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Corporate governance and dividend policy in Southeast Asia pre- and post-crisis
2009
European Journal of Finance
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We trace corporate governance practices in five East Asian countries: Hong Kong, Indonesia, Malaysia, Singapore and Thailand, over the period 1994 to 2003, documenting substantial improvements following the Asian financial crisis. There is some evidence that dividends act as a substitute for other corporate governance mechanisms prior to the crisis, however a strong positive relationship between governance and dividends emerges post-crisis. The relationship is incremental to the effect of legal
doi:10.1080/13518470802604440
fatcat:7ahed5txhfe6jd6ibrmf2lyri4