In the past decade, Asian countries have adopted various corporate governance measures with the hope that good law will facilitate capital market development. One of the measures adopted by Asian countries to revamp corporate boards is to enhance board independence by introducing the institution...

China's fuzzy corporate governance rules (whether hard or soft) do not help company managers, government officials and others coordinate and cooperate - the raison d’etre for corporate governance rules. In a corporate system dominated by personal relationships and rules, clarity and...