Role of ASEAN Corporate Governance Scorecard in Relationship Between Foreign Ownership and Profitability of ASEAN Countries

Adhitya Agri Putra


This research is aimed to examine effect of ASEAN corporate governance scorecard on relationship between foreign ownership and profitability in ASEAN. Research samples are 491 manufacture firms listed in stock market of Thailand, Singapore, Philippines, Indonesia, and Malaysia from 2012-2013. With regression analysis, this research find that ASEAN corporate governance scorecard have effect on relationship between foreign ownership and profitability in ASEAN. High ASEAN corporate governance scorecard; as improvement of rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, responsibilities of the board; supports foreign shareholder role in profits increasing. This research shows new evidence of role of macro economics level factor, which is corporate governance level in ASEAN countries, as foreign owners’ role supporting in profits increasing. ASEAN corporate governance scorecard is important factor to answer inconsistencies of role of foreign owner, since foreign ownership will be more growing up in open market between countries.

Keywords: ASEAN corporate governance scorecard, foreign ownership, profitability

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