董事会独立性与公司绩效：来自马来西亚的数据外文翻译.docVIP

外文翻译 原文 Board independence and corporate performance: Evidence from Malaysia Material Source: African Journal of Business Management Vol. 4(6), pp. 858-868, June 2010 Author: C.H.Ponnu and R.M.Karthigeyan One of the key provisions of the Malaysian Code on Corporate Governance is the requirement for inclusion of outside or independent directors on the board. The recent corporate scandals that have rocked the nation provide evidence of the failure of this provision to prevent these scandals from occurring. Though the Malaysian Code on Corporate Governance has been in place since 2000, it raises the question of the appropriateness of the provision as a bulwark against corporate misdeeds. The code is based on the United Kingdom’s experience as set out in the Cadbury Report. Could a code based on the Anglo-Saxon experience suit the need of this country’s business environment? This research, thus, addresses empirically, the effectiveness of the provision for outside or independent directors as provided for in the Malaysian Code of Corporate Governance on the governance of Malaysian firms. The analysis was performed by monitoring the changes in corporate performance with the inclusion of these outside directors. Much of the analysis into the causes of the Asianfinancial crisis of July 1997 use a macroeconomic andinternational finance theoretical approach(Hanazaki andLiu,2003),citing reasons such as mid-term accelerationof external debt(from the private as well as the public. sector,an aggravation tendency among economicfundamentals and panic fund recovery by some investors(Corsetti et al.,1999).Much has also been statedregarding the International Monetary Fund’s role inaccelerating the crisis by insisting on conditionalityinvolving major structural reform in the midst of the crisis(Hanazaki and Liu,2003). However,Johnson et al.(2000)argued that theweaknesses and the failure of corporate governancemechanism in these affected countries should beh