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Articles 1 - 30 of 135
Full-Text Articles in Business Organizations Law
The Shareholder’S Standing To Challenge The Exercise Of Directorial Power: Tianrui (International) Holding Company V China Shanshui Cement Group Ltd, Pearlie M. C. Koh
The Shareholder’S Standing To Challenge The Exercise Of Directorial Power: Tianrui (International) Holding Company V China Shanshui Cement Group Ltd, Pearlie M. C. Koh
Research Collection Yong Pung How School Of Law
An enduring problem with the proper purposes duty is the apparent right of the shareholder to enforce the same despite the duty being owed to the company. The cases on the proper purpose duty have thus far simply assumed the right of the shareholder to do so without dealing with the question of standing. In Tianrui (International) Holding Company Ltd v China Shanshui Cement Group Ltd, the Privy Council dealt with this issue directly and affirmed the shareholder's right to bring the action on the basis of the statutory contract constituted by the memorandum and articles of association of the …
Building A Restructuring Hub: Lessons From Singapore, Aurelio Gurrea-Martinez
Building A Restructuring Hub: Lessons From Singapore, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
This article seeks to analyze the legal, market, and institutional features needed to become an international hub for debt restructuring. To that end, it examines the strategy adopted by Singapore as well as the market and institutional factors generally found in other leading legal and financial centers such as the United States, the United Kingdom, and Hong Kong. It is argued that in jurisdictions that have traditionally had creditor-oriented insolvency systems, such as Singapore, the United Kingdom, and Hong Kong, one of the primary challenges when enhancing the restructuring framework for debtors is ensuring that the insolvency system remains protective …
Welcome To The Bflr’S 7th Annual Fintech Issue, Nydia Remolina Leon, Alessio Azzuri, Virginia Torrie, Francisco Jose Ciancerta
Welcome To The Bflr’S 7th Annual Fintech Issue, Nydia Remolina Leon, Alessio Azzuri, Virginia Torrie, Francisco Jose Ciancerta
Research Collection Yong Pung How School Of Law
This issue of the Banking and Finance Law Review is published at a moment of profound transformation in the FinTech regulatory landscape. Around the world, legislators, regulators, financial institutions, and scholars face the complex task of fostering technological innovation while addressing concerns over consumer and investor protection, data privacy and cybersecurity, market integrity, the prevention of financial crime, and overall stability of the financial system. At the same time, geopolitics is increasingly influencing the direction of FinTech policy and regulation, as states leverage financial infrastructure not only to modernize domestic markets but also to assert strategic influence globally. This convergence …
Where Singapore Meets Asean: Shaping Insolvency Reform For Micro And Small Enterprises, Lovein Leying Sui
Where Singapore Meets Asean: Shaping Insolvency Reform For Micro And Small Enterprises, Lovein Leying Sui
Singapore Law Journal (Lexicon)
Given the economic dependence on micro and small enterprises (MSEs) in the ASEAN region, the MSE insolvency regime is of paramount regional importance. Evidence indicates that the ASEAN region has prioritised the improvement of such a regime, especially after the financial instability following the COVID-19 pandemic. This paper explores how trends in ASEAN MSE insolvency can inform Singapore’s insolvency reforms to improve MSE access and efficiency, while also considering broader implications for the region.
The New Framework For Directors’ Duty To Creditors And The Challenges Ahead – Foo Kian Beng V Op3 International Pte Ltd (In Liquidation) [2024] 1 Slr 361, Jonathan Ren Hao Cheong
The New Framework For Directors’ Duty To Creditors And The Challenges Ahead – Foo Kian Beng V Op3 International Pte Ltd (In Liquidation) [2024] 1 Slr 361, Jonathan Ren Hao Cheong
Singapore Law Journal (Lexicon)
In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] 1 SLR 361, the Singapore Court of Appeal introduced a two-step, three-category framework for evaluating whether a director has breached his fiduciary duty to consider the interests of creditors. This decision not only affirms the traditional understanding of the duty in other common law jurisdictions but also provides directors with clearer guidance on managing the affairs of the company in times of financial distress. This article builds upon the discussion in Foo Kian Beng by evaluating the new framework established by the SGCA. It also identifies potential challenges …
How To Strengthen The International Competitiveness Of Capital Markets, Aurelio Gurrea-Martinez
How To Strengthen The International Competitiveness Of Capital Markets, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
Global capital markets are undergoing profound transformation. Over the past decade, there has been a marked decline in Initial Public Offerings (IPOs) in most advanced economies, including those with highly developed capital markets such as the United Kingdom and the United States. Interestingly, during the same period, countries like Indonesia, Malaysia, Thailand, and particularly China have witnessed a significant increase in the number of listed companies, contributing to making Asia home to approximately 55 percent of all listed companies worldwide (OECD, 2025). Much of the decline in IPO activity in many advanced economies can be attributed to the expansion of …
A Commitment Rule For Insolvency Forum: A Response To Critics, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
A Commitment Rule For Insolvency Forum: A Response To Critics, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
Research Collection Yong Pung How School Of Law
On September 14, 2023, we sent a letter to the Secretariat of the United Nations Commission on International Trade Law (“UNCITRAL”) Working Group V (Insolvency) expressing our concern about the concept of “Center of Main Interest” (“COMI”) adopted in the Model Law on Cross-Border Insolvency (“Model Law”).1 We noted that the concept of COMI presents various weaknesses.
