Doing Business in ASEAN Markets: Leadership Challenges and Governance Solutions across Asian Borders

260 Pages·2016·1.67 MB·English

by  Peter Verhezen

Doing Business in
ASEAN Markets
Leadership Challenges
and Governance Solutions
across Asian Borders
Edited by
Peter Verhezen
Ian Williamson
Mark Crosby
& Natalia Soebagjo
Doing Business in ASEAN Markets

Peter Verhezen • I an Williamson • M ark Crosby • N atalia Soebagjo
Editors
Doing Business
in ASEAN Markets
Leadership Challenges and Governance Solutions
across Asian Borders
Editors
Peter Verhezen Ian Williamson
Melbourne Business School Melbourne Business School
Melbourne , Australia Melbourne , Australia
University of Antwerp, Belgium
Mark Crosby Natalia Soebagjo
Monash Business School University of Indonesia
Melbourne , Australia Depok , Indonesia
ISBN 978-3-319-41789-9 ISBN 978-3-319-41790-5 (eBook)
DOI 10.1007/978-3-319-41790-5
Library of Congress Control Number: 2016954230
© Th e Editor(s) (if applicable) and the Author(s) 2016
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“We sow a thought and reap an act;
We sow an act and reap a habit;
We sow an habit and reap a character;
We sow a character and reap a destiny.”
Anonymous proverb
“Solving a problem simply means representing it so
as to make the solution transparent.”
Herbert A. Simon

Dedicated to our respective families and beloved ones who taught us the meaning
of awareness, compassion, and dedication

Foreword
Prospects of Good Corporate Governance
in ASEAN
C orporate governance plays an important role in protecting investors, in the
prudent operation of companies and fi nancial institutions, and in the stabil-
ity of the fi nancial sector. Principles of good governance have been a major
component of international fi nancial standards, and many regulators view
eff ective corporate governance as “the fi rst line of defense” in their supervisory
activities. Since the Asian crisis of 1997 signifi cant energy and attention has
been placed on improving the ability of boards, managers, and owners to steer
their companies through rapidly changing and volatile market conditions. A
decade later, the global fi nancial crisis did send a stark reminder that better
corporate governance is not only a matter for developing countries, but also
for advanced economies, where the shockwaves originated. If anything, the
agenda has gained more importance.
At the same time the world has never been as ambitious about develop-
ments as it is today. After adopting the Sustainable Development Goals and
signing the Paris climate deal at the end of 2015, the world is now looking to
implement and fi nance these milestones. Development assistance will remain
critical, but won’t be suffi cient. Th e private sector will have to play a key role,
by creating the jobs and mobilizing the resources in developing countries to
end poverty in sustainable ways.
If the world wants to put words into action, corporate governance is a
critical step to success and a major contribution to good governance in gen-
eral. Good corporate governance practices limit the ability of private sector
ix