Chapter

Weaknesses of the Corporate and Financial Sector

Yung Chul Park

in Economic Liberalization and Integration in East Asia

Published in print December 2005 | ISBN: 9780199276776
Published online February 2006 | e-ISBN: 9780191603051 | DOI: http://dx.doi.org/10.1093/0199276773.003.0006
 Weaknesses of the Corporate and Financial Sector

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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

Chapter.  3764 words. 

Subjects: Business and Management

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