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

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  • Ji-Yong LEE

Abstract

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.

Suggested Citation

  • Ji-Yong LEE, 2011. "Crisis and transformation of corporate governance models in Asia (In French)," Cahiers du GREThA (2007-2019) 2011-37, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    • Handle: RePEc:grt:wpegrt:2011-37
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    File URL: http://cahiersdugretha.u-bordeaux.fr/2011/2011-37.pdf
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    1. repec:bla:jfinan:v:59:y:2004:i:2:p:537-600 is not listed on IDEAS
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    3. Charles Adams, 2008. "Emerging East Asian Banking Systems Ten Years after the 1997/98 Crisis," Working Papers on Regional Economic Integration 16, Asian Development Bank.
    4. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    5. 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.
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    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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