Corporate Governance and the Global Reach of Chinese Family Firms in Singapore
JEL Classification: G32, L22, M14
Abstract
The emergence of Chinese business conglomerates in recent decades has spurned a lot of interesting literature in the field of Chinese business. Much has been attributed to the “bamboo networks” in explaining the entrepreneurial success of ethnic Chinese outside China. In this paper, we examine the international linkages of 157 public-listed Chinese family firms in Singapore. We show that although they conform to some of the characteristics mentioned in the existing literature, public-listed Chinese family firms have forged global linkages directly by means of overseas principal bankers and auditors. These global linkages help to influence the corporate governance practices of Chinese family firms. We conclude the paper with some implications for future research and management policies.
Keywords:
Corporate governance, Globalization, Chinese family firms, Singapore, Ownership structureAcknowledgments
We wish to thank the Korea Economic Research Institute and the Institute of Economic Research, Seoul National University, for kindly inviting the first author to present the paper at the Symposium on Corporate Governance and Restructuring in East Asia held in Seoul National University, South Korea, 25 August 2000. Constructive comments from the discussant, Young-Ryeol Park, and Kwang Sun Chung, Usha Haley, Keun Lee, Young Lee, and other conference participants are gratefully acknowledged. Although every effort has been made to incorporate their suggestions, we are solely responsible for any shortcomings of this paper.
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