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Crisis and transformation of corporate governance models in Asia (In French)

  • Ji-Yong LEE (GREThA, CNRS, UMR 5113 & ESC Bretagne Brest)
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    The objective of this paper is to present the transformations of corporate governance in Asia\r\nsince the crisis of 1997. The analysis deals with 14 Asian countries during the period of 1997-\r\n2006. The important changes include the development of stocks markets, the new role of\r\nbanks and the rise of institutional investors. There is a incessant increase in the market\r\ncapitalization and the number of listed companies on the stock markets. Banks adjust to the new financial environment through diversification of their activities. The capital structure of listed companies is slowly diluted. The significant increase in the participation of institutional investors suggests a possible convergence to a model characterized by dispersed ownership. However, we will show the variety of ownership structure forms in this region.

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    File URL: http://cahiersdugretha.u-bordeaux4.fr/2011/2011-37.pdf
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    Paper provided by Groupe de Recherche en Economie Théorique et Appliquée in its series Cahiers du GREThA with number 2011-37.

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    Date of creation: 2011
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    Handle: RePEc:grt:wpegrt:2011-37
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    1. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    2. Alexander Dyck & Luigi Zingales, 2004. "Private Benefits of Control: An International Comparison," Journal of Finance, American Finance Association, vol. 59(2), pages 537-600, 04.
    3. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
      • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
      • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
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