文章基本信息

标题：Demutualization of stock exchanges in Pakistan: Challenges and benefits
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作者：Sarah Ahmed ; Babar Zaheer Butt ; Kashif-Ur-Rehman 等
期刊名称：African Journal of Business Management
印刷版ISSN：1993-8233
出版年度：2011
卷号：5
期号：2
页码：448-454
DOI：10.5897/AJBM10.587
语种：English
出版社：Academic Journals
摘要：Demutualization is a process of segregation of ownership, management and trading membership in an exchange. Studies show that demutualization is a mechanism which minimizes the conflict of interest by reducing the overbearing influence of the members on the affairs and management of the exchange. The Government has initiated demutualization process in Pakistan as part of the capital market reforms program. This paper studies the ongoing process of demutualization in Pakistan and identifies its benefits and challenges. The benefits include better corporate governance, access to economic and human capital, enhancement in listings and international alliances. The study also identifies some challenges which are regulatory framework, conflict of interest, ownership structure issues and agency cost.
关键词：Demutualization; conflict of interest; agency cost; corporate governance; integration and alliance