Corporate governance and strategic transparency: East Asia in the international business systems

Corporate Governance

Volumn 6, Issue 3, 2006, Pages 281-295

  Eldomiaty, Tarek Ibrahim ^a   Choi, Chong Ju ^b  

^a UNITED ARAB EMIRATES UNIVERSITY   (United Arab Emirates)

^b AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

Author keywords

Corporate governance; International business

Indexed keywords

EID: 33745459688     PISSN: 14720701     EISSN: None     Source Type: Journal    
DOI: 10.1108/14720700610671882     Document Type: Article

References (103)

1. Admati, A.R. and Pfleiderer, R. (1998), "Forcing firms to talk: financial disclosure regulation and externalities", working paper, Social Science Research Network, available at: http://papers.ssrn.com/sol3/papers.cfm? abstractid=103968.
2. Albert, M. (1991), Capitalisme Contre Capitalisme, Seuil, Paris.
3. American Law Institute (1982), "Principles of corporate governance and structure: analysis and recommendations", Nos 1-10, Tentative drafts.
4. Aoki, M. and Kim, H. (1995a), "Corporate governance in transition economies", Finance and Development, September, pp. 20-2.
5. Aoki, M. and Kim, H. (1995b), Corporate Governance in Transitional Economies: Insider Control and the Role of Banks, EDI Development Studies, The World Bank, Washington, DC.
6. Aram, J. (1989), "The paradox of interdependent relations in the field of social issues in management", Academy of Management Review, Vol. 14 No. 2, pp. 266-83.
7. Baums, T. (1992), "Corporate governance in Germany: the role of the banks", American Journal of Comparative Law, Vol. 40, pp. 503-27.
8. Bhattacharya, S. and Chiesa, G. (1995), "Proprietary information, financial intermediaries, and research incentives", Journal of Financial Intermediation, Vol. 4 No. 4, pp. 328-57.
9. Bhattacharya, S. and Ritter, J.R. (1982), "Innovation and communication: signaling with partial disclosure", Review of Economic Studies, Vol. 50 No. 4, pp. 331-46.
10. Bhide, A. (1994), "Efficient markets, deficient governance", Harvard Business Review, Vol. 72 No. 6, pp. 128-39.
11. Black, B. (1990), "Is corporate law trivial? A political and economic analysis", Northwestern University Law Review, Vol. 84 No. 2, pp. 542-97.
12. Black, B. (1998), "Information asymmetry, the internet, and securities offerings", Journal of Small and Emerging Business Law, Vol. 2 No. 1, pp. 91-9.
13. Black, B. (2001), "The legal and institutional preconditions for strong stock market", UCLA Law Review, Vol. 48, pp. 781-858.
14. Black, B. and Kraakman, R. (1996), "A self-enforcing model of corporate law", Harvard Law Review, Vol. 109 No. 8, pp. 1911-81.
15. Black, F. (1975), "Bank funds management in an efficient market", Journal of Financial Economics, Vol. 2 No. 4, pp. 323-39.
16. Boot, A.W.A. and Thakor, V.A. (2001), "The many faces of information disclosure", Review of Financial Studies, Vol. 14 No. 4, pp. 1021-58.
17. Booth, J.R. (1992), "Contract costs, bank loans, and the cross-monitoring hypothesis", Journal of Financial Economics, Vol. 31 No. 1, pp. 25-41.
18. Botosan, C.A. (1997), "Disclosure level and the cost of equity capital", The Accounting Review, Vol. 72 No. 3, pp. 323-49.
19. Botosan, C.A. (2000), "Evidence that greater disclosure lowers the cost of equity capital", Journal of Applied Corporate Finance, Vol. 12, pp. 60-9.
20. Cadbury, A. Sir (1993), "Highlights of the proposals of the committee on financial aspects of corporate governance", in Prentice, D.D. and Holland, P.R.J. (Eds), Contemporary Issues in Corporate Governance, Clarendon Press, Oxford.
21. Calomiris, C.W. and Rammirez, C.D. (1996), "The role of financial relationships in the history of American corporate finance", Journal of Applied Corporate Finance, Vol. 9, pp. 52-73.
22. Campbell, T.S. (1979), "Optimal investment financing decisions and the value of confidentiality", Journal of Financial and Quantitative Analysis, Vol. 14 No. 5, pp. 913-24.
