BIOGRAPHY: MAK YUEN TEEN
Mak Yuen Teen is Associate Professor of Accounting and former Vice Dean (Finance and
Administration) at the NUS Business School, National University of Singapore. He is also the
Co-Director of the Corporate Governance and Financial Reporting Centre at the NUS
Business School, which he founded in January 2003. He holds First Class Honours, Masters
and Ph.D degrees in accounting and finance. He teaches accounting and corporate governance
to undergraduates, MBA and executive MBA students. From 2007 to 2009, he was on leave
from NUS and held the position of Regional Research Director (Asia-Pacific) at Watson
Wyatt Worldwide, the global consulting firm.
Prof. Mak was a former council member of the Singapore Institute of Directors. He was
appointed by the Minister of Finance to the Council on Corporate Disclosure and Governance
(CCDG), which is charged with prescribing legally-required accounting standards for all
Singapore companies and also making recommendations on best disclosure and corporate
governance practices for listed companies. He served a three-year term on the CCDG, from
its establishment in 2002 to 2005. He was also formerly Deputy Chairman of the Corporate
Governance Committee of the Institute of Certified Public Accountants of Singapore. Prof.
Mak has been a core member of the OECD's Asian Corporate Governance Roundtable since
its establishment in 1999. Prof. Mak was also a member of the Corporate Governance
Committee which published the first Code of Corporate Governance in 2001, which has been
adopted by the Singapore Exchange to apply to all Singapore listed companies. In January
2007, he was appointed by the Minister of Community, Youth and Sports to the Charity
Council, a body set up to raise standards relating to corporate governance, fund-raising and
volunteer management in the charity sector.
Prof. Mak has consulted for and given talks to various companies and organizations on
corporate governance issues and is regularly consulted by Singapore regulators on corporate
governance issues. He has published widely in academic and professional journals and is also
a frequent commentator in the local media on accounting and corporate governance matters.
His book “From Conformance to Performance: Best Corporate Governance Practices for
Asian Companies” was published by McGraw-Hill in July 2005. His report on improving the
implementation of corporate governance practices in Singapore, commissioned by the MAS
and SGX, was published in 2007 and a number of recommendations from that report have
been implemented by the SGX.
Prof. Mak has spoken on corporate governance at various international conferences, including
the BusinessWeek CEO Forum and The Economist CFO Roundtable, and other conferences
and meetings organized by OECD, World Bank, ADB, APEC Business Advisory Council,
Singapore Exchange, Singapore Institute of Directors, Monetary Authority of Singapore,
Singapore Exchange, ASEAN Federation of Accountants, Institute of Internal Auditors
(international, Asia, Singapore and Malaysia), Institute of Certified Public Accountants of
Singapore, and others. He was invited as the sole Singapore representative to the High Level
Working Meeting and Consultation on the OECD Principles on Corporate Governance held
in Paris in November 2003, which involved senior policy-makers, regulators and directors
from more than 40 countries.
Prof. Mak has been Co-Chair of the Selection Committee for the Singapore Corporate
Governance Award since its inception in 2003. He is Chair of the Judging Panel of the
Investor Relations Award under the Singapore Corporate Awards organized by the Singapore
Exchange and Business Times and also a member of the CFO of the Year Judging Panel. As
Director of the Corporate Governance and Financial Reporting Centre at NUS, he has led
various corporate governance surveys and projects conducted with organizations such as
Standard & Poor’s, Jardine Lloyd Thompson, Investment Management Association of
Singapore, PricewaterhouseCoopers, Singapore Institute of Directors, Spencer Stuart, CPA
Australia, ACCA, and others. He also led the CGFRC’s partnership with One World Trust
based in U.K. in the Global Accountability Index 2006, which assesses the accountability of
the largest global transnational corporations, intergovernmental organizations, and
nongovernmental organizations.
