Corporate Governance in the Asian Financial Crisis

作者: Simon Johnson , Peter Boone , Alasdair Breach , Eric Friedman

DOI: 10.1016/S0304-405X(00)00069-6

关键词: Emerging marketsExpropriationStock marketAsset (economics)DepreciationExchange rateBusinessFinancial crisisFinancial systemCorporate governance

摘要: Abstract The “Asian Crisis” of 1997–98 affected all the “emerging markets” open to capital flows. Measures corporate governance, particularly effectiveness protection for minority shareholders, explain extent exchange rate depreciation and stock market decline better than do standard macroeconomic measures. A possible explanation is that in countries with weak worse economic prospects result more expropriation by managers thus a larger fall asset prices.

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