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Corporate Governance in Asia - Julian Roche

Corporate Governance in Asia

Hardcover Published: 1st April 2005
ISBN: 9780415339759
Number Of Pages: 335

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The impact of the economic downturn and the increase in financial scandals emerging from major corporations has generated a growing interest in governance issues, and has emphasized the need for companies to be transparent in their dealings with shareholders and the markets.
Although the issues in Asia are fundamentally similar to those in the rest of the world, there are some crucial differences in the way in which Asian corporations acknowledge and confront these issues and in the political and legal frameworks under which they operate. Using examples of good and bad governance, Roche analyzes whether there is a uniquely Asian approach to governance issues.
The book is organized into three parts:
* Part I: Context and Perspectives on Governance provides a comprehensive overview of both national and international institutions involved in governance, and the organizations which attempt to promote it.
* Part II: Corporate Governance and Compliance explores compliance issues and the role of directors and boards and external parties.
* Part III: Corporate Governance and Value Creation looks at the relationship between governance, value creation, and social responsibility and looks at how Asian firms present their governance.
Business and finance students, as well as executives with an interest in Asian business or corporate governance will find this an authoritative and insightful guide to this complex and important topic.

List of illustrationsp. ix
Acknowledgementsp. xi
List of abbreviationsp. xiii
The backgroundp. 1
Introductionp. 1
Huge interest in corporate governancep. 3
Is a definition still useful?p. 4
The cultural and historical perspectivep. 13
Institutional prevalencep. 15
What does the study of corporate governance entail?p. 15
The objective of corporate governancep. 17
What corporate governance is notp. 18
Systems of corporate governancep. 20
Transition economiesp. 24
How to run a corporate governance systemp. 25
Examining corporate governance modelsp. 28
Family-based governance (FBS)p. 31
Corporate governance in the West: a review of the US and UKp. 32
Corporate governance in Asiap. 36
The lingering effects of socialismp. 38
Is it all good news?p. 43
Catching up and copyingp. 44
What's meant herep. 44
The motivationp. 45
From there to herep. 47
Hong Kongp. 49
China: rapidly demystifying itselfp. 50
The newcomersp. 54
It means somethingp. 54
Effects of the processp. 57
Problems with the processp. 57
Plus ca change: the scandals continuep. 60
Winners and losersp. 66
The board of directorsp. 71
The role of the board as a wholep. 71
Board compositionp. 74
Choosing a boardp. 78
Separation of chairman from CEOp. 79
Access to information for directorsp. 81
Independent directorsp. 82
Directors' and officers' insurancep. 92
Director trainingp. 92
Board committeesp. 94
The nomination committee in the Asian corporationp. 98
The remuneration committee in the Asian corporationp. 102
Conclusionp. 105
Accounting standards and proceduresp. 106
The linkp. 106
Internal auditp. 108
The audit committeep. 111
Potential conflict with shareholders' and board of directors' rolesp. 118
Auditor communication with audit committeesp. 119
The role of auditorsp. 119
Auditor independencep. 120
Summary of US rulesp. 121
Summary of changes from proposalsp. 122
Audit partner rotationp. 125
Expanded disclosure: principal accountants' feesp. 127
Global accountancy convergencep. 127
Corporate governance and corporate strategyp. 141
The link between governance and strategyp. 141
Managing riskp. 145
A spanner in the worksp. 145
Rewarding performance: the boardp. 150
Rewarding performance: the shareholdersp. 154
Related party transactionsp. 154
Corporations and politicsp. 155
Corporate governance and corporate social responsibilityp. 156
Conclusionp. 161
Corporate transparencyp. 165
Why disclose?p. 165
But disclose what?p. 165
Conclusionp. 173
Codes of corporate governancep. 191
Introductionp. 191
Coded objectivesp. 192
Now we are sixp. 193
All singing from the same hymn sheetp. 194
Singaporep. 194
Chinap. 200
Work without endp. 201
The role of active shareholding in Asiap. 203
The role of active shareholding in corporate governancep. 203
The basis of actionp. 204
The legal background in Asiap. 209
Asia just doesn't have much yetp. 213
Conclusionp. 217
Measuring corporate governancep. 218
Introductionp. 218
PERC evaluation of countriesp. 219
CLSA and ACGA combine forcesp. 224
Ranking companiesp. 227
Academic corroborationp. 228
The stance of the ratings agenciesp. 231
Flaws of the measurement processp. 239
Measuring tranparencyp. 240
From measurement to consultancyp. 242
Corporate governance and company performancep. 244
Behold the good newsp. 244
Why is it so?p. 251
Mine is better than yoursp. 252
Wait a minute...p. 252
Policing corporate governance: compliance and enforcementp. 256
The perennial problemp. 256
Who is responsible?p. 259
Identifying culpritsp. 260
Mechanisms of enforcementp. 261
Sanctionsp. 263
Conclusionp. 264
The futurep. 265
Thinking about the futurep. 265
The limits to corporate governancep. 283
Tables on corporate governance in Asiap. 285
Notesp. 317
Selected bibliographyp. 323
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415339759
ISBN-10: 0415339758
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 335
Published: 1st April 2005
Country of Publication: GB
Dimensions (cm): 23.5 x 15.88  x 2.54
Weight (kg): 0.7
Edition Number: 1