23. Carlin, W. and Mayer, C. (1999), "How do financial systems affect economic performance?", OFRC working paper series, Fe08, Oxford Financial Research Centre, Oxford.
24. Charkham, J. (1989), "Corporate governance and the market for control of companies", Bank of England panel paper, No. 25.
25. Child, J. and Monir, T. (1983), "Theoretical perspectives in cross-national organizational research", International Studies of Management and Organization, Vol. 12 No. 4, pp. 23-70.
26. Choi, C.J., Raman, M., Soltseva, O. and Lee, S.H. (1999), "Political embeddedness in the new triad: implications for emerging economies", Management International Review, Vol. 39 No. 3, pp. 257-75.
27. Claessens, S., Djankov, S. and Lang, L.H.P. (1999), "Who control East Asian corporations - and the implications for legal reform", working paper No. 195, World Bank, Washington, DC.
28. Claessens, S., Djankov, S. and Lang, L.H.P. (2000), "The separation of ownership and control in East Asian corporations", Journal of Financial Economics, Vol. 58 Nos 1/2, pp. 81-112.
29. Claessens, S., Djankov, S., Fan, J.P.H. and Lang, L.H.P. (1999), "Expropriation of minority shareholders in East Asia", working paper, Social Science Research Network, available at: http://papers.ssrn.com/sol3/ papers.cfm?abstractid=202390.
30. Coffee, J.C. (1984), "Market failure and the economic case for a mandatory disclosure system", Virginia Law Review, Vol. 70, pp. 717-53.
31. Coffee, J.C. (1999), "The future as history: the prospects for global convergence in corporate governance and its implications", Northwestern University Law Review, Vol. 93, pp. 641-707.
32. Diamond, D. (1984), "Financial intermediation and delegated monitoring", Review of Economic Studies, Vol. 51 No. 166, pp. 393-444.
33. Donaldson, T. and Preston, L. (1995), "The stakeholder theory of the corporation: concepts, evidence and implications", Academy of Management Review, Vol. 20, pp. 65-91.
34. Doz, Y. and Prahalad, C.K. (1984), "Patterns of strategic control within multinational corporations", Journal of International Business Studies, Vol. 15 No. 2, pp. 55-72.
35. Dunning, J. (1995), "Reappraising the eclectic paradigm in an age of alliance capitalism", Journal of International Business Studies, Vol. 26 No. 3, pp. 461-91.
36. Dye, R.A. (1986), "Proprietary and nonproprietary disclosures", Journal of Business, Vol. 59 No. 2, pp. 331-66.
37. Dye, R.A. (1990), "Mandatory versus voluntary disclosures: the case of financial and real externalities", The Accounting Review, Vol. 65 No. 1, pp. 1-24.
38. Easterbrook, F. and Fischel, D. (1991), The Economic Structure of Corporate Law, Harvard University Press, Cambridge, MA.
39. (The) Economist (1993), 10 February.
40. Eldomiaty, T.I. (1998), "Corporate governance and corporate performance: implications for transition economies", unpublished PhD thesis, Cass Business School, The City University, London.
41. Eldomiaty, T.I. (2001), "The role banks in shareholders versus stakeholders business systems", paper presented at the International Conference on Money, Investment and Risk, Nottingham Trent University, Nottingham, 1-3 November.
42. Fama, E.F. (1985), "What's different about banks", Journal of Monetary Economics, Vol. 15 No. 1, pp. 29-39.
43. Freeman, R.E. (1984), Strategic Management: A Stakeholder Approach, Pitman Press, Boston, MA.
44. Gertner, R., Gibbons, R. and Scharfstein, D. (1988), "Simultaneous signaling to the capital and product markets", RAND Journal of Economics, Vol. 19 No. 2, pp. 173-90.
45. Gonedes, N. (1980), "Public disclosure rules, private information production, decisions and capital market equilibrium", Journal of Accounting Research, Vol. 18 No. 2, pp. 441-75.
46. Hart, O. (1995), "Corporate governance: some theory and implications", The Economic Journal, Vol. 105 No. 430, pp. 678-89.
47. Hedge, S. and McDermott, J. (2000), Firm Characteristics as Cross Sectional Determinants of Adverse Selection, Mimeo, University of Connecticut, Storrs-Mansfield, CT.
48. Hirakawa, H. (2001), "East Asia's financial and economic crisis and its lessons", Journal of Tokyo Keizai University, Vol. 223, pp. 41-54.