The Crucial Role Of Insolvency Law In Job Creation And Preservation, Andrés F. Martínez, Aurelio Gurrea-Martinez, Harish Natarajan
The Crucial Role Of Insolvency Law In Job Creation And Preservation, Andrés F. Martínez, Aurelio Gurrea-Martinez, Harish Natarajan
Research Collection Yong Pung How School Of Law
When companies face financial trouble, potential job losses can be a major risk for people and—depending on the size of the company or industry in trouble—a risk to local or national economies. An efficient insolvency system can mitigate this risk while contributing to the creation of more and better jobs. As jobs are the most critical tool in fighting poverty, a better understanding of the effects of insolvency law on employment is vital for development work.
Insolvency Law As A Catalyst For Growth, Aurelio Gurrea-Martinez
Insolvency Law As A Catalyst For Growth, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
Insolvency law plays an essential role in the real economy. From an ex ante perspective, that is, before a situation of insolvency arises, the design of insolvency law affects how debtors and creditors make decisions. For instance, if creditors believe that an insolvency system does not protect their rights or it does not help them maximize their recoveries if their debtors become insolvent, they will rationally become reluctant to extend credit. Therefore, an unattractive insolvency regime for creditors will harm firms’ access to finance and the promotion of economic growth. Similarly, an insolvency system that severely punishes honest but unfortunate …
Ai Governance And Algorithmic Auditing In Financial Institutions: Lessons From Singapore, Nydia Remolina Leon
Ai Governance And Algorithmic Auditing In Financial Institutions: Lessons From Singapore, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
This paper examines the role of algorithmic auditing as a mechanism for responsible AI development and deployment in the financial sector, with a particular focus on Singapore’s regulatory and institutional initiatives. Against the backdrop of fragmented global artificial intelligence (AI) governance frameworks, the study analyses how Singapore has developed operational tools — such as the Veritas Toolkit, AI Verify, Project Moonshot and Project Mindforge — that go beyond abstract ethical principles to provide measurable, use-case-specific standards for auditing AI systems. These initiatives contribute to standardising audit practices, enhancing transparency and bridging trust gaps between financial institutions, regulators and stakeholders. The …
Regulating Decentralised Finance? A Singapore Perspective, Rachel Phang
Regulating Decentralised Finance? A Singapore Perspective, Rachel Phang
Research Collection Yong Pung How School Of Law
The emergent phenomenon of decentralised finance (“DeFi”) can be understood as the performance of financial functions through applications that are built on distributed ledger technology and operate using cryptoassets and smart contracts, without the need for traditional centralised intermediaries. In what ways does DeFi challenge existing financial regulation, and how should regulation develop in light of the DeFi phenomenon? In addressing this question, this article provides an overview of DeFi, surveys the current regulatory landscape in Singapore, considers key regulatory issues and policy considerations associated with DeFi, and discusses some potential directions for the future development of the regulation of …
A Commitment Rule For Insolvency Forum, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
A Commitment Rule For Insolvency Forum, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
Research Collection Yong Pung How School Of Law
In this Article, we propose a new rule for determining the proper forum for insolvency proceedings. Currently, the Model Law on Cross-Border Insolvency (Model Law)—promulgated by the United Nations Commission on International Trade Law (UNCITRAL)—looks to a debtor’s center of main interest (COMI) to determine the proper forum for a foreign main insolvency proceeding. This rule is flawed. It is both inflexible and manipulable. It is also indeterminate and neither requires nor allows advance commitment by debtors. As a result, it leads to uncertainty, increases litigation costs, and opens the door to opportunistic manipulation by debtors. These costs, in turn, …
Financial Regulation, Aurelio Gurrea-Martinez, Nydia Remolina Leon
Financial Regulation, Aurelio Gurrea-Martinez, Nydia Remolina Leon
Research Collection Yong Pung How School Of Law
No abstract provided.