Prof Mak serves on the boards of two of the largest healthcare charities in Singapore, the
National Kidney Foundation and SATA CommHealth, in which he is the Vice Chairman and
Chairman respectively. He is also a board member of the Financial Industry Dispute
Resolution Centre Ltd, a company set up by the financial industry to mediate disputes
between consumers and financial institutions. In 2006, he was also appointed as a member of
the Audit Advisory Committee of the United Nations Population Fund based in New York.
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CURRICULUM VITAE
MAK YUEN TEEN
Associate Professor of Accounting
Co-Director, Corporate Governance and Financial Reporting Centre,
BIZ1 Building, #04-07,
NUS Business School,
National University of Singapore,
Singapore 117592.
Tel: 65-65163032; email: bizmakyt@nus.edu.sg; fax: 65-67784275
ACADEMIC QUALIFICATIONS
Ph.D. Victoria University of Wellington (New Zealand), 1994.
M.Com, University of Otago, 1987.
B.Com (Hons 1), 1984.
PROFESSIONAL MEMBERSHIPS/QUALIFICATIONS
Fellow, Certified Public Accountants of Australia (CPA Australia)
ACADEMIC AWARDS
Peter Barr Research Fellowship, NZ Society of Accountants (NZSA)
NZSA PhD Scholarship
Best Student Prize, Cost and Management Accounting 3, NZSA
Best Student Prizes, Advance Financial Accounting; Business Finance
EMPLOYMENT HISTORY
Regional Research Director, Watson Wyatt Worldwide, September 2007 – September 2009
Associate Professor, National University of Singapore, July 1999 Senior Lecturer, National University of Singapore, 1996 - June 1999
Associate Professor, Massey University, 1994-1996.
Visiting Assistant Professor, Bond University, 1991.
Lecturer/Senior Lecturer, Victoria University of Wellington, 1988-1994.
Research Officer/Part-Time Consultant, New Zealand Securities Commission, 1988 - 1989.
Senior Tutor/Assistant Lecturer/Lecturer, University of Otago, 1984-1987.
ADMINISTRATIVE APPOINTMENTS – NATIONAL UNIVERSITY OF SINGAPORE
Founding Director, Corporate Governance and Financial Reporting Centre, January 2003 –
Vice Dean, July 2002-June 2004
Deputy Head, Finance and Accounting, 1999-June 2002
EDITORIAL BOARD MEMBERSHIP
Journal of Accounting and Public Policy
Journal of International Accounting Research
Pacific Accounting Review
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SELECTED RECENT COURSES TAUGHT
NUS:
UCLA-NUS EMBA, Corporate Governance, Law and Ethics
APEX-MBA, Corporate Governance,
MBA, Corporate Governance, 2004
Undergraduate, Financial Accounting
Accounting and Finance for Non-Financial Managers Program, 2000 External (Directors, Senior Executives and Regulators):
Temasek’s Business Leadership Centre, Board Composition and Practices
Temasek’s Business Leadership Centre, Executive and Director Remuneration
Commercial Affairs Department, International Economic Crimes Course
OTHER RECENT SELECTED CONSULTANCY/TRAINING
Association of Banks (Singapore), Project Leader, Assessment of Retail Banks’ Compliance with
Code of Consumer Banking (endorsed by MAS), 2005
Monetary Authority of Singapore/Singapore Exchange, Consultant, An Assessment of the Current
State of Corporate Governance in Singapore and Recommendations for Improvement, 2006-2007
Briefings on Corporate Governance for Audit Committee, Board Members, Management, Internal
Auditors, Ethics Officers, etc. for Singapore listed companies and multinationals
Paper Writer for Various Corporate Governance Topics for OECD and World Bank
Asian Productivity Organisation, Workshop Facilitator, Corporate Governance, Seoul
Productivity and Standards Board – Project on ISO
MEMBERSHIP OF COMMITTEES AND OTHER ORGANISATIONS
Current
Deputy Chairman, Board of Directors, National Kidney Foundation
Member, Board of Directors, Financial Industry Disputes Resolution Centre (FIDReC)
Chairman, Board of Directors, SATA CommHealth
Member, Audit Advisory Committee, United Nations Population Fund
Member, Charity Council
Core Member, OECD/World Bank Corporate Governance in Asia Program, 1999 Past
Member, Council on Corporate Disclosure and Governance
Member, Committee on Corporate Governance, Ministry of Finance/Monetary Authority of Singapore
Member, Governing Council, Singapore Institute of Directors
Deputy Chairman, Corporate Governance Committee, Institute of Certified Public Accountants of
Singapore
Member, Panel of Mediators, Association of Banks (Singapore)
Member, Integration Steering Committee (MAS)
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OTHER CURRENT APPOINTMENTS
Chairman, Singapore Corporate Governance Awards Committee
Chairman, Judging Panel, Investor Relations Award, Singapore Corporate Awards (BT and SGX),
Member, Judging Panel, CFO of the Year Award, Singapore Corporate Awards (BT and SGX), 2006-
INVITED PAPERS/PRESENTATIONS/PANEL DISCUSSIONS/BRIEFINGS:
Mak, Y.T., “Designing and Implementing Non-Financial Performance Indicators”, Panel Member,
Tenth Asian-Pacific Conference on International Accounting Issues, Maui, Hawaii, October 2528, 1998.
