Last of the Tai-Pans: Improving the Sustainability of Long-Term Financial Flows by Improving Hong Kong's Corporate Governance

38 Business Law Review, Volume 38, Issue 3, pp. 89–100.

Asian Institute of International Financial Law Working Paper No. 16

75 Pages Posted: 7 Nov 2013 Last revised: 18 Feb 2018

See all articles by Bryane Michael

Bryane Michael

University of Hong Kong Faculty of Law

Say Hak Goo

The University of Hong Kong - Faculty of Law

Date Written: November 5, 2013

Abstract

Hong Kong leads the rank tables as an international financial centre. However, the data indicate that some parts of her corporate governance arrangements probably detract from – rather than contribute to – that leading position. In this brief, we show how excessive shareholding concentration, probably self-dealing, insufficient minority shareholder recourse to mechanisms aimed at protecting their investments, and Hong Kong’s close links with several “tax havens” probably weaken Hong Kong’s role as an international financial centre. We present 18 recommendations aimed at increasing the volume of international financial capital coming to the city by improving Hong Kong’s corporate governance.

Keywords: Hong Kong, corporate governance, family-control

JEL Classification: G34, M14

Suggested Citation

Michael, Bryane and Goo, Say Hak, Last of the Tai-Pans: Improving the Sustainability of Long-Term Financial Flows by Improving Hong Kong's Corporate Governance (November 5, 2013). 38 Business Law Review, Volume 38, Issue 3, pp. 89–100., Asian Institute of International Financial Law Working Paper No. 16, Available at SSRN: https://ssrn.com/abstract=2350569 or http://dx.doi.org/10.2139/ssrn.2350569

Bryane Michael (Contact Author)

University of Hong Kong Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Say Hak Goo

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01248

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