Corporate governance and value addition efficiency of corporate resources in Southeast Asia | |
| Author | Mamun, Syed Abdulla Al |
| Call Number | AIT Diss. no.SM-12-03 |
| Subject(s) | Corporate governance--Southeast Asia Corporate governance--Southeast Asia |
| Note | A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy |
| Publisher | Asian Institute of Technology |
| Abstract | The main objectives of the study are to explore the state of internal Corporate Governance (CG) practices, their changing dynamics and to examine the impact of internal CG on corporate performance in value addition efficiency (VAE) of corporate resources f rom three emerging Southeast Asian (SEA) countries namely Malaysia, Singapore and Thailand. This research views CG from the economic perspectives of the agency theory and resource dependency theory to examine its effectiveness in terms VAE of corporate res ources. This research uses data of top, as per market capitalization, listed companies in Malaysia, Singapore and Thailand for 2005 and 2008. The study, based on the prior literature, selected the attributes of Board of Directors (BOD) to measure the inter nal CG practices and uses Pulic’s Value Added Intellectual Coefficient (VAIC TM ) model to measure VAE of resources. Findings of this study reveals that top companies in selected SEA countries are developing BOD attributes in line with the country specific CG code for best practices. It indicates that top SEA companies are moving towards the international standard CG practices in the post Asian crisis period. However, variation of BOD governance practices can be also observed among selected countries. Overal l results indicate that Malaysian top companies are in better position compare to Singaporean and Thai counterparts in terms of the most of the BOD attributes. In addition, results of convergence analysis present that top companies of three selected SEA co untries are converging within an individual country (intra convergence) and among all three of them (inter convergence). Nevertheless, the study does not find the absolute convergence in BOD governance practices because of path dependency problem. The regr ession results find the impact of different BOD attributes on VAE of resources in top companies of the SEA countries, which is increasing over the post Asian crisis period. However, most of the impacts are insignificant and inconsistent across different c ountries suggesting the juvenile state of the BOD effectiveness in achieving sustainable corporate performance. In addition, the only significant impact of board independence and Audit committee independence on the VAE suggests the agency theory and resour ce dependency theory have limited implication to explain the CG - Performance relationship in emerging economies. |
| Year | 2012 |
| Type | Dissertation |
| School | School of Management |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Master of Business Administration (MBA) (Publication code=SM) |
| Chairperson(s) | Badir, Yuosre;Badir, Yuosre; |
| Examination Committee(s) | Winai Wongsurawat ;Doneys, Philippe; |
| Degree | Thesis (Ph.D.) - Asian Institute of Technology, 2012 |