49. Ho, P.H. (2001), "Corruption and economic growth", Journal of Comparative Economics, Vol. 29 No. 1, pp. 66-80.
50. Holland, J. (1998), "Private voluntary disclosure, financial intermediation and market efficiency", Journal of Business Finance and Accounting, Vol. 25 Nos 1/2, pp. 29-68.
51. Holmström, B. and Tirole, J. (1993), "Market liquidity and performance monitoring", Journal of Political Economy, Vol. 101 No. 4, pp. 678-709.
52. Hoshi, T., Kashyap, A. and Scharfstein, D. (1991), "Corporate structure, liquidity and investment: evidence from japanese industrial groups", Quarterly Journal of Economics, Vol. 106 No. 1, pp. 33-60.
53. Jensen, M.C. and Meckling, W.H. (1976), "Theory of the firm: managerial behavior, agency costs and ownership structure", Journal of Financial Economics, Vol. 3 No. 4, pp. 305-60.
54. Jones, T. (1995), "Instrumental stakeholder theory: a synthesis of ethics and economics", Academy of Management Review, Vol. 20 No. 2, pp. 404-37.
55. Kay, J. and Silberston, A. (1995), "Corporate governance", National Institute Economic Review, No. 153, pp. 84-97.
56. Kim, H. (1995), "Markets, financial institutions, and corporate governance: perspectives from Germany", Law and Policy in International Business, Vol. 26, pp. 371-405.
57. Kogut, B. (1991), "Country capabilities and the permeability of borders", Strategic Management Journal, Vol. 12 No. 4, pp. 33-47.
58. Kumar, S. (1996), "Corruption slows growth", Asian Business, Vol. 32 No. 12, pp. 10-12.
59. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1997), "Legal determinants of external finance", Journal of Finance, Vol. 52 No. 3, pp. 1131-50.
60. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1998a), "Law and finance", Journal of Political Economy, Vol. 106 No. 6, pp. 1113-55.
61. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1998b), "Agency problems and dividend policies around the world", working paper No. 1839, Harvard Institute of Economic Research, Cambridge, MA.
62. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1999), "Corporate ownership around the world", Journal of Finance, Vol. 54 No. 2, pp. 471-517.
63. Laverty, K.J. (1996), "Economic 'short-termism': the debate, the unresolved issues, and the implications for management practice and research", Academy of Management Review, Vol. 21 No. 3, pp. 825-60.
64. Lehmann, J.-P. (1996), "Corporate governance in East Asia and Western Europe: competition, confrontation and co-operation", No. 24, The European Institute of Japanese Studies, Stockholm, working paper.
65. Levine, R. (1998), "The legal environment, banks, and long-run economic growth", Journal of Money, Credit and Banking, Vol. 30 No. 3, pp. 596-613.
66. Levine, R. and Zervos, S. (1996), "Stock markets, banks and economic growth", working paper, The World Bank, Washington, DC.
67. Lodge, G.C. (1990), Comparative Business-Government Relations, Prentice-Hall, Englewood Cliffs, NJ.
68. Lowenstein, L. (1996), "Financial transparency and corporate governance: you manage what you measure", Columbia Law Review, Vol. 96 No. 5, pp. 1335-62.
69. Macey, J.R. and Miller, G.P. (1995), "Corporate governance and commercial banking: a comparative examination of Germany, Japan, and the United States", Stanford Law Review, Vol. 48, pp. 73-112.
70. Mahoney, P.G. (1995), "Mandatory disclosure as a solution to agency problems", University of Chicago Law Review, Vol. 62, pp. 1047-112.
71. Mauro, P. (1995), "Corruption and growth", Quarterly Journal of Economics, Vol. 110 No. 3, pp. 681-712.
72. Mayer, C. (1988), "New issues in corporate finance", European Economic Review, Vol. 32 No. 5, pp. 1167-83.
73. Modigliani, M. and Perotti, E. (2000), "Security versus bank finance: the importance of a proper enforcement of legal rules", working paper No. 37.99, Fondazoine Eni Enrico Mattei.
74. Nam, I.C., Kang, Y. and Kim, J. (1999), "Comparative corporate governance trends in Asia", paper presented at the OECD, Conference on Corporate Governance in Asia: A Comparative Perspectives, Seoul, 3-5 March.
