For robustness checks, we examine the results using sample periods ending in March 1998, August 1998, or September 1998. The same corporate governance results hold for these periods. Controlling for the size of IMF packages (either pledged or actually disbursed) does not affect the significance of the governance variables. Controlling for combinations of macroeconomic variable also does not make any of our governance variables insignificant. (These results are available from the authors. )