Corporate governance of non-listed companies in emerging markets

While the corporate governance debate has mostly focused on listed companies in countries with developed capital markets and companies with dispersed shareholdings, the challenges are corporate governance in non listed companies deserve special attention, especially in countries where equity markets are less developed. Relatively little attention and research had been devoted to this subject, but recent experience in implementing the OECD Principles of Corporate Governance contains important lessons for improving the business environment for non-listed companies.