Corporate Governance and Access to Finance - ESBG

Only 27 members established in 21 countries 23 answered the CorporateGovernance questionnaire; and complete information on Access toFinance was provided by 25 WSBI members. Furthermore, data on bothCorporate Governance and Access to Finance for the same institutionwere available for only nine members: Chile, Colombia, El Salvador,France, Indonesia, Peru, Philippines, Thailand and Uganda.The following table summarizes a description on the type of informationprovided by WSBI members. A more extensive data set would haveallowed performing a more elaborated analysis on the link betweenCorporate Governance and Access to Finance.Table 9. Summary of WSBI members' response ratesNo. Answers toCORPORATENo. Answers toGOVERNANCE ACCESS TO FINANCE Observations onQuestionnaire Questionnaire CG & (full) A2FSavingsLoans21 countries 23% 24 48 countries 52% 25 countries 37% 9 countries 10%(27 members) (25%) 25 (54 members) (49%) (28 members) (37%) (9 members) (8%)- Developing: 17 24% - Developing: 36 51% - Developing: 17 35% - Developing: 8 11%- Industrial: 4 19% - Industrial: 12 57% - Industrial: 8 42% - Industrial: 1 5%In the absence of a more elaborated econometric exercise, a descriptivestatistic analysis has been realised. In addition to the questionnaires,other sources of information were used to better understand crucialnational variables such as the regulatory environment and the degreeof financial development that can influence Corporate Governanceand Access to Finance both at the country and at the institution level.Several alternatives have been used since, as stated before, there is noglobal and widely agreed measure of either Corporate Governance orAccess to Finance. This section distinguishes between the country level(section 5.1.), and the WSBI members level (section 5.2.)23 WSBI members from the following countries replied to the questionnaire: Austria, Brazil,Chile, Colombia, El Salvador, France, Indonesia, Kenya, South Korea, Lesotho, Macau,Peru, Philippines, Spain, Sweden, Tanzania, Thailand, Togo, Uganda, and Vietnam.24 Percentage over total countries with WSBI member(s).25 Percentage over total WSBI member institutions.76