Hong Kong

Cenaide Francieli Justen and Eliene Aparecida Moraes
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Cenaide Francieli Justen: University of Vale do Rio dos Sinos
Eliene Aparecida Moraes: University of Rio Verde

Chapter Chapter 11 in Corporate Governance in Capital Markets, 2025, pp 257-280 from Springer

Abstract: Abstract The chapter addresses the structure and practices of corporate governance in Hong Kong, highlighting the historical, regulatory, and market peculiarities that have shaped this scenario. The research aims to describe the main characteristics of corporate governance in the region, especially in response to the search for improvements after the 1997 Asian financial crisis. The method consists of a systematic literature review and analysis of the regulations governing capital markets and corporate governance in Hong Kong. The study examines legislation, such as the Securities and Futures Ordinance and the Corporate Governance Code, in addition to discussing the evolution of the economic system and the particularities of adopting international accounting standards. The main findings reveal that significant challenges still exist despite advances in the corporate governance structure. Issues related to the protection of minority shareholders, the independence of non-executive directors, and the participation of women on boards of directors need to be addressed more effectively. The analysis shows that approximately 75% of the companies listed on the Hong Kong Stock Exchange have a controlling shareholder who holds 30% or more of the issued shares, evidencing the concentration of ownership. The Corporate Governance Code, revised in 2021, contains mandatory disclosure requirements and sound practice principles, but enforcement and compliance with these principles remain areas for improvement. In summary, the research contributes to understanding the evolution and challenges of corporate governance in Hong Kong, highlighting the need for stronger regulations and more inclusive practices to foster a more equitable and transparent business environment.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-031-94751-3_11

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DOI: 10.1007/978-3-031-94751-3_11

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