75. North, D.C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge.
76. Ohmae, K. (1985), Triad Power: The Coming Shape of Global Competition, Free Press, New York, NY.
77. Peek, J. and Rosengren, E.S. (1997), "The international transmission of financial shocks: the case of Japan", American Economic Review, Vol. 87 No. 4, pp. 495-505.
78. Perotti, E.C. and von Thadden, E.-L. (2001), "Outside finance, dominant investors and strategic transparency", discussion paper No. 2733, Centre for Economic Policy Research, London.
79. Phan, P.H. (2001), "Corporate governance in the newly emerging economies", Asia Pacific Journal of Management, Vol. 18 No. 2, pp. 131-6.
80. Pistor, K., Raiser, M. and Gelfer, S. (2000), "Law and finance in transition economies", Economics of Transition, Vol. 8 No. 2, pp. 325-68.
81. Porter, M.E. (1990), The Competitive Advantage of Nations, Macmillan, London.
82. Porter, M.E. (1992), "Capital disadvantage: America's failing capital investment system", Harvard Business Review, Vol. 70 No. 5, pp. 65-83.
83. Rajan, R.G. (1992), "Insiders and outsiders: the choice between informed and arm's length debt", Journal of Finance, Vol. 47 No. 4, pp. 1367-400.
84. Rajan, R.G. and Zingales, L. (1998), "Which capitalism? Lessons from the East Asian crisis", Journal of Applied Corporate Finance, Vol. 11, pp. 40-8.
85. Schmidt, H., Drukarczyk, J., Honold, D., Prigge, S., Schüler, A. and Tetens, G. (1997), Corporate Governance in Germany, Nomos Verlagsgesellschaft, Baden-Baden.
86. Scott, R.E. (1986), "A relational theory of secured financing", Columbia Law Review, Vol. 86, pp. 901-77.
87. Sengupta, P. (1998), "Corporate disclosure quality and the cost of debt", The Accounting Review, Vol. 73 No. 4, pp. 459-74.
88. Shan, W. and Hamilton, W. (1991), "Country-specific advantage and international cooperation", Strategic Management Journal, Vol. 12 No. 6, pp. 419-32.
89. Shleifer, A. and Vishny, R.W. (1997), "A survey of corporate governance", Journal of Finance, Vol. 52 No. 2, pp. 737-83.
90. Stopford, J.M. and Strange, S. (1991), Rival States, Rival firms, Cambridge University Press, Cambridge.
91. Stoughton, N.M. and Zechner, J. (1998), "IPO-mechanisms, monitoring and ownership structure", Journal of Financial Economics, Vol. 49 No. 1, pp. 45-77.
92. Stoughton, N.M., Wong, K.P. and Zechner, J. (2001), "IPOs and product quality", The Journal of Business, Vol. 74 No. 3, pp. 375-408.
93. Thurow, L. (1992), Head to Head: The Coming Economic Battle among Japan, Europe and America, Edward Morrow, New York, NY.
94. Triantis, G. and Daniels, R. (1995), "The role of debt in interactive corporate governance", California Law Review, Vol. 83 No. 4, pp. 1073-113.
95. Verrecchia, R. (1982), "The use of mathematical models in financial accounting", Journal of Accounting Research, Vol. 20, pp. 1-42.
96. Von Thadden, E.-L. (1995), "Long-term contracts, short-term investment and monitoring", Review of Economic Studies, Vol. 62 No. 213, pp. 557-75.
97. Weinstein, D.E. and Yafeh, Y. (1998), "On the costs of a bank-centered financial system: evidence from the changing main bank relations in Japan", Journal of Finance, Vol. 53 No. 2, pp. 635-72.
98. Whitley, R. (1990), "Eastern Asian enterprise structures and the comparative analysis of forms of business organizations", Organization Studies, Vol. 11 No. 1, pp. 47-74.
99. Williamson, O.E. (1985), The Economic Institutions of Capitalism, Free Press, New York, NY.
100. Williamson, O.E. (1988), "Corporate finance and corporate governance", Journal of Finance, Vol. 43 No. 3, pp. 567-91.
101. World Bank (2000), "Global economic prospects and the developing countries", available at: www.worldbank.org/prospects/gep2000/.
102. Yoffie, D.B. (1996), "Competing in the age of digital convergence", California Management Review, Vol. 38 No. 4, pp. 31-53.
103. Yosha, O. (1995), "Information disclosure costs and the choice of financing source", Journal of Financial Intermediation, Vol. 4 No. 1, pp. 3-20.