Regulatory Approaches To Consumer Protection In The Financial Sector And Beyond: Toward A Smart Disclosure Regime?, Nydia Remolina Leon, Yvonne Ai-Chi Loh, David R. Hardoon
Regulatory Approaches To Consumer Protection In The Financial Sector And Beyond: Toward A Smart Disclosure Regime?, Nydia Remolina Leon, Yvonne Ai-Chi Loh, David R. Hardoon
Research Collection Yong Pung How School Of Law
Traditionally, consumer and data protection policies evolved from issues of consent and information disclosure. The purpose of these regulatory approaches is the protection of consumers by reducing some contracting failures, such as asymmetries of information and a lower bargaining power, especially in transactions involving complex issues such as financial products and sensitive personal data. In the past, regulators have responded to privacy and consumer protection by adopting what this paper refers to as an “imperfectly informed regime”, in which consumers do not receive full information about the risks associated with their decisions, even if they are still protected through a …
The Implementation Of The Model Law On Cross-Border Insolvency: International Divergences And Challenges Ahead, Aurelio Gurrea-Martinez
The Implementation Of The Model Law On Cross-Border Insolvency: International Divergences And Challenges Ahead, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
The Model Law on Cross-Border Insolvency (‘MLCBI’) was enacted by the United Nations Commission on International Trade Law (‘UNCITRAL’) in 1997. Since then, it has been adopted by 62 jurisdictions and has led to many debates and interpretations about its potential, scope and limits. This article provides a general overview of some of the international divergences existing in the implementation of the MLCBI across jurisdictions. It also discusses some of the challenges that need to be overcome to make the MLCBI a more effective tool to deal with cross-border insolvency.
Climate-Related Shareholder Activism As Corporate Democracy: A Call To Reform “Acting In Concert” Rules, Dan W. Puchniak, Umakanth Varottil
Climate-Related Shareholder Activism As Corporate Democracy: A Call To Reform “Acting In Concert” Rules, Dan W. Puchniak, Umakanth Varottil
Research Collection Yong Pung How School Of Law
Climate change is an issue of global importance, which may turn out to be the issue of this century. Companies are at the core of both the problems and solutions for climate change. Given this reality, it is astounding that in virtually all jurisdictions in the world ‘acting in concert rules,’ which were designed decades ago to facilitate an efficient market for corporate control, effectively prevent shareholders who hold a majority of shares from democratically replacing boards of dirty companies. Our Article exposes this overlooked reality by undertaking the first in-depth comparative analysis of acting in concert rules with a …
Expropriation Of Shares Via The Corporate Constitution, Stephen Bull
Expropriation Of Shares Via The Corporate Constitution, Stephen Bull
Research Collection Yong Pung How School Of Law
Company constitutions sometimes include powers to effect compulsory share acquisitions from members. Where these are introduced into the constitution after incorporation, the amendment, like all constitutional alterations, must be able to satisfy the common law “bona fide test” in order to be valid. The content of this test has been much debated since the first cases a century ago, and differences in view have emerged from the English and Australian courts. While there is no local case law on such expropriations per se, the High Court recently confirmed for the first time the applicability in Singapore of the common law …
Corporate Purpose Beyond Borders: A Key To Saving Our Planet Or Colonialism Repackaged?, Roza Nurgozhayeva, Dan W. Puchniak
Corporate Purpose Beyond Borders: A Key To Saving Our Planet Or Colonialism Repackaged?, Roza Nurgozhayeva, Dan W. Puchniak
Research Collection Yong Pung How School Of Law
The “corporate purpose” debate, while extremely important, has largely been built on an understanding of corporate law and governance that is local – jurisdiction bound – while the issue of climate change is global; pollution does not respect jurisdictional borders. Despite this, in practice, states, multinational corporations, and transnational organizations are increasingly using formal and informal mechanisms to shape sustainable corporate governance beyond jurisdictional borders – a colossal development that has been hiding in plain sight.This article develops a taxonomy for identifying and analyzing the forces driving corporate purpose beyond borders: state-based, firm-based, and organization-based “global corporate law and governance”. …
Promoting Esg Investing By Trustees: Risk Management And Structuring Solutions, Vincent Ooi, Alvin W. L. See
Promoting Esg Investing By Trustees: Risk Management And Structuring Solutions, Vincent Ooi, Alvin W. L. See
Research Collection Yong Pung How School Of Law
