Title: Corporate governance and stakeholders' wealth in ASEAN listed companies: from creation to redistribution

Authors: Tran Thi Hong Lien

Addresses: Faculty of Business Administration, University of Economics and Law, Vietnam National University – Ho Chi Minh City, 669 National Road No. 1, Quarter 3, Linh Xuan Ward, Thu Duc City, Ho Chi Minh City, Vietnam

Abstract: The main research questions of this study are 'Are good corporate governance practices beneficial? ' and 'Who among the stakeholders benefits the most? ' Answering the research questions, this study suggested implications for actions to stakeholders from the perspective of stakeholder theory and institutional theory. The matched-pair control study method was utilised on a sample of 57 pairs, or 114 top-listed corporations, from the Association of Southeast Asian Nations (ASEAN), with data from 2011 to 2016. In the context that state-owned enterprises occupy a prominent position in ASEAN economies, companies with high-quality corporate governance, enjoying lesser competitive pressure, are moving from wealth creation to wealth redistribution. This research makes a new contribution while answering the long-existing question of whether good corporate governance is beneficial. The findings send warning signals to investors, especially the minority, and invite further attention from governments to ensure equal treatment and fair corporate governance in the region.

Keywords: corporate governance; stakeholder theory; wealth redistribution; wealth creation; ASEAN.

DOI: 10.1504/IJBEM.2024.137652

International Journal of Business and Emerging Markets, 2024 Vol.16 No.2, pp.170 - 188

Received: 15 Jul 2022
Accepted: 27 May 2023
Published online: 02 Apr 2024 *

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