Corporate Governance in the Asian Financial Crisis

作者：Simon Johnson, Peter Boone, Alasdair Breach, Eric Friedman · 发表于：RePEc: Research Papers in Economics · 年份：1998 · 被引用次数：68 · 研究领域：Global Financial Crisis and Policies、State Capitalism and Financial Governance、Corporate Finance and Governance

The 'Asian Crisis# of 1997}98 affected all the `emerging markets a 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.