Weaknesses of the Corporate and Financial Sector
Two of the most distinctive characteristics of East Asian corporations are the concentration of ownership among a few large families, and the affiliation of many corporations with an industrial group. These provided a number of advantages including the capacity to pool internal resources and information, and easy financing. However, the Asian crisis dramatically altered the positive assessment of the role of large corporations in economic development because of their malaise in corporate governance, bank-based financial market, and crony capitalism.
Keywords: corporate governance, crony capitalism, moral hazard, banks, financial system, structural weakness
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