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- Publisher
- Wiley
- Copyright
- Copyright © 2014 Cantillon and Mann
- ISSN
- 1078-1196
- eISSN
- 1745-6622
- DOI
- 10.1111/jacf.12081
- Publisher site
- See Article on Publisher Site
Abstract
Since the 1998 Asian financial crisis, there has been considerable corporate governance reform in the region. But such reform has proceeded on two tracks. On one track, international rules are dominant, and common accounting and financial reporting standards are essentially accepted as necessary for trade and investment. On the second track, however, local cultural norms continue to exert a strong influence on the functioning of the boards, the quality of dialogue with shareholders, and the way they manage related party transactions and capital raising. As a consequence, in these matters of internal governance—where legacy issues and culture, and not international standards, continue to be the main driving force behind governance—there continue to be significant differences among Asian countries. And thus even as convergence is occurring in certain aspects of governance, it is expected to remain limited, particularly in the functioning of boards and internal governance.
Journal
Journal of Applied Corporate Finance – Wiley
Published: Jan 1, 2014