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时间:2017-08-04
《董事会独立性与公司绩效:来自马来西亚的数据【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文Boardindependenceandcorporateperformance:EvidencefromMalaysiaMaterialSource:AfricanJournalofBusinessManagementVol.4(6),pp.858-868,June2010Author:C.H.PonnuandR.M.KarthigeyanOneofthekeyprovisionsoftheMalaysianCodeonCorporateGovernanceistherequire
2、mentforinclusionofoutsideorindependentdirectorsontheboard.Therecentcorporatescandalsthathaverockedthenationprovideevidenceofthefailureofthisprovisiontopreventthesescandalsfromoccurring.ThoughtheMalaysianCodeonCorporateGovernancehasbeeninplacesince200
3、0,itraisesthequestionoftheappropriatenessoftheprovisionasabulwarkagainstcorporatemisdeeds.ThecodeisbasedontheUnitedKingdom’sexperienceassetoutintheCadburyReport.CouldacodebasedontheAnglo-Saxonexperiencesuittheneedofthiscountry’sbusinessenvironment?Th
4、isresearch,thus,addressesempirically,theeffectivenessoftheprovisionforoutsideorindependentdirectorsasprovidedforintheMalaysianCodeofCorporateGovernanceonthegovernanceofMalaysianfirms.Theanalysiswasperformedbymonitoringthechangesincorporateperformance
5、withtheinclusionoftheseoutsidedirectors.MuchoftheanalysisintothecausesoftheAsianfinancialcrisisofJuly1997useamacroeconomicandinternationalfinancetheoreticalapproach(HanazakiandLiu,2003),citingreasonssuchasmid-termaccelerationofexternaldebt(fromthepri
6、vateaswellasthepublic.sector,anaggravationtendencyamongeconomicfundamentalsandpanicfundrecoverybysomeinvestors(Corsettietal.,1999).MuchhasalsobeenstatedregardingtheInternationalMonetaryFund’sroleinacceleratingthecrisisbyinsistingonconditionalityinvol
7、vingmajorstructuralreforminthemidstofthecrisis(HanazakiandLiu,2003).6However,Johnsonetal.(2000)arguedthattheweaknessesandthefailureofcorporategovernancemechanismintheseaffectedcountriesshouldbehonouredfirstascomparedtootherfactors,sincetheeconomicand
8、legalenvironmentsareimportantdeterminantsoftheextentofconfidenceofdomesticandforeigninvestorsinaparticularcountryorregion.Empiricalstudiesprovetheexistenceofarelationbetweenthestateofcorporategovernanceinaneconomyandtheseverityofcrisisthatitsuffers(J
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