When Asia plunged into crisis in 1997-98, and the imf was forcing Western economic medicine down the throats of Asian governments, it was also assumed that the region's opaque and over-diversified business groups would be compelled to swallow the Anglo-Saxon model of capitalism. Whether controlled by tycoons or the state, these outfits would become open, focused, responsive to investors and managed by professionals. Today the idea that corporate Asia will converge with the West seems quite mad. About 70% of Asia's stockmarket value is represented by state-run firms or "business houses"-broad conglomerates that are usually family-controlled. Asian firms pay out just a third of their profits in dividends and buy-backs, compared with three-quarters for European firms and 90% for American ones. In 2014 Apple spent more on repurchasing stock than the top 500 Asian firms combined. East of Suez lies a continent that the modern doctrine of shareholder value never conquered.
展开▼
