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Protection of minority shareholders in Hong Kong and China: do culture and institutional design make any difference?

The corporate governance system in Hong Kong and mainland China was transplanted from Western countries. However, the latest ranking in corporate governance in Asia shows that Hong Kong moved to the top of the 2007 ranking above 11 other Asian countries while China was not even included.2 How can such a huge difference be explained? This article compares and discusses the reasons for the difference in corporate governance in Hong Kong and China. In particular, it focuses on discussing local cultural influences and institutional design on the implementation of the system of protection of minority shareholders in Hong Kong and China.