The world is falling behind on its commitments to tackle some of the most pressing problems of this century: climate change, inequality, and other obstacles to building a sustainable future. In 2015, all Member States of the United Nations adopted the 2030 Agenda for Sustainable Development which set out 17 Sustainable Development Goals (‘UNSDG’) and 169 targets spanning the spectrum of environmental, social and economic dimensions of development. At the mid-point to 2030, the UN Secretary-General reported that of the roughly 140 targets for which data is available, about 12 per cent are on track; more than half are moderately …
Reconsidering The Imposition Of Dual Vicarious Liability In The Borrowed Employee Context: The Singapore Approach In Munshi Mohammad Faiz V Interpro Construction Pte Ltd [2021] 4 Slr 1371 And Hwa Aik Engineering Pte Ltd V Munshi Mohammad [2021] 1 Slr 1288, Danny Ong, Aaron Yoong, Louis Yi Hang Lau
Reconsidering The Imposition Of Dual Vicarious Liability In The Borrowed Employee Context: The Singapore Approach In Munshi Mohammad Faiz V Interpro Construction Pte Ltd [2021] 4 Slr 1371 And Hwa Aik Engineering Pte Ltd V Munshi Mohammad [2021] 1 Slr 1288, Danny Ong, Aaron Yoong, Louis Yi Hang Lau
Research Collection Yong Pung How School Of Law
The limits of the law on dual vicarious liability were recently tested in the decisions of Munshi Mohammad Faiz v Interpro Construction Pte Ltd [2021] 4 SLR 1371 and Hwa Aik Engineering Pte Ltd v Munshi Mohammad [2021] 1 SLR 1288, both before the General and Appellate divisions of the High Court. Against the backdrop of these decisions, this case note argues that the approach laid down by the High Court may go some ways in resolving the tension and assist in settling the perennial question of the role of control in dual vicarious liability. In particular, it is argued …
Towards A New Approach For The Choice Of Insolvency Forum, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
Towards A New Approach For The Choice Of Insolvency Forum, Anthony J. Casey, Aurelio Gurrea-Martinez, Robert K. Rasmussen
Research Collection Yong Pung How School Of Law
The UNCITRAL Model Law on Cross-Border Insolvency (“MLCBI”) turned 26 years in 2023. During this period, it has been adopted in more than 60 jurisdictions around the world and it has significantly contributed to successful management of insolvency proceedings with a cross-border element. Therefore, the MLCBI is an achievement that the international insolvency community needs to celebrate. The MLCBI is built on the idea of “modified universalism”. Therefore, it envisions the commencement of a main procedure in a single jurisdiction even if non-main proceedings can also be opened and the laws of other jurisdictions can still be relevant for certain …
The Myth Of Debtor-Friendly Or Creditor-Friendly Insolvency Systems: Evidence From A New Global Insolvency Index, Aurelio Gurrea-Martinez
The Myth Of Debtor-Friendly Or Creditor-Friendly Insolvency Systems: Evidence From A New Global Insolvency Index, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
This article seeks to test the validity of the traditional classification of insolvency systems as debtor-friendly or creditor-friendly jurisdictions. For that purpose, the article develops a novel Global Insolvency Index (“GII”) that seeks to measure the attractiveness of reorganization procedures from the perspective of debtors, secured creditors and general unsecured creditors. After assessing the attractiveness and evolution of reorganization procedures in 53 jurisdictions around the world, it will be shown that insolvency systems can be pro-debtor and pro-creditor, anti-debtor and anti-creditor, or somewhere in the middle. Hence, the GII developed in this article shows that the traditional classification of insolvency …
Rethinking Acting In Concert: Activist Esg Stewardship Is Shareholder Democracy, Dan W. Puchniak, Umakanth Varottil
Rethinking Acting In Concert: Activist Esg Stewardship Is Shareholder Democracy, Dan W. Puchniak, Umakanth Varottil
Research Collection Yong Pung How School Of Law
In May 2021, Engine No. 1, an investment fund, was lauded by the responsible investment community for successfully placing three dissident independent directors on ExxonMobil’s board. It achieved this by being a catalyst for institutional investors to become backers of environmental shareholder activism. The unprecedented success of Engine No. 1’s campaign has spurred calls for a new, more sustained, activist engagement model by institutional investors, now known as “activist stewardship”.However, there is a significant legal hurdle that has been almost entirely overlooked by those calling for this new approach for institutional investors to become activist stewards: acting in concert rules. …
Asia’S Moment: Contextualizing The Rules Of The Corporate Governance Game, Dan W. Puchniak
Asia’S Moment: Contextualizing The Rules Of The Corporate Governance Game, Dan W. Puchniak
Research Collection Yong Pung How School Of Law
Whether this century is Asia’s century is still open for debate. What is clear now, however, is that understanding corporate governance in Asia is a paramount issue of global importance. Asia is forecast to account for an astonishing 70% of global growth in 2023.
