Corporate Governance In Asia: A Comparative Perspective by OECD

By OECD

Bad company governance was once pointed out as one of many root explanations of the hot Asian monetary difficulty. The absence of potent disciplines on company managers, coupled with advanced and opaque relationships among agencies, their proprietors ...

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Perhaps the most radical change of all can be found among the institutional investors. In those countries where institutional investors have not been significant, there is a considerable growth, especially in the mutual fund industry which, owing to international competition and deregulation, is expanding rapidly in many countries. With pension reform, a considerable growth in pension funds is also likely to occur, especially in countries that have up to now relied on pay-as-you-go, state pension 22 systems.

It seems that corporate governance-related legislation has been converging over the past few years. Recent German legislation44 has substantially tilted the control of the decision making process toward shareholders and has increased transparency in the way accounts are prepared, especially as regards consolidation; it has also made important steps in facilitating take-overs. In France, the 1997 Marini Report on company law reform, recognised the need for a “contractualisation” of French company law, by allowing firms more liberties in the way they shape their financial structures.

Kraakman (1993), “Investment companies as guardian shareholders: the place of the MSCIC in the corporate governance debate”, Stanford Law Review, 45: pp. 985-1010. Gilson, Ronald (1998), “Globalising corporate governance: convergence of form or function”, paper in conference, organised by the Sloan Project on Corporate Governance at Columbia Law School, May. Hadden, Tom (1983), “The control of corporate groups”, mimeo, Institute of Advanced Legal Studies, London. Hart, Oliver (1995), “Corporate governance: some theory and implications”, The Economic Journal, 105: pp.

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