Your browser does not support the PubReader view.
Go to this page to see a list of supporting browsers.
Seoul Journal of Economics
[ Article ]
Seoul Journal of Economics - Vol. 13, No. 3, pp.225-251
ISSN: 1225-0279 (Print)
Print publication date 31 Aug 2000
Received Aug 2000 Revised Oct 2000

Corporate Governance and Restructuring in East Asia: An Overview

Usha C. V. Haley
Associate Professor, Department of Management, College of Business Administration, University of Tennessee, Knoxville, 414 Stokely Management Center, Knoxville, TN 37996-0545, USA, Tel: +1-865-974-0346, Fax: +1-865-450-3143 uhaley@utk.eduuhaley@asia-pacific.com

JEL Classification: F23, G34

Abstract

After the 1997-8 Asian financial crisis, Asia's turnaround in 2000 appears spectacular. To aid corporate restructuring, East Asian economies have passed new laws and regulations for more efficient bankruptcy procedures and improved bank-supervisory standards. Foreign Direct Investment (FDI) has also poured into East Asia in 1999 and 2000. This paper provides an historical overview of corporate restructuring in Indonesia, Korea, Malaysia, the Philippines and Thailand since the outbreak of the financial crisis. It also explores the implications of growth and economic dependency, needs for transparency and increased FDI on corporate restructuring in East Asia.

Keywords:

Asian crisis, Financial reform, Structural reform, FDI

Acknowledgments

An earlier version of this paper was presented at the 8th SJE International Symposium on Corporate Governance and Restructuring in East Asia, Seoul, Korea, August 25, 2000. The author thanks the symposium's participants and discussants, especially Jae-Woo Lee, for their helpful feedback.

References

  • Asian Development Bank. Asian Development Outlook 2000. 2000.
  • Asiaweek. “Asia's Wake-Up Call.” Vol. 26, No. 1, January 14, 2000.
  • Asia Pulse. “Creditors Pressurise Korea's Daewoo Motors to Restructure.” October 25, 2000a.
  • Asia Pulse. “Daewoo Motors Lays Off 30 Percent of Its Executives.” October 25, 2000b.
  • Backman, M. Asian Eclipse: Exposing the Dark Side of Business in Asia. New York: John Wiley, 1999.
  • Business Times. “Proton's Japanese Director Quits after Survival Gaffe.” August 11, 2000.
  • Caragata, W., and Lopez, A. “A Tale of Two Banks.” Asiaweek Vol. 27, No. 27, July 14, 2000.
  • Chuang Peck Ming. “S. Korea Leads in Banking Reform: BOFA.” Business Times (Singapore), August 4, 2000.
  • Crispin, S. W. “The Power of PwC.” Far Eastern Economic Review. December 23, 1999.
  • Crispin, S. W., Tasker, R., and Goad, G. P. “Financial Restructuring. Banking on Change.” Far Eastern Economic Review. April 6, 2000.
  • The Economist. “Let the Good Times Roll.” April 15, 2000a.
  • The Economist. “The Burden on the Banks.” September 21, 2000b.
  • Faulder, D. “Siam Cement.” Asiaweek Vol. 26, No. 27, July 14, 2000.
  • Government of Japan. Annual Report on the Asian Economies 2000. Research Bureau, Economic Planning Agency, June 21, 2000.
  • Haley, U. C. V. Strategic Management in the Asia Pacific: Harnessing Regional and Organizational Change for Competitive Advantage. Boston/Oxford: Butterworth-Heinemann, 2000a.
  • Haley, U. C. V. “The Hair of the Dog That Bit You: Successful Market Strategies in Post-Crisis South-East Asia.” Marketing Intelligence and Planning 18 (No. 5 2000b): 236-46. [https://doi.org/10.1108/02634500010343937]
  • Haley, G. T., Tan, C. T., and Haley, U. C. V. New Asian Emperors: The Overseas Chinese, Their Strategies and Competitive Advantages. Oxford/Boston: Butterworth-Heinemann, 1998.
  • Holland, Tom. “Asia's New Fissure.” Far Eastern Economic Review, June 29, 2000.
  • Krugman, P. “Analytical Afterthoughts on the Asian Crisis.” September 12, 1999 (http://www.mit.edu/krugman/www/MINICRIS.htm, ).
  • Nakarmi, L. “Debt and Chassis.” Asiaweek, Vol. 26, No. 27, July 14, 2000.
  • Parameswaran, P. “Stumbling Blocks to Asian Recovery.” The Age, July 31, 2000.
  • Ranawana, A., and Caragata, W. “National Follies.” Asiaweek, Vol. 26, No. 27, July 14, 2000.
  • Stratfor.com. “Thailand and the Emerging Asian Crisis.” Global Intelligence Update, July 31, 2000.
  • Vatikiotis, M. “Restructuring Going Backward.” Far Eastern Economic Review, October 19, 2000.
  • Watts, J. “Daewoo Motors Runs Out of Road.” The Guardian, October 24, 2000.
  • Wiseman, P. “S. Korea Changes Rigid Ways.” USA Today, July 25, 2000.
  • World Bank. East Asia Brief. East Asia and Pacific Region, September, 2000.