Corporate Governance in East Asia and Some Policy Implications
Zhuang, Juzhong | June 1999
Abstract
Many policymakers and advisors have acknowledged that a weak system of corporate and financial governance played an important role in the East Asia crisis. In a recent report, the World Bank (1998, 67-68) states that "the poor sys¬tem of corporate governance has contributed to the present financial crisis by shielding banks, financial companies, and corporations from market discipline. Rather than ensuring internal oversight and allowing external monitoring, corporate governance has been char¬acterized by ineffective boards of directors, weak internal control, unreliable financial reporting, lack of adequate disclosures, lax enforcement to ensure compliance, and poor audits." However, despite the recent surge of interest in the issue, corporate gover¬nance in most East Asian countries is still not well understood. The purpose of this note is to describe some common characteristics of corporate governance systems in East Asia and to discuss some of their implications to institutional and policy reforms.
Citation
Zhuang, Juzhong. 1999. Corporate Governance in East Asia and Some Policy Implications. © Asian Development Bank. http://hdl.handle.net/11540/2617. License: CC BY 3.0 IGO.Keywords
Governance
Corporate Governance Reform
Governance Approach
Governance Quality
Public Sector Projects
Public Sector Reform
Government
Institutional Framework
Public Administration
Business Ethics
Political Leadership
Public enterprises
Public finance
Government
Political obligation
Public management
Government accountability
Transparency in government
Political ethics
Government spending policy
Government services
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