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Some Conceptual Issues of Corporate Governance

dc.contributor.authorJuzhong Zhuang
dc.date.accessioned2015-03-18T12:23:45Z
dc.date.available2015-03-18T12:23:45Z
dc.date.issued1999-06-15
dc.identifier.urihttp://hdl.handle.net/11540/2616
dc.description.abstractA great deal of the discussion on corporate governance has focused on the differences between the Anglo-Saxon market-based model and the German-Japanese relationship-based model. In the UK and US, ownership of equity and debt is dispersed. Corporate governance is exercised by portfolio investors through the enforce¬ment of shareholder and creditor rights and through the market for corporate control. The sole purpose of governance structures is the protection of shareholder value. In Germany and Japan, on the other hand, ownership of equity and debt is concentrated. Banks and large family interests are important in the governance structure. Also substantial cross-holdings of shares exist between companies. The Anglo-Saxon model of corporate governance has come under criticism for some time (Mayer 1990). It has been argued that the Anglo-Saxon model forces management to pursue short-term objec¬tives, and that the German and Japanese models of corporate governance are consistent with superior long-run performance and encourage long-term investment. However, recent experience of many East Asian countries, which have basically the relationship- based corporate governance system and have been hit hard by the financial crisis, and examples of failure of Japanese as well as German banks in acting as effective monitors of companies have cast serious doubt on these criticisms.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleSome Conceptual Issues of Corporate Governance
dc.typeBriefs
dc.subject.expertGovernance
dc.subject.expertCorporate Governance Reform
dc.subject.expertGovernance Approach
dc.subject.expertGovernance Quality
dc.subject.expertPublic Sector Projects
dc.subject.expertPublic Sector Reform
dc.subject.adbGovernment
dc.subject.adbInstitutional Framework
dc.subject.adbPublic Administration
dc.subject.adbBusiness Ethics
dc.subject.adbPolitical Leadership
dc.subject.adbPublic enterprises
dc.subject.adbPublic finance
dc.subject.naturalGovernment
dc.subject.naturalPolitical obligation
dc.subject.naturalPublic management
dc.subject.naturalGovernment accountability
dc.subject.naturalTransparency in government
dc.subject.naturalPolitical ethics
dc.subject.naturalGovernment spending policy
dc.subject.naturalGovernment services
dc.title.seriesEDRC Briefing Notes
dc.title.volume13
dc.contributor.imprintAsian Development Bank
oar.themeGovernance
oar.themePublic Sector
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-002924
oar.authorZhuang, Juzhong
oar.importtrue
oar.googlescholar.linkpresenttrue


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