“An Exploratory Study of Corporate Governance in Singapore”, ASEAN Conference on “Financial
Markets & Future of the Asian Miracle”, Kuala Lumpur, October 15-17, 1998 (co-authored with Phil
Phan)
"Corporate Governance in Singapore: Current Practice and Future Developments", OECD Conference
Corporate Governance in Asia: A Comparative Perspective, Seoul, March 3-5, 1999. [paper
available on OECD website, http://www.oecd.org/daf/corporate-affairs/governance/in-Asia/teenphan.pdf] (co-authored with Phil Phan)
"Asian Crisis and Its Impact on Accounting and Auditing in Singapore", Panel Member, American
Accounting Association/Taiwan Accounting Association First Globalization Conference, Taipei,
July 10-15, 1999.
"Corporate Governance in Asia," Panel Member, Business Week CEO Forum, Grand Hyatt, Hong
Kong, October 13-15, 1999.
"Corporate Governance in Singapore: Recent Developments for the Next Millennium" Panel Member,
24th Annual Conference of the Federation of Asean Economic Associations (FAEA), Manila,
December 3-4, 1999. (co-authored with Phil Phan)
"International Development in Corporate Governance," Briefing to Corporate Regulation and
Governance Policy Committee [this is a MAS/MOF convened Committee made up of several
permanent secretaries, the Auditor-General, Attorney-General, MD-MAS, DyMD-MAS, and others],
January 3, 2000].
OECD Senior Experts' Meeting on Corporate Governance of State-Owned Enterprises (SOEs)
in China, Rapporteur, Beijing, 18 - 19 January 2000 .
"Privatisation: The Singapore Perspective", Speaker,
Development in Asia, Bali, May 11-12, May 2000.
Privatisation
and
Capital
Market
"Current Requirements and Practice with Respect to Audit Committees," Speaker, The OECD/World
Bank 2nd Asian Roundtable on Corporate Governance on The Role of Disclosure in
Strengthening Corporate Governance and Accountability, 31 May - 2 June, 2000, Hong Kong.
"Corporate Governance Practices and Disclosures in Singapore: An Update," Country Paper, The
OECD/World Bank 2nd Asian Roundtable on Corporate Governance on The Role of Disclosure
in Strengthening Corporate Governance and Accountability, 31 May - 2 June, 2000, Hong Kong
(co-authored with C.K. Chng)
"Contemporary Accounting Issues: A Global Perspective," Panel Member, American Accounting
Association/British Accounting Association Second Globalization Conference, July 15-17,
2000, Cambridge, England.
"Financial Management and Corporate Governance Issues of Dot Com Companies," Enter the Brave
New World of eCommerce, CIMA Conference, 20 April, 2000, Grand Copthorne Waterfront
5
Singapore. (co-authored with Y.K. Ho. and R.S.K. Tan).
"Control and Accountability", Co-chair and Panel Member, 2nd ACTS-NUS Seminar on Corporate
Governance and Value Creation, Ritz-Carlton, Singapore, September 12, 2000.
