders seeking to enhance environmental transparency and accountability. Full article
(This article belongs to the Special Issue Corporate Governance in Emerging Markets)
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