Corporate governance and stakeholders' wealth in ASEAN listed companies: from creation to redistribution

Tran Thi Hong Lien

International Journal of Business and Emerging Markets, 2024, vol. 16, issue 2, 170-188

Abstract: The main research questions of this study are 'Are good corporate governance practices beneficial? ' and 'Who among the stakeholders benefits the most? ' Answering the research questions, this study suggested implications for actions to stakeholders from the perspective of stakeholder theory and institutional theory. The matched-pair control study method was utilised on a sample of 57 pairs, or 114 top-listed corporations, from the Association of Southeast Asian Nations (ASEAN), with data from 2011 to 2016. In the context that state-owned enterprises occupy a prominent position in ASEAN economies, companies with high-quality corporate governance, enjoying lesser competitive pressure, are moving from wealth creation to wealth redistribution. This research makes a new contribution while answering the long-existing question of whether good corporate governance is beneficial. The findings send warning signals to investors, especially the minority, and invite further attention from governments to ensure equal treatment and fair corporate governance in the region.

Keywords: corporate governance; stakeholder theory; wealth redistribution; wealth creation; ASEAN. (search for similar items in EconPapers)
Date: 2024
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