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Corporate Governance in ASEAN Financial Corporations: reality or illusion?

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  • Wiparat Chuanrommanee
  • Fredric William Swierczek

    (School of Management, Asian Institute Technology, Thailand)

Abstract

According to Credit Lyonnais Securities Asia, Singapore has the best corporate governance practices in Asia. Malaysia has had the biggest improvements in governance overtime. Thailand lags behind both in achieving appropriate governance. This paper considers recent developments in corporate governance through the analysis of the corporate websites of financial corporations in these countries. The study finds that the corporate governance practices of Thai, Malaysian and Singaporean financial corporations are consistent with international best practices. Corporate governance as presented in company documents probably does not actually reflect real corporate governance practices. These practices do not have an impact on company performance. The level of corporate governance reported is also not consistent with the ratings from international financial institutions such as Credit Lyonnais Securities Asia and Standard & Poor's. These findings suggest that corporate governance in ASEAN is more illusion than fact. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Wiparat Chuanrommanee & Fredric William Swierczek, 2007. "Corporate Governance in ASEAN Financial Corporations: reality or illusion?," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 272-283, March.
  • Handle: RePEc:bla:corgov:v:15:y:2007:i:2:p:272-283
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    References listed on IDEAS

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    1. Jean-Jacques Laffont & Jean Tirole, 1993. "A Theory of Incentives in Procurement and Regulation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121743, January.
    2. Haider A. Khan, 2003. "Corporate Governance in Singapore and Hong Kong: What Can the Other Asian Economies Learn?," CIRJE F-Series CIRJE-F-228, CIRJE, Faculty of Economics, University of Tokyo.
    3. Haider A. Khan, 2003. "Corporate Governance:The Limits of the Principal- Agent Approach in Light of the Family-Based Corporate Governance System in Asia," CIRJE F-Series CIRJE-F-230, CIRJE, Faculty of Economics, University of Tokyo.
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    Cited by:

    1. repec:gam:jsusta:v:10:y:2018:i:2:p:556-:d:132803 is not listed on IDEAS
    2. Ameer, Rashid, 2010. "The role of institutional investors in the inventory and cash management practices of firms in Asia," Journal of Multinational Financial Management, Elsevier, vol. 20(2-3), pages 126-143, July.
    3. Nguyen, Tuan & Locke, Stuart & Reddy, Krishna, 2014. "A dynamic estimation of governance structures and financial performance for Singaporean companies," Economic Modelling, Elsevier, vol. 40(C), pages 1-11.
    4. Nguyen, Tuan & Locke, Stuart & Reddy, Krishna, 2015. "Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter?," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 148-161.

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