Asia’s economy has undergone a number of changes in corporate ownership and financial structure in the last several years. This paper addresses the evolving patterns of corporate governance among Asian countries since the crisis in 1997. Based on institutional theory, the discussion in this article is intended to illuminate in particular the notion of hybridization of institutional change in the form of corporate governance. The paper shows how Asian economies are reshaping their corporate governance features, leading to a diversity of corporate governance forms. Our empirical analysis suggest that the current Asian model can be described as being in a ‘hybrid model,’ with a mixture of new market-oriented elements and old practices of the Asian model.
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