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Corporate governance in Malaysia
Lai, Dominic Y. H.
Lai, Dominic Y. H.
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PLai.pdf
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Corporate Governance in Malaysia is relatively new. The Listing Requirements of Kuala Lumpur Stock Exchange that introduced governance practices took effect from January 2001, after the 1997 Asian crisis. The Code of Best Practices therein prescribes a board structure that favours the separate CEO/chairman roles, and the appointment of independent non-executive directors to the board. The Code is prescriptive in nature and compliance with the Code is voluntary. Malaysia is a multi-racial country, and the Chinese businesses have high economic influence. The Chinese business culture bears its own characteristics of leadership and ownership structure, decision making process, and guanxi (relationship) as a form of business networking. A review of the extant literature reveals that the prescribed board structure under the Code may not align with the Chinese business culture, which undeniably forms a formidable moderating force.
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With permission of the license/copyright holder