A critical review of corporate governance reforms in Malaysia

Author:

Al-Hiyari AhmadORCID

Abstract

Following the East-Asian financial crisis in 1997 and the corporate accounting scandals, the shareholder’s confidence in the audited financial statements was adversely affected and regulators started to think seriously reforming the existing corporate governance practices. As a result, numerous initiatives were implemented to accelerate improvement of corporate governance practices. One of these initiatives was the Malaysian Code on Corporate Governance (MCCG). The code was derived from the approach applied by the British Hampel Committee, which attempt to mitigate the agency problem between corporate managers and outside owners. This study suggests that the British approach is unsuitable to Malaysian business environment. Particularly, the MCCG that had been lunched since 2011 ignore the uniqueness of Malaysia’s capital market, regulation environment and ownership structure. Therefore, the study recommends that policy makers and other regulators should consider the local business environment when establishing future code on corporate governance.

Publisher

Virtus Interpress

Subject

Strategy and Management,Public Administration,Economics and Econometrics,Finance,Business and International Management

Cited by 2 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Audit fees, non-audit fees and access to finance: Evidence from India;Journal of International Accounting, Auditing and Taxation;2021-06

2. Editorial: New horizons in corporate governance research;Corporate Law and Governance Review;2019

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