Corporate governance is important for companies in emerging markets. Good governance helps firms get more money, lower costs, perform better, and treat everyone well. Studies show this works at the firm, sector, and country levels. When a country's governance is weak, voluntary and market governance methods don't work as well. Changes in governance affect firms, but we need more research on how it affects society and the environment. We still need to learn more about governance in banks, family-owned and state-owned firms, and how rules are enforced.