"Accounting and Corporate Governance," Panel Member, Twelfth Asian-Pacific Conference on
International Accounting Issues, Beijing, October 23-25, 2000.
"Corporate Governance: The Boardroom and Beyond," Speaker, Corporate Governance Seminar
(Butterworths), Hotel Inter-Continental Singapore, January 17, 2001.
"Code of Corporate Governance", Speaker and Panel Member, Corporate Governance Course
organised Singapore Institute of Directors and World Bank Institute, February 21-23, 2001.
"Current Accounting Disclosure Requirements in Singapore," Discussion Leader, Corporate
Governance Course organised Singapore Institute of Directors and World Bank Institute, February
21-23, 2001.
"The Role of Board Committees in Asia," Speaker, The OECD/World Bank 2nd Asian Roundtable
on Corporate Governance on The Role of The Board and Stakeholders in Corporate
Governance, 4 - 6 April, 2001, Singapore.
"Balancing Enterprise and Accountability: How Best to Regulate the Board," Lead Speaker, APEC
Corporate Governance Policy Dialogue, 7 April, 2001, Singapore.
"Corporate Governance," Panel Member, Conference on Good Corporate Governance, APEC
Business Advisory Council Third Meeting, 28 August, 2001.
"Development and Key Provisions of the Code of Corporate Governance," Speaker, SGX-SID
Seminar on Corporate Governance and Enhancing Shareholder Value, 16 October, 2001,
Singapore.
“Corporate Governance in Singapore and Malaysia,” Panel Member, Corporate Governance Forum,
Asia-Pacific Journal of Accounting and Economics Symposium, 3-5 January, 2002, Hong Kong.
“Corporate Governance: Substance Versus Form,” Keynote Speaker, Towards a New Era of
Stakeholders’ Expectations, Institute of Certified Public Accountants (ICPAS), 2 February 2002,
Singapore.
“The Changing Role of the Accounting Profession in a Disclosure-Based Environment,” Speaker,
Symposium on Corporate Governance, Malaysian Securities Commission, Kuala Lumpur, 23 April
2002.
“Promoting Sound Governance and Practical Implications for Regulators and the Industry,” Panel
Member, MAS Capital Markets Seminar, Singapore, 6 May 2002.
“The Collapse of Enron – Where were the Internal Auditors,” Speaker and Panel Chair, Institute of
Internal Auditors (Singapore) Annual Conference, Singapore, 13-14 May 2002.
“Impact of New Accounting Standards & Regulatory Regime on Practising Directors,” Panel Chair,
ICPAS-SID Seminar on Change in Accounting Standards and Reporting Requirements: What
Every Director Must Know, Singapore, 10 October, 2002.
“Defining and Disclosing Related Party Transactions”, The OECD/World Bank 3nd Asian
Roundtable on Corporate Governance on The Role of The Board and Stakeholders in
Corporate Governance, Mumbai, India, November 2002.
“Related Party Transactions,” Panel Chair, Inaugural NUS-SID Corporate Governance Conference:
Creative Accounting and Incentive Compensation, Singapore, November 2002.
“How Governance Plays in Asia: The Role of the CFO in Corporate Governance,” Panel Speaker, ,
Eighth Asia-Pacific CFO Roundtable, Singapore, March 19-20, 2003.
6
“The Design of Stock-Based Compensation,” Panel Chair, CGFRC-ICPAS-SID Conference on the
Design, Valuation and Accounting of Stock-Based Compensation, Singapore, August 27, 2003.
“How to Promote Corporate Governance in ASEAN,” Speaker, 13th AFA Conference & 18th National
Conference of Thai Accountants, Bangkok, October 10-11, 2003.
High-Level Working Meeting and Consultation on the OECD Principles of Corporate
Governance, Invited Participant, Paris, November 2-4, 2003.
“Taking a Company Public,” Panel Chair, Inaugural NUS SME Conference, Singapore, November
11, 2003.
