Corporate Governance in Asian Countries: Has Confucianism Anything to Offer?

Although Confucianism is a resilient cultural tradition in Asian societies, its role in their corporate governance systems is ambiguous. Confucian values have been pushed to the periphery because of a preoccupation in these countries to emulate corporate governance systems from the West. This article argues that Confucianism has much to offer in enhancing director conduct and corporate governance standards. As the attention of the global business community turns eastwards, it is opportune to revive interest in Confucianism and to explore ways in which it can be integrated formally into companies' governance systems.

[1]  A. Kim The social perils of the Korean financial crisis , 2004 .

[2]  Lei Wang,et al.  The Impact of Chinese Culture on Corporate Social Responsibility: The Harmony Approach , 2009 .

[3]  Darryl Crawford,et al.  Chinese capitalism: Cultures, the Southeast Asian region and economic globalisation , 2000 .

[4]  P. Woods,et al.  What Would Confucius Do? – Confucian Ethics and Self-Regulation in Management , 2011 .

[5]  Ricky Szeto Chinese folk wisdom: Implications for guarding against unethical practices by Chinese managers , 2010 .

[6]  Yuzuo Yao Historical Dynamics of the Development of the Corporate Governance in Japan , 2009 .

[7]  J. Young,et al.  THE SAGE ENTREPRENEUR: A REVIEW OF TRADITIONAL CONFUCIAN PRACTICES APPLIED TO CONTEMPORARY ENTREPRENEURSHIP , 2004 .

[8]  Gaye Christoffersen,et al.  Confucianism and Economic Development: An Oriental Alternative? , 1991, The Journal of Asian Studies.

[9]  Jessica Li,et al.  Examining Chinese managers' work‐related values and attitudes , 2010 .

[10]  F. Adams,et al.  Evaluating the “Asian Culture/Asian Success” Hypothesis , 2007 .

[11]  G. Chan,et al.  The Relevance and Value of Confucianism in Contemporary Business Ethics , 2007 .

[12]  Angus Young,et al.  Rethinking Corporate Governance and Law in China: The Theories, Rules and Practices , 2009 .

[13]  Angus Young,et al.  In Search of Good Governance for Asian Family Listed Companies: A Case Study on Hong Kong , 2007 .

[14]  Paul Herbig,et al.  Confucian roots in China: a force for today′s business , 1995 .

[15]  A New Business Excellence Model with Business Integrity from Ancient Confucian Thinking , 2007 .

[16]  KDI School of Public Policy and Management , 2014 .

[17]  J. S. Mah Economic restructuring in post-crisis Korea , 2006 .

[18]  C. Shi Recent Ownership Reform and Control of Central State-Owned Enterprises in China: Taking One Step at a Time , 2008 .

[19]  J. Solomon,et al.  Corporate Governance and Accountability , 2008 .

[20]  Po-keung Ip Practical wisdom of Confucian ethical leadership: a critical inquiry , 2011 .

[21]  Jay W. Rojewski,et al.  Confucian values and the implications for international HRD , 2005 .

[22]  THE HISTORICAL ROOTS OF CHINESE CULTURAL VALUES AND MANAGERIAL PRACTICES , 2009 .

[23]  Dominic Lai Yew Hock Leadership and Ethnicity in Public Companies in Malaysia , 2014 .

[24]  C. A. Rarick Historical Antecedents of Chinese Business Ethics , 2008 .

[25]  Xiaoke Zhang Global forces and corporate reforms in South Korea , 2010 .

[26]  Toru Yoshikawa,et al.  Corporate Governance Reform as Institutional Innovation: The Case of Japan , 2007, Organ. Sci..

[27]  Jia Wang Understanding Managerial Effectiveness: A Chinese Perspective. , 2011 .

[28]  H. Lehuedé,et al.  Corporate Governance Lessons from the Financial Crisis , 2009 .

[29]  Po-keung Ip,et al.  Is Confucianism Good for Business Ethics in China? , 2009 .

[30]  Gül Selin Erben,et al.  The Relationship Between Paternalistic Leadership and Organizational Commitment: Investigating the Role of Climate Regarding Ethics , 2008 .

[31]  Tu Wei-ming A Confucian Perspective on the Rise of Industrial East Asia , 1988 .

[32]  Tu Wei-ming The Rise of Industrial East Asia: The Role of Confucian Values , 1989 .

[33]  C. A. Rarick Confucius on Management: Understanding Chinese Cultural Values and Managerial Practices , 2008 .

[34]  W. Tu,et al.  Confucian traditions in East Asian modernity : moral education and economic culture in Japan and the four mini-dragons , 1996 .

[35]  Edward J. Romar Strategic Intent, Confucian Harmony and Firm Success , 2009 .

[36]  Marc B. Wilson,et al.  Two Decades of Change in Cultural Values and Economic Development in Eight East Asian and Pacific Island Nations , 2007 .

[37]  Edward J. Romar Virtue Is Good Business: Confucianism as a Practical Business Ethics , 2002 .

[38]  Sonia M. L. Wong,et al.  Developmental State and Corporate Governance in China , 2007, Management and Organization Review.

[39]  Juliet Roper,et al.  A Confucian approach to well-being and social capital development , 2011 .

[40]  Wenzhong Zhu,et al.  On the Value of Traditional Confucian Culture And the Value of Modern Corporate Social Responsibility , 2009 .

[41]  C. Cheung,et al.  Philosophical Foundations of Eminent Hong Kong Chinese CEOs’ Leadership , 2005 .

[42]  Angus Young,et al.  In search of Chinese jurisprudence : does Chinese legal tradition have a place in China's future? , 2009 .

[43]  Tony Fu-Lai Yu,et al.  The Chinese family business as a strategic system: an evolutionary perspective , 2001 .

[44]  Masao Nakamura Adoption and policy implications of Japan’s new corporate governance practices after the reform , 2010 .

[45]  Myth and Reality in the Discourse of Confucian Capitalism in Korea , 2003 .

[46]  Tu Wei-ming Confucian Traditions in East Asian Modernity , 1996 .

[47]  A. Habisch,et al.  Practical wisdom for management from the Chinese classical traditions , 2011 .

[48]  E. H. Kim,et al.  Changes in Korean Corporate Governance: A Response to Crisis , 2008 .

[49]  A. Chizema,et al.  The ‘Company with Committees’: Change or Continuity in Japanese Corporate Governance? , 2012 .

[50]  Tak-sing Cheung,et al.  Righteousness and Profitableness: The Moral Choices of Contemporary Confucian Entrepreneurs , 2004 .

[51]  James Weber Using Exemplary Business Practices to Identify Buddhist and Confucian Ethical Value Systems , 2009 .