A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis

2000 ◽  
Author(s):  
Todd Mitton
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
East Asian ◽  
Asian Financial Crisis ◽  
The Impact

International Trade Relations and the Contagious Effects of the Asian Financial Crisis

2000 ◽  
Vol 03 (03) ◽  
pp. 367-399 ◽  
Author(s):  
Chunchi Wu
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
East Asian ◽  
Asian Financial Crisis ◽  
Trade Relations ◽  
Fundamental Causes ◽  
Asian Economies ◽  
Trade Relationship ◽  
The Impact ◽  
The U.S

This paper examines the trade relationship among Pacific Rim Asian economies and the U.S. with an attempt at understanding the fundamental causes for the contagious effects of the Asian financial crisis. East Asian economies trade extensively among themselves and with the U.S. This great dependence on foreign trade and investments has considerably increased the instability of the economies and financial markets in this region. It is found that the impact of the financial crisis on a domestic economy is positively correlated with its trade relationship with foreign economies. The importance of the trade relationship is manifested in the financial markets. Results show that the returns and volatility of a stock market are significantly influenced by the markets of its major trading partners. Also, foreign exchange markets often significantly interact with stock markets, especially following the Asian financial crisis. Furthermore, the Japanese and Hong Kong markets, instead of the U.S. market, had a dominating effect on East Asian financial markets during the period of the financial crisis.

scholarly journals Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis?

2017 ◽  
Vol 18 (3) ◽  
pp. 274-297 ◽  
Author(s):  
Mili Mehdi ◽  
Jean-Michel Sahut ◽  
Frédéric Teulon
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Ownership Structure ◽  
Dividend Policy ◽  
East Asian ◽  
Emerging Countries ◽  
Ownership Concentration ◽  
Ceo Duality ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to study the impact of the ownership structure and board governance on dividend policy in emerging markets. The authors test whether the effects of corporate governance on dividend policy change during crisis periods. Design/methodology/approach The authors use a panel regression approach on a sample of 362 non-financial listed firms from East Asian and Gulf Cooperation Council countries. Findings The results provide evidence that dividend payout decision increases with institutional ownership and board activity. The authors find that in emerging countries, dividend policy of firms with CEO duality and without CEO duality does not depend on the same set of factors. It is shown that the ownership concentration and board independency affect significantly the dividend policy of firms with COE duality. Finally, the results show that during the recent financial crisis, dividend decision is inversely related to CEO duality, board size and the frequency of board meetings. Research limitations/implications Other variables of corporate governance and ownership structure can be studied more in depth. The results can be directly compared to an alternative sample of developed countries. Practical implications This study is of particular interest for managers and shareholders when adjusting their strategies of dividend payout during financial crisis. Originality/value The authors employ a specific approach to investigate the impact of CEO duality on dividend policy in East Asian countries. An important aspect of the results is that that for firms with CEO who is also the chairperson, the dividend decision is negatively related to ownership concentration and board independence. This research contributes to the understanding of dividend policy by testing whether the impact of corporate governance on dividend policy changes during crisis periods in emerging countries. To the best of the authors’ knowledge, this work is the first to directly address this issue from this perspective.

scholarly journals Corporate strategy, corporate governance and performance of financial institutions in Malaysia

2014 ◽  
Vol 12 (1) ◽  
pp. 386-398
Author(s):  
Basiru Salisu Kallamu ◽  
Nur Ashikin Mohd Saat
Keyword(s):  
Corporate Governance ◽  
Financial Crisis ◽  
Corporate Strategy ◽  
Asian Financial Crisis ◽  
Significant Difference ◽  
Before And After ◽  
And Performance ◽  
Using Data ◽  
The Impact ◽  
Risk Management Committee

We examine the impact of corporate strategy and corporate governance on the performance of finance companies in Malaysia using data from 406 firm-year observations. The results indicate that diversification influence accounting returns negatively while separate risk management committee (RMC) influence market valuation of finance companies positively both in the period after the Asian financial crisis which also is the period after the Malaysian Code on Corporate Governance (MCCG) was issued. Finally, the results indicate significant difference between the period before and after the Asian financial crisis and MCCG in terms of diversification and corporate governance in the finance companies. The results support agency theory which suggests that diversification may create further agency problem between the management and the shareholders

Sign in / Sign up

Export Citation Format

Share Document