Corporate governance, critical junctures and ethnic politics: Ownership and boards in Malaysia
本文以历史制度主义视角，分析马来西亚独立后族群政治如何通过关键节点和行动者推动治理改革，导致马来人股权和董事会占比显著上升，揭示治理是制度再生产而非全球趋同的结果。
Quotas and affirmative policies are often implicated in debates on corporate governance. This paper examines critical junctures and the role of willful actors in mobilizing their ethnic and political positions to affect governance reforms in Malaysia since independence. We trace the trajectory of Bumiputera affirmative policy in shaping equity ownership and composition of boards of directors using historical institutionalism as a lens. We find ethnic politics has been an endogenous force resulting in Malay share of equity ownership rising from negligible levels to over 20 percent and almost half of the boards of directors of listed companies comprising of Malays. Our analysis shows that governance is a representation, as well as a manifestation, of how ownership and board structures are institutionally reproduced rather than a mere response to global isomorphic pressures.