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Bairong CEO Felix Zhang, in launching his credit scoring start-up that incorporates 74,000 variables per individual, found strong initial success. However, the shifting regulatory environment, growing breadth of competitors, difficulties in retaining top talent, and uncertainty around the accumulation and protection of data that fuels the company all threaten the company's stability during its IPO. Defining exactly how his firm will make its mark, and remain indispensable amongst a massive and ever sharpening FinTech landscape, will test Zhang's abilities at the helm and make or break his corner of the industry.

Founded in 1958 and headquartered in Mianyang - an emerging inland science and technology city in Sichuan Province, Changhong Electric Co., Ltd., started from the military industry. It then entered the color TV industry and subsequently expanded to a wide range of sectors including black electronics, white electronics, IT/communication, services and parts. It is now an integrated multinational corporation (combining R&D and manufacturing for the military industry, consumer electronics, electronic components, etc.) This case shows how a large TV manufacturer has transformed its internal controls to deal with both fiscal austerity and emerging global practice. It demonstrates the new financial control environment in China in 2014 for leading companies and the immense challenges involved in implementing new controls.

This article examines occurrences of corporate governance failures, and analyzes why such failures occur nationally and gloabally. Also considered is governance reform and suggestions toward that end.

In this article, we examine the evolution of corporate governance reforms in the emerging economies of China and India. We first describe the two major driving forces behind governance reforms in these countries: privatization and globalization. After summarizing the evolution of governance reforms in each context, we identify four major obstacles that impede their implementation in both countries, namely: (1) lack of incentives, (2) power of the dominant shareholder, (3) underdeveloped external monitoring systems, and (4) shortage of qualified independent directors. Next, we highlight practical implications of these governance challenges for foreign firms contemplating, or already involved in, major investments in these emerging economies. We emphasize that foreign firms that are sensitive to context-specific challenges are more likely to put in place appropriate contractual or other safeguards, as well as identify more practical and meaningful forms of participation in the governance of their ventures. Finally, we conclude with some implications for future research.