An Asian Solution For The World’S Environment? Corporate Governance In A Non-Anglo-American World, Dan W. Puchniak
An Asian Solution For The World’S Environment? Corporate Governance In A Non-Anglo-American World, Dan W. Puchniak
Research Collection Yong Pung How School Of Law
Historically, when it comes to determining what counts as “good” corporate governance globally, the United Kingdom and United States have set the rules of the game. This has resulted in ill-fitting Anglo-American corporate governance solutions being transplanted to Asia with unforeseen consequences.[i] Will Asia repeat this history by adopting Anglo-American corporate governance solutions to solve its environmental problems?
Proper Purposes And Directors' Duties: Time To Slay The Chimera?, Pearlie M. C. Koh
Proper Purposes And Directors' Duties: Time To Slay The Chimera?, Pearlie M. C. Koh
Research Collection Yong Pung How School Of Law
The statutory statement of directors' duties contained in the Companies Act 2006 imposes a duty on directors to ‘only exercise powers for the purposes for which they are conferred’. The duty has been equiparated with the equitable fraud on a power doctrine. This paper challenges the correctness of this approach, and argues that the unwarranted ‘merging’ of the duty and the doctrine has resulted in a legal chimera standing in the way of a proper understanding of the roles of each of the duty and the doctrine. It is submitted that this erroneous linking of two entirely different concepts is …
Equity In Commerce: Too Much And Too Little?, Man Yip
Equity In Commerce: Too Much And Too Little?, Man Yip
Research Collection Yong Pung How School Of Law
The interaction and clash between equity and commerce have attracted much attention from judges and academics in recent years. Commercial lawyers may complain about equity introducing uncertainty into commercial endeavours and at times, (mis-)applying the ‘moral standards of the vicarage’ to actors in commercial dealings. However, the objections are not directed at all aspects of equity, but are usually addressed to some ‘disfavoured parts of it’, such as the creation of a new obligation or discretionary remedies. On the other hand, from the perspective of equity lawyers, equity’s interplay with commerce may lead to the contractualisation or commercialisation of equitable …
Regulating The Corporate Governance Of State-Owned Enterprises In Investment Arbitration, Mark Mclaughlin
Regulating The Corporate Governance Of State-Owned Enterprises In Investment Arbitration, Mark Mclaughlin
Research Collection Yong Pung How School Of Law
The renaissance of sovereign investment is one of the defining economic trends of the 21st century. While many states have benefitted, and continue to benefit, from an influx of state-backed foreign investment, this embrace is not without its hesitancies. Host states are particularly concerned that state-owned enterprises (SOE s) pursue non-commercial policy objectives, maintain lower levels of transparency than their private counterparts, and operate with inferior standards of responsible business conduct. In response, domestic regulators have enacted a series of countermeasures for SOE investment, including requirements that such enterprises must invest on a “commercial basis.” However, the regulation of foreign …
Navigating Insolvency Risks In Emerging Markets, Aurelio Gurrea-Martinez, Elena Daly
Navigating Insolvency Risks In Emerging Markets, Aurelio Gurrea-Martinez, Elena Daly
Research Collection Yong Pung How School Of Law
Most emerging markets have weak legal and institutional environments that generally lead to low levels of predictability and legal certainty. Moreover, the insolvency framework of most emerging markets is very inefficient, providing creditors with low recovery rates. Therefore, extending credit to companies in emerging economies may result in additional risks for lenders. This article explains how lenders can navigate some of these risks. By doing so, it is expected that, as a result of the higher level of creditor protection, companies in emerging markets will be able to have greater access to finance. Therefore, these strategies can ultimately benefit debtors …
Corporate Shareholders In Singapore: Retail Shareholders, Effective Empowerment And The Unfulfilled Promise Of The Digital Revolution, Pearlie M. C. Koh, Hwee Hoon Tan
Corporate Shareholders In Singapore: Retail Shareholders, Effective Empowerment And The Unfulfilled Promise Of The Digital Revolution, Pearlie M. C. Koh, Hwee Hoon Tan
Research Collection Yong Pung How School Of Law
Under Singapore’s companies legislation, shareholders are vested with significant powers, placing them in the position to play an important monitoring role. Although there are discernible corporate governance benefits to encouraging shareholders to take on a more participatory role, many have argued against shareholder empowerment. Indeed, it is often asserted that shareholders are ill-equipped to play any role in corporate governance for a variety of reasons, including the generally-held view that shareholders, in particular retail investors, are rationally apathetic. The situation is presumed to be exacerbated in Singapore’s “concentrated shareholding” corporate environment. In this research, we sought empirical data to assess …