ABSTRACT
The recent international debates on corporate governance began in the late 1980s (Vinten 2003; Tricker 2009). These debates have until recently largely focused on the industrialized countries, namely the United States and the United Kingdom where the problem has been seen as one of managerial malfeasance (Rwegasira 2000; Vinten 2003), and continental Europe where the dominance of large shareholders over corporate decision making processes has raised concern (Enriques and Volpin, 2007). A number of studies have addressed corporate governance issues in Japan (see Tam 1999; Weimer and Pape 2000) and other parts of Asia (see Clarke 2007; Tam 1999), all of which have shed light on the network systems in Japan and in the rest of Asia. Studies addressing corporate governance in developing countries posit that it is critical for these countries because it contributes to social and economic development (Reed 2002). This provides a key justification for studying corporate governance in these contexts.
