Corporate Governance, Economic Reforms, and Development: The Indian Experience

This collection discusses recent changes in corporate governance through an exploration of India’s history of development, the nature of its corporate economy, and the recent changes in the global political economy. In particular, it examines the changing corporate governance policies and practices in India inc. in the face of liberalization. Neo-liberal advocates of economic reforms attempt to link corporate governance with development by arguing that reforms are opening up new opportunities for corporations, while increased market pressure and legal reforms are forcing them to become more competitive and responsible to their shareholders. The volume explores various controversial aspects of this argument and investigates the actual extent to which economic reforms have contributed to development by promoting improvements in corporate governance. This book delves into relevant yet unexplored territory and addresses the following questions: what does corporate governance in the Indian context entail? Is corporate governance practised by Indian firms or does it still remain a largely academic issue? What should be the development priorities, responsibilities, and role of Indian firms? Does the Anglo-American model effectively meet India’s corporate governance needs to does it need to be supplemented and contextualized? In addressing these questions, the book incorporates positive, strategic, and normative analyses of governance reforms. The contributors evaluate practices and policies, and provide strategic recommendations for boards and managements to ensure responsible corporate governance. The comprehensive analysis offered here will benefit management professionals, economists, development researchers, students, academics, and policy-makers.