Crisis and Reform in Corporate Governance in Asia

Thomas Clarke

Chapter 12 in Asian Post-crisis Management, 2002, pp 226-251 from Palgrave Macmillan

Abstract: Abstract Collapsing currencies, equity and property markets in East Asia in 1997–98 exposed underlying vulnerabilities in corporate governance structures and values. Financial liberalization and large current account deficits financed by short-term foreign loans, left these economies open to large international movements of capital. However, an international confidence crisis was fuelled by a growing realization of the structural weaknesses of economies often governed by crony capitalism, opaque accounting and auditing systems, and too close relations between business and the state.

Keywords: Corporate Governance; Hedge Fund; Audit Committee; Foreign Affair; Minority Shareholder (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1057/9780230595835_12

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