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· http://netec.mcc.ac.uk/WoPEc/data/Papers/wdipapers1999-297.htmlCorporate Governance in the Asian Financial CrisisSimon Johnson, Peter Boone, Alasdair Breach, Eric Friedman. Creation: 01 Nov 1999The "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 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.· http://www.highbeam.com/library/doc1.asp?docid=1G1:78892790Search for more information on HighBeam Research for Asian economic crisis in 1997 corporate governance.The Asian crisis of 1997-98 gave a rude awakening to investors who had been happy to turn a blind eye to corporate governance issues during the region's long boom. However, once the IMF began stalking the corridors of power and investors realised the need to be more assertive, corporate governance rapidly entered the Asian business lexicon.
In a book that I wrote with Earl Sasser and Len Schlesinger, The Service Profit Chain, we discussed the mounting evidence that customer and employee satisfaction and loyalty are far better predictors of future financial success than are measures of past financial success. Those with effective corporate governance based on this core value will have an added competitive advantage: attracting and retaining talent and generating positive reactions in the marketplace. jhtml?id=2399&t=leadership&noseek=oneWhat's the Future of Corporate Governance?July 30, 2001 Observers such as Jay Lorsch, in his book Pawns and Potentates, has argued that boards of directors often have insufficient information with which to perform their duties. Network boards remove and use the conflicts of interest between stakeholders who Michael Porter recommended be integrated into corporate governance in his 1992 Research Report on Capital Choices. An organization's books may be in order, but its performance may be going down the tubes. Network boards introduce "distributed intelligence" and specialize in decision-making labor in a way similar to M-Form firms. A financial scorecard gives the prospective investor an idea of the financial health and reliability of the company. Not only are boards expected-and in case of publicly financed organizations required-to have one, independent, so-called "outsider," director membership on the audit committee has been strongly prescribed. A way to measure adaptability is sustained customer satisfaction. This will require employees, lead customers, suppliers, and members of the host community to be organized into self-appointed advisory councils in order to bond and integrate their interests with the corporation's. Network information and control systems can also provide requisite variety of information feedback and control from strategic stakeholders to provide competitive advantages. Among board committees, the audit committee has historically received the most attention. Watchdog boards take over the compliance roles of auditing and governance boards take over the role of nominating and remunerating directors.
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