“Recent Developments in Corporate Governance,” Speaker, CGFRC Breakfast Talk, January 19,
2004, Singapore.
Regional Standard Setters Meeting of the International Accounting Standards Board,
Participant, Kuala Lumpur, 3 March 2004
“Recent Developments in Corporate Governance and Corporate Governance Practices of
International Banks,” Speaker, MAS in-House Seminar, Singapore, March 22, 2004.
“Corporate Governance and Directors' and Officers' Liability Survey,” Speaker, JLT-CGFRC Seminar
and Press Conference, Singapore, May 26, 2004.
“Corporate Governance,” Speaker and Participant, Keppel-SID Directors’ Roundtable, Singapore,
June 3, 2004.
“Corporate Governance: Recent Developments and Regional Practices,” ICPAS-CPA Australia
Dinner Talk, Singapore, June 8, 2004.
“Corporate Governance in the Region,” Speaker and Resource Person, APO Symposium on Impact
of Corporate Governance on Productivity, Seoul, July 6-9, 2004.
“Corporate Governance Developments and the Role of the Company Secretary,” SAICSA Dinner
Talk, Singapore, August 18, 2004.
“Recent Developments in Corporate Governance in Singapore,” Speaker and Panelist, MAS Capital
Markets Seminar, Singapore, August 19, 2004.
“Corporate Governance: Challenges and Opportunities in the Singapore Investment Industry,”
Speaker, IMAS 6th Annual Conference 2004, Singapore, 23 September 2004.
Singapore Institute of Directors’ Forum on Proposed Changes to Code of Corporate Governance,
Singapore, 7 January 2005.
Singapore Business Federation’s Forum on Proposed Changes to Code of Corporate Governance,
Singapore, 21 February 2005.
“Incentive Schemes for Management and the Role of Board Directors in Assessing Them,” 2005
MINDEF DIRECTORSHIP SEMINAR, Singapore, 9 April 2005.
“Key Issues in the Revision of the Code of Corporate Governance,” Keynote Speech, ACCA Annual
Conference, 1 July 2005.
“Recovering Confidence in Corporate Reporting,” Panel Discussion, ACCA Annual Conference, 1
July 2005.
“Corporate Governance: Current Deficiencies in its Application and the Way Forward,” Law Society
3rd Annual Company Law Update, 20 July 2005.
“Corporate Governance – The Role of Board of Directors and Conflicts in Multiple Directorships,” CAD
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International Economic Crims Course, Commercial Affairs Department, 14 September 2005.
“Key Changes in the Code of Corporate Governance,” Singapore Chinese Chamber of Commerce
& Industry 2nd Corporate Governance Conference, Singapore, 23 September 2005.
“Corporate Governance and Leadership,” SAICSA Dinner Talk, Singapore, December 8, 2005
“Institutionalising Ethical Conduct and Implementing Whistle Blowing: Issues and Challenges,” CPA
Australia Dinner Talk, Singapore, 3 January 2006.
“Corporate Governance At Board Level: What Should Companies Pay Attention To and Why They Are
Critical,” 2nd Asian Conference on Corporate Governance and Directors’ & Officers’ Liability
Insurance, Singapore, 23 – 24 January 2006.
“Quarterly Reporting/Corporate Whistleblowing,” CPA Viewpoint, CPA Australia (Singapore),
Singapore, 10 March 2006.
“Quarterly Reporting/Corporate Whistleblowing,” CPA Australia (Malaysia) Forum, Malaysia, 5 May
2006.
“Corporate Governance of SOEs in Singapore,” OECD Asia SOE Network, Singapore, 15-16 May
2006.
“Institutional Investors’ Expectations of Boards,” Panel Discussion (Chair), NUS-SID Corporate
Governance Conference, Singapore, 20 July 2006.
“Planning for Succession: Strategies for Recruiting, Inducting and Developing Directors,” NUS-SID
Roundtable Discussion (Chair), 21 July 2006.
“Implementation and Enforcement of Rules in Singapore and the China Aviation Oil Case,” OECD
Asian Corporate Governance Roundtable, Bangkok, 13-14 September 2006.
