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GLOBALIZATION OF CORPORATE GOVERNANCE

GLOBALIZATION OF CORPORATE GOVERNANCE. SESSION 7. Outline. Evolution of Income, Exports and Capital Flows 1985 -2002 Premium for Good Governance in Regions Evolution of Equity Markets and Trading Largest Stock Exchanges Market Capitalization of NYSE New Listings in Major Markets 1998-2000

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GLOBALIZATION OF CORPORATE GOVERNANCE

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  1. GLOBALIZATION OF CORPORATE GOVERNANCE SESSION 7

  2. Outline • Evolution of Income, Exports and Capital Flows 1985 -2002 • Premium for Good Governance in Regions • Evolution of Equity Markets and Trading • Largest Stock Exchanges • Market Capitalization of NYSE • New Listings in Major Markets 1998-2000 • Convergence of Governance Institutions • Alternative Directions

  3. Evolution of Income, Exports and Capital Flows 1985 -2002 Billions of USD Percentage Share of the World Source: Gunter and Hoeven ( 2004:3).

  4. Evolution of Income, Exports and Capital Flows Billion of USD Billion of USD Percentage share of Percentage share of world level world level 1985 1985 2002 2002 1985 1985 2002 2002 Gross Domestic Product Gross Domestic Product China and India China and India 558.5 558.5 1 922.4 1 922.4 4.4 4.4 6 6 Low income countries excl. India Low income countries excl. India 579.3 579.3 634.7 634.7 4.5 4.5 2 2 Middle income countries excl. China Middle income countries excl. China 2 234.1 2 234.1 3 702.9 3 702.9 17.5 17.5 11.5 11.5 High income countries High income countries 9 9393.4 9 9393.4 25 867 25 867 73.6 73.6 80.5 80.5 World World 12 765 12 765 32 127 32 127 100 100 100 100 Exports of goods and Services Exports of goods and Services China and India China and India 79.1 79.1 685.1 685.1 3.4 3.4 8.7 8.7 Low income countries excl. India Low income countries excl. India 82.5 82.5 215.2 215.2 3.6 3.6 2.7 2.7 Middle income countries excl. China Middle income countries excl. China 433.9 433.9 1 227.2 1 227.2 18.7 18.7 15.6 15.6 High income countries High income countries 1 718.7 1 718.7 5 732.6 5 732.6 74.3 74.3 72.9 72.9 World World 2 314.1 2 314.1 7 860.2 7 860.2 100 100 100 100 Source: Gunter and Hoeven (2004: 3) Notes: Data on gross domestic product and exports of goods and services are taken from the IMF’s World Economic Outlook.

  5. Domestic Market Capitalization (WFE 2009) USD bn 25 000 20 000 40 000 10 000 5 000 0 2001 2004 2007 2008 2000 2002 2003 2005 2006

  6. USD bn 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 2001 2004 2007 2008 2000 2002 2003 2005 2006 Value of Share Trading (WFE 2009)

  7. Largest Stock Exchanges in Market Capitalisation (year end 2008) Source: World Federation of Exchanges Statistics 2009.

  8. Largest Exchanges in Share Trading (year end 2008) Source: World Federation of Exchanges Statistics 2009.

  9. NYSE Overview Statistics 2006 Source: NYSE 2006

  10. Global Comparison of Market Capitalization of Domestic Listed Companies 2006 ( USD Trillions) Source: NYSE (2006); WFE (2005)

  11. US Investors Holdings of Non-US Equities2003

  12. Global Comparison of Annualized Trading (USD Trillions) Source: NYSE (2006); WFW (2005)

  13. New Listings in Major Markets Source: WFE respective annual reports.

  14. Development of International Principles of Corporate Governance Guidelines

  15. Corporate Governance Objectives

  16. Multiple Convergence of Governance Institutions and Relationships

  17. Corporate Governance Convergence: Alternative Directions

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