With focusing on corporate governance code, commercial act and company act; this study has delineated, examined and compared the nature of practices of corporate governance of Bangladesh and South Korea. It has also identified the critical issues, which hider the systematic corporate governance in d...
With focusing on corporate governance code, commercial act and company act; this study has delineated, examined and compared the nature of practices of corporate governance of Bangladesh and South Korea. It has also identified the critical issues, which hider the systematic corporate governance in developing countries. By studying corporate literatures, this study has further described the different frameworks of corporate governance along with scrutinization of different models and it appropriateness for Bangladesh and South Korea. As we know that many corporate governance practices and reforms in emerging markets are based
on corporate governance systems of developed markets. In Bangladesh, most corporate governance rules, practices and code system are developed by following the British practices, and they are largely recommended through voluntary codes and company act allowing companies to have considerable deceleration in their implementation. The ownership structure in Bangladeshi companies is characterized by a prevalence of family ownership and concentrated ownership resembling the characteristics of the relationship-based model of corporate governance. Therefore the application of corporate governance practices originating in Anglo-Saxon countries, such as Britain, which typically experience dispersed ownership, creates many incompatible issues affecting overall efficiency of corporate governance system in Bangladesh. So this study has showed the ins and outs of Bangladesh corporate codes, company acts, and Bangladesh socio-economic culture that influence corporate practices in Bangladesh. And, in the case of South Korean corporate governance practices; it is seen that corporations pursue bank-centered financing system by devising internal market transactions, especially payment guarantees and collateral provisions. And structurally Korean corporate governance practices are also family-held, hierarchical and centralized. In term of family ownership; blood relations are of utmost importance in Korean society, so the family name carries more weight and thus children can become the primary heir.
But even though it is utmost centralized, it is decently seen that Korean corporate governance system has been particularly effective in generating economic development in the form of a non western model of state-driven economic growth. By focusing on its code provisons, commercial act and cultural phenomena; this study has shown South Korean corporate practices; and how it works in internal mechanism.
In Particular, this study has found out some kernel factors that impede the systematic corporate governance practices in Bangladesh. As crucial factors of impediment, this study has pointed out that, fragile and nominal regulations; unawareness and ignorance about corporate; immoral influences by bureaucrat; unethical political pressure, illegal dominance by controlling shareholders, influence of family-held business, non existence of pressure group, lack of compliance on corporate code, inappropriate contents in corporate code; and lack of proper infrastructure are commonly seen in Bangladesh corporate governance practices. And, for the purpose of getting good corporate governance practices; this study has postulated some recommendations, such as strong management; proper board structure; legal, moral & ethical decision; integrated audit report; maintaining and timely disclosing financial transactions; honoring shareholders' rights; systematic risk management; and finally resonable & satisfactory remuneration for corporate managers.
By using self-administered scrutinization in corporate governance practices, corporate governance code contents, commercial & company act; this study has aimed at divulging out the full gamut of corporate regulatory practices for enhancing the governance scenario in Bangladesh and Republic of Korea. This research findings proves impediments with clarity that corporations in both countries are, in principle, moderately compliant with the provisions of code & commercial act. The hypothetical or suppositional or speculative findings of this study has been with its theoretical perspective. As this study has described the full gamut of corporate system so, it can help as catalysts to implement better policies for good governance practices; recognize the areas of non-compliance, understand the why, how and where corporations are falling behind from proper governance practices. Finally I hope, this study can certainly contribute to lessen the interstice of lacks of corporate academic literatures in Bangladesh and South Korea.
With focusing on corporate governance code, commercial act and company act; this study has delineated, examined and compared the nature of practices of corporate governance of Bangladesh and South Korea. It has also identified the critical issues, which hider the systematic corporate governance in developing countries. By studying corporate literatures, this study has further described the different frameworks of corporate governance along with scrutinization of different models and it appropriateness for Bangladesh and South Korea. As we know that many corporate governance practices and reforms in emerging markets are based
on corporate governance systems of developed markets. In Bangladesh, most corporate governance rules, practices and code system are developed by following the British practices, and they are largely recommended through voluntary codes and company act allowing companies to have considerable deceleration in their implementation. The ownership structure in Bangladeshi companies is characterized by a prevalence of family ownership and concentrated ownership resembling the characteristics of the relationship-based model of corporate governance. Therefore the application of corporate governance practices originating in Anglo-Saxon countries, such as Britain, which typically experience dispersed ownership, creates many incompatible issues affecting overall efficiency of corporate governance system in Bangladesh. So this study has showed the ins and outs of Bangladesh corporate codes, company acts, and Bangladesh socio-economic culture that influence corporate practices in Bangladesh. And, in the case of South Korean corporate governance practices; it is seen that corporations pursue bank-centered financing system by devising internal market transactions, especially payment guarantees and collateral provisions. And structurally Korean corporate governance practices are also family-held, hierarchical and centralized. In term of family ownership; blood relations are of utmost importance in Korean society, so the family name carries more weight and thus children can become the primary heir.
But even though it is utmost centralized, it is decently seen that Korean corporate governance system has been particularly effective in generating economic development in the form of a non western model of state-driven economic growth. By focusing on its code provisons, commercial act and cultural phenomena; this study has shown South Korean corporate practices; and how it works in internal mechanism.
In Particular, this study has found out some kernel factors that impede the systematic corporate governance practices in Bangladesh. As crucial factors of impediment, this study has pointed out that, fragile and nominal regulations; unawareness and ignorance about corporate; immoral influences by bureaucrat; unethical political pressure, illegal dominance by controlling shareholders, influence of family-held business, non existence of pressure group, lack of compliance on corporate code, inappropriate contents in corporate code; and lack of proper infrastructure are commonly seen in Bangladesh corporate governance practices. And, for the purpose of getting good corporate governance practices; this study has postulated some recommendations, such as strong management; proper board structure; legal, moral & ethical decision; integrated audit report; maintaining and timely disclosing financial transactions; honoring shareholders' rights; systematic risk management; and finally resonable & satisfactory remuneration for corporate managers.
By using self-administered scrutinization in corporate governance practices, corporate governance code contents, commercial & company act; this study has aimed at divulging out the full gamut of corporate regulatory practices for enhancing the governance scenario in Bangladesh and Republic of Korea. This research findings proves impediments with clarity that corporations in both countries are, in principle, moderately compliant with the provisions of code & commercial act. The hypothetical or suppositional or speculative findings of this study has been with its theoretical perspective. As this study has described the full gamut of corporate system so, it can help as catalysts to implement better policies for good governance practices; recognize the areas of non-compliance, understand the why, how and where corporations are falling behind from proper governance practices. Finally I hope, this study can certainly contribute to lessen the interstice of lacks of corporate academic literatures in Bangladesh and South Korea.
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