The article evaluates a closer integration of these companies in the global market. This is something that is potentially bound to happen. Indeed, these companies are already playing a more important role on a regional level by investing in neighbor economies. Recently, a Kazakh corporation purchased a Romanian fuel processing company, which, in turn, had operations in the entire Balkan Peninsula. Mol, from Hungary, was another corporation that had bid on the deal. This is all possible not because of the financial assets that these companies possess at a certain point, but because they are able to access capital on the international markets in order to grow their businesses. However, the future is also likely to bring about a more rational approach to risk and risk management. At this point, companies in developing countries are still not fully using risk management instruments to hedge their risks. With all risks, ranging from credit to market and operational risk, potentially affecting the companies' businesses, risk management instruments become a necessity.

Finally, the future access of the companies in developing countries to international markets is also likely to go hand in hand with the macroeconomic reforms in their countries of origin. In my opinion, it is interesting to point out that, in many ways, the internal corporate finance reforms that these companies had to make, have also produced and generated change at the macroeconomic level. Indeed, financial requirements that corporations needed to adapt to reflected in the macroeconomic reforms and structural reforms that these countries had to make.

Conclusions

While initially this may have included global trade and outsourcing services, more and more these companies gain access to international financial markets, are able to increase their capital, develop their business and, in turn, invest overseas.
Globalization's impact in corporate finance in developing countries has thus been enormous, guiding the corporations into the adoptions of new financial and accounting standards, in the increase of their transparency and corporate governance standards, as well as in adopting risk management instruments in order to hedge their commitments on the financial markets. Further more, they are decreasing their financial leverage so as to decrease their debt to equity ratios and develop a more prudent approach. The future participation of corporations in developing countries on international financial markets will most likely increase in trend, as well as in approach.

Bibliography

1. World Bank. 2007. The Globalization of Corporate Finance in Developing Countries. Global Development Finance 2007.

2. International Monetary Fund. 2007. Global Financial Stability Report.

3. Mathieson, Donald J., Jorge E. Roldos, Ramana Ramaswamy, and Anna Ilyina, 2004, Emerging Local Securities and Derivatives Markets, World Economic and Financial Surveys (Washington: International Monetary Fund).

4. King, Robert G., and Ross Levine, 1993, "Finance and Growth: Schumpeter Might Be Right," Quarterly Journal of Economics, Vol. 108, No. 3, pp. 717-37