Reforms in Thai bank governance: The aftermath of the Asian financial crisis

Pathan, Shams, Skully, Michael and Wickramanayake, J. (2008) Reforms in Thai bank governance: The aftermath of the Asian financial crisis. International Review of Financial Analysis, 17 2: 345-362. doi:10.1016/j.irfa.2006.05.002


Author Pathan, Shams
Skully, Michael
Wickramanayake, J.
Title Reforms in Thai bank governance: The aftermath of the Asian financial crisis
Journal name International Review of Financial Analysis   Check publisher's open access policy
ISSN 1873-8079
1057-5219
Publication date 2008-01-01
Year available 2006
Sub-type Article (original research)
DOI 10.1016/j.irfa.2006.05.002
Open Access Status
Volume 17
Issue 2
Start page 345
End page 362
Total pages 8
Place of publication Amsterdam, Netherlands
Publisher Elsevier BV
Language eng
Abstract This paper provides an empirical analysis of Thailand's bank governance reforms after the 1997 Asian financial crisis and then examines the stock market's response. Unlike the pre-crisis period, we find that the bank sector returns (or return volatilities) have become more Granger causal to the overall stock market in the post-crisis period. Announcements of bank governance reforms are also generally associated with significant change in bank sector returns. This adds to the proposition that improved bank governance is related to improved bank performance as measured by their bank stock returns. © 2006 Elsevier Inc. All rights reserved.
Keyword Asian financial crisis
Board composition
Corporate governance
Granger-causality
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ
Additional Notes Available online 9 June 2006

Document type: Journal Article
Sub-type: Article (original research)
Collection: UQ Business School Publications
 
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Created: Sat, 19 Mar 2011, 02:59:18 EST by Dr Shams Pathan on behalf of UQ Business School