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Problems of Corporate Governance Reform in Thailand

In: The Governance of East Asian Corporations

Author

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  • Deunden Nikomborirak

Abstract

Part of the Asian Financial Crisis (AFC) has been attributed to bad corporate governance. This includes reckless lending by commercial banks, risky investment by managers, expropriation of company’s funds by directors, managers or large shareholders, shady business deals and poor audits. While it would be somewhat far-fetched to attribute this crisis to bad corporate governance per se, weaknesses in governance certainly rendered the economy much more vulnerable to economic imbalances. The bubble in the real estate and property sector would not have been as large if banks, finance and securities companies had been more cautious about their lending. The Bank of Thailand and the Stock Exchange of Thailand (SET) would have been better able to implement timely corrective measures should financial accounting and auditing have properly exposed the dire financial straits most banks and companies were in. But it is moot to talk about what could have happened. What is more interesting is that all of a sudden Thailand is shouldering the cost of inherent weaknesses in its corporate governance.

Suggested Citation

  • Deunden Nikomborirak, 2004. "Problems of Corporate Governance Reform in Thailand," Palgrave Macmillan Books, in: The Governance of East Asian Corporations, chapter 11, pages 216-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52327-2_11
    DOI: 10.1057/9780230523272_11
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