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Australia, Singapore, and India all have corporate governance regulatory systems that are based on corporation legislation that presents for mandatory minimum standards dealing with matters such as directors' duties, members' remedies, and shareholder rights at meetings, and default rules for company foundations. These obligatory rules may be compulsory by civil actions brought by injured parties and criminal proceedings brought by the respective regulators. These minimum obligatory requirements cannot successfully deal with issues relating to matters such as board role, structure, and make up. These purposeful matters are dealt with by codes of globally documented corporate governance best practice sanctioned by a variety of stock exchanges and directed at listed companies. This comprises an appearance of self-regulation because it is not compulsory for companies to follow the best practice principles. The universal approach is to necessitate listed companies to reveal in their annual reports the corporate governance practices they have agreed to throughout the relevant year. The listing rules set out comprehensive endorsed practices, and companies are required to state the degree to which they have taken on these practices. Those companies that go away from the suggested practices are required to make clear why they have done so (Kimber & Lipton, 2005).
The underlying principle behind this approach is to make sure that the market is knowledgeable about a company's corporate governance practices. At the same time, there is also acknowledgment that suitable practice may differ from company to company. In particular, smaller listed companies frequently find it hard to meet the terms of requirements such as foundation of several board committees where they have comparatively small boards (Kimber & Lipton, 2005).
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"XYZ Construction, Inc. and Asian Business Expansion." 123HelpMe.com. 04 Apr 2020
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China, as the largest market and perhaps the most attractive market in Asia, is currently entering into global partnership with a wide range of foreign associates. When wanting to be one of these foreign associates is it important to look at the culturally based value systems that exist there. Culturally founded values systems are usually made up of four dimensions: power distance, individualism/collectivism, masculinity/femininity, and uncertainty avoidance. China and the United States differ greatly with regard to their economic systems, political systems, social values, and laws, in spite of the considerable changes that have occurred in China over the last few years. In terms of power distance, China is considered to be very centralized although it has shown some tendency toward decentralized power while the US is somewhat decentralized. Second, the US ranks first in individualism while China is low in individualism and leans more toward strong collectivism. Third, the US places a higher value than China on masculinity, which indicates that USA is medium masculinity while China is medium femininity. Fourth, China ranks higher in uncertainty avoidance than the US, which shows that the Chinese are moderately risk-avoiding while Americans are quite risk-taking. Last, the US has a short-term course planned while China has a long-term course planned for the future (Pan & Zhang, 2004).
It is very apparent that the values and ways of doing business are very different in Asia than they are here. Before deciding to expand their operations into Asia the owners of XYZ Construction Inc. must look at all of these things and decide if they will be able to alter their style of business to fit into this culture and environment. This is the big question that any business that is thinking of expanding into the global business world must consider before leaping head first into the global business world.