Abstract
This work is an attempt to contribute to thinking about the institutional framework of corporate governance in the context of its evolution in the developing and emerging markets (DEM). We raise the question whether the DEM countries adapt the mechanisms and practices of the corporate governance models of leading economies. We first introduce the concept and genealogy of the new institutional economy. Then we trace the specifics of the modern models of corporate governance and the main factors affecting these models. We finally engage in critical reflection on the problems in corporate governance in both developed and developing markets through the prism of the fundamental, institutional features of each country.