Corporate governance in the Asian financial crisis

• 成果类型: Article
• 署名作者: Johnson, S; Boone, P; Breach, A; Friedman, E
• 署名单位: Massachusetts Institute of Technology (MIT); Rutgers University System; Rutgers University New Brunswick
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00069-6
• 发表日期: 2000
• 页码: 141-186
• 关键词: CORPORATE GOVERNANCE; Investor protection; Financial crisis

摘要

The Asian Crisis of 1997-98 affected all the emerging markets open to capital flows. Measures of corporate governance, particularly the effectiveness of protection for minority shareholders, explain the extent of exchange rate depreciation and stock market decline better than do standard macroeconomic measures. A possible explanation is that in countries with weak corporate governance, worse economic prospects result in more expropriation by managers and thus a larger fall in asset prices. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G18; G38; K22.