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Corporate Governance, Investor Protection, and Performance in Emerging Markets Leora F. Klapper The World Bank Inessa Love The World Bank Abstract: Recent research studying the link between law and finance has concentrated on country-level investor protection measures and focused on differences in legal systems across countries and legal families. We use recent data on firm-level corporate go vernance rankings across 14 emerging markets and find that there is wide variation in firm-lev el g over nan ce across countries in our sample and that the average firm-level governance is lower in countries with weaker legal systems. We explore the determinants of firm-level governance and find that governance is correlated with the extent of the asymmetric information and contracting imperfections that firms face. We also find that better corporate governance is highly correlated with better operating performance and market valuation. Finally, we provide evidence that firm-level corporate g overnance provisions matter more in countries with weak legal environments. These results suggest that firms can partially compensate for ineffective laws and enforcement by establishing good corporate governance and providing credible investor protection. JEL Classifications: G3, F3 Keywords: Corporate Governance, International Finance, Law and Finance World Bank Policy Research Working Paper 2818, April 2002 The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the  prese ntatio ns are les s than fu lly pol ished. T he paper s carry t he names of the aut hors an d shoul d be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necess arily represent the view of the World Bank, its Executive Directors, or the countries they represent. Policy Research Working Papers are available online at http://econ.worldbank.org. Corresponding author: Leora Klapper, The World Bank, 1818 H Street, NW, Washington, DC, 20433, tel: 202-473-8738, fax: 202- 522 - 1155, email:[email protected] . We thank Geert Bekaert, Stijn Claessens, Asli Demirguc-Kunt, Simeon Djankov, Oli vier Fremond, Mariassunta Giannetti, Christian Harm, Charles Himmelberg, Simon Johnson, and Rohan Williamson for useful discussions. We also thank Victor Sulla for providing excellent research assistance.

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