Afc not caused by governance but made worse by it

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Unformatted text preview: protection. “Insider” Japan: Obligation, family, consensus. Groups of companies who help each other. Very large boards, do nothing. Insider dominated. Bank participation. CEO has huge power. Germany: Long ­term thinking. Split boards (supervisory/management). Large blockholders who are family and banks. Bank participation. Almost all companies have 1 shareholder with 20%+ shares. Asia: Insider ­centred governance system. Stakeholder ­centred. Families dominate. Political connections. Banks lend because of connections. No institutional investors. Firms believe stakeholders are the owners of the company. AFC: Not caused by governance, but...
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This document was uploaded on 02/27/2014 for the course FINS 1613 at University of New South Wales.

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