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Corporate Governance in the Asian Financial Crisis

Author

Listed:
  • Eric Friedman

    (Rutgers University)

  • Simon Johnson

    (MIT)

  • Peter Boone

    (The World Bank)

  • Alasdair Breach

    (The World Bank)

Abstract

The "Asian Crisis" of 1997-98 affected all the "emerging markets" open to capital flows. Measures of corporate governance, particularly the effectiveness of protection for minority shareholders, explain the extent of depreciation and stock market decline better than do standard macroeconomic measures. A possible explanation is that in countries with weak corporate governance, worse economic prospects result in more expropriation by managers and thus a larger fall in asset prices.

Suggested Citation

  • Eric Friedman & Simon Johnson & Peter Boone & Alasdair Breach, 1999. "Corporate Governance in the Asian Financial Crisis," Departmental Working Papers 199920, Rutgers University, Department of Economics.
    • Handle: RePEc:rut:rutres:199920
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