Corporate Governance and Initial Public Offerings in Australia

Hu, Helen Wei;Tan, Monica Guo-Sze

Abstract

[Extract] The Australian continent was inhabited by the Aboriginal and Torres Strait Islander people before the European settlement began in the late 1700s. Since then, Australia has continued to receive waves of migrants, which sees its population grow in size and diversity. A federation of six states formed the Commonwealth of Australia in 1901 under a single constitution. The Australian legal system originates from the common law system of the UK. The Australian rule of law is based on judicial precedents. Hence, the rules for company conducts are based on common law principles including segregation of powers, fairness and integrity. Corporate ownership in Australia is relatively concentrated, though principal–agent is still the main governance issue present in the corporate sector. Therefore, companies and managers are constantly under the scrutiny of an active takeover market. Investor protection is well defined and enforced because corporate governance principles are explicitly expressed and implemented in the country.

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Corporate Governance and Initial Public Offerings – An International Perspective

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ISBN/ISSN

978-1-107-01686-6

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Publisher

Cambridge University Press

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Publisher Location

Cambridge, UK

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DOI

10.1017/CBO9781139061513