The Impact of Corporate Governance Reforms on Two Asia Pacific Stock Exchanges

dela Rama, MJ

The Impact of Corporate Governance Reforms on Two Asia Pacific Stock Exchanges

dela Rama, MJ

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Publisher:: APEBH
Publication Type:: Conference Proceeding
Citation:: 2nd Asia Pacific Economic Business History Conference: Varieties of Capitalist Development and Corporate Governance, 2007, pp. 1 - 32
Issue Date:: 2007-01

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Field	Value	Language
dc.contributor.author	dela Rama, MJ https://orcid.org/0000-0001-7879-4750	en_US
dc.contributor.editor	APEBH	en_US
dc.date	2007-02-12	en_US
dc.date.issued	2007-01	en_US
dc.identifier.citation	2nd Asia Pacific Economic Business History Conference: Varieties of Capitalist Development and Corporate Governance, 2007, pp. 1 - 32	en_US
dc.identifier.uri	http://hdl.handle.net/10453/7715
dc.description.abstract	Stock markets and their institutional administrators - stock exchanges - play important roles in âfostering good standards of corporate governance.â (Maasen 1999:80) They are important corporate governance institutions in countries being intrinsically involved in the life cycle of public companies through listing, overseeing, regulating and delisting. In essence, they play a central role in the economic activities of the private sector. According to Summers (1987), financial markets are the wheels of economic growth, and âlocal stock exchanges are the keystone of the financial market-centred model of national economic growth.â (Weber & Davis 2000: 4). Stock markets channel capital, are mechanisms for effective governance, and are a fulcrum for producing institutional and social change within an economy. Firstly, this paper discusses the major corporate governance systems around the world. Secondly, current corporate governance reforms are examined with reference to the profound influence of the OECD Principles of Corporate Governance (1999, revised 2004), and the criticism of the Principles. Thirdly, the growth of capital markets from 1990 to 2005 and the dominance of Anglo-American stock exchanges are examined. Fourthly, the state of two stock exchanges in two Asia Pacific countries with differing socio-economic histories is compared: the Australian Stock Exchange with the Philippine Stock Exchange. Finally, the paper concludes with recommendations for the future direction of corporate governance reforms.	en_US
dc.publisher	APEBH	en_US
dc.relation.ispartof	2nd Asia Pacific Economic Business History Conference: Varieties of Capitalist Development and Corporate Governance	en_US
dc.relation.ispartof	Asia Pacific Economic Business History Conference	en_US
dc.title	The Impact of Corporate Governance Reforms on Two Asia Pacific Stock Exchanges	en_US
dc.type	Conference Proceeding
utslib.location	Sydney, Australia	en_US
utslib.location.activity	Sydney, Australia	en_US
utslib.for	160510 Public Policy	en_US
utslib.for	150303 Corporate Governance and Stakeholder Engagement	en_US
dc.location.activity	Sydney, Australia	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.place-of-publication	Sydney, Australia	en_US
pubs.start-date	2007-02-12	en_US

Abstract:

Stock markets and their institutional administrators - stock exchanges - play important roles in âfostering good standards of corporate governance.â (Maasen 1999:80) They are important corporate governance institutions in countries being intrinsically involved in the life cycle of public companies through listing, overseeing, regulating and delisting. In essence, they play a central role in the economic activities of the private sector. According to Summers (1987), financial markets are the wheels of economic growth, and âlocal stock exchanges are the keystone of the financial market-centred model of national economic growth.â (Weber & Davis 2000: 4). Stock markets channel capital, are mechanisms for effective governance, and are a fulcrum for producing institutional and social change within an economy. Firstly, this paper discusses the major corporate governance systems around the world. Secondly, current corporate governance reforms are examined with reference to the profound influence of the OECD Principles of Corporate Governance (1999, revised 2004), and the criticism of the Principles. Thirdly, the growth of capital markets from 1990 to 2005 and the dominance of Anglo-American stock exchanges are examined. Fourthly, the state of two stock exchanges in two Asia Pacific countries with differing socio-economic histories is compared: the Australian Stock Exchange with the Philippine Stock Exchange. Finally, the paper concludes with recommendations for the future direction of corporate governance reforms.

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http://hdl.handle.net/10453/7715