“Implementation of Corporate Governance Best Practices in Asia: Have We Gone Too Far?,” Risky
Business: Corporate Governance in Asia Conference, Hong Kong, 25-26 September 2006.
“The Outlook for Corporate Governance,” Institute of Internal Auditors 40th Anniversary
Conference, Singapore, 28-29 September 2006.
“Corporate Governance – Current Deficiencies in its Application and The Way Forward,” Commercial
Affairs Department International Economic Crime Course, Singapore, 3 October 2006.
“Recent Corporate Scandals: Lessons Learnt and Not Learnt?,” ASNAF Regional Conference,
Singapore, 10 November 2006.
“Enhancing Returns on Investor Relations”, Invited Panel Speaker and Panel Chair, Merrill Lynch
Corporate Focus Day and Pan Asia Rising Star Conference, Singapore, 8-9 May 2007
(forthcoming).
“Best Corporate Governance Practices for Asian Companies,” Keynote Speaker, Asian
Confederation of Institutes of Internal Auditors 2007 Asian Chief Audit Executives Leadership
Forum, Kuala Lumpur, 4-5 June, 2007.
“Current Challenges and Issues in Corporate Governance in Asia,” Annual Conference of the
Institute of Internal Auditors (Malaysia), Kuala Lumpur, 21 August 2007.
“Improving Corporate Governance to Attract Investments,” Keynote Speaker, Vietnam CPA and CPA
(Australia) Seminar, Hanoi and Ho Chi Minh City, 22 and 24 August, 2007.
“The Outlook for Corporate Governance,” Commercial Affairs Department International Economic
Crime Course, Singapore, 23 October 2007.
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“Corporate Governance”, Panel Discussion, 2007 Annual Conference on the Governance, Risk &
Compliance Landscape in Singapore, 1 November 2007.
RESEARCH AND PUBLICATIONS
Academic Publications:
Mak, Y.T., "Contingency Fit, Internal Consistency and Financial Performance", Journal of Business
Finance and Accounting, Vol. 16 No.2 (Spring 1989), pp.273-300. (U.K.)
Mak, Y.T., "The Determinants of Accuracy of Management Earnings Forecasts: A New Zealand
Study", The International Journal of Accounting, Vol. 24 No. 3 (1989), pp. 267-280. (U.S.)
Mak, Y.T. "The Accuracy and Bias of Profit Forecasts in New Zealand Prospectuses", Accounting
Forum, Vo. 14 No. 3 (December 1990), pp. 43-65. (Australia)
Mak, Y.T. "Corporate Characteristics and the Voluntary Disclosure of Forecast Information: A Study of
New Zealand Prospectuses," British Accounting Review Vol. 23 No. 4 (December 1991), pp. 305327. (U.K.)
Laswad, F. and Y.T. Mak, "An International Comparison of Uncertainy Expressions in Accounting
Standards," The International Journal of Accounting, Vol. 29 No. 1 (1994), pp. 1-19. (U.S.)
Mak, Y.T., "The Voluntary Review of Earnings Forecasts in IPO Prospectuses," Journal of
Accounting and Public Policy,Vol. 13 No. 2 (Summer 1994), pp. 141-158. (U.S.)
Mak, Y.T. and M.L. Roush, "Flexible Budgeting and Variance Analysis in an Activity-Based Costing
Environment," Accounting Horizons, Vol. 8 No. 2 (June 1994), pp. 93-103. (U.S.)
Mak, Y.T., "The Voluntary Use of Outside Directors by Initial Public Offering Firms", Corporate
Governance: An International Review Vol. 4 No. 2 (April 1996), pp. 94-106. (U.K.)
Mak, Y.T., “Forecast Disclosure by Initial Public Offering Firms in a Low-Litigation Environment”,
Journal of Accounting and Public Policy,Vol. 15 No. 2 (Summer 1996), pp. 111-136. (U.S.)
Mak, Y.T. and M.L. Roush, “Managing Activity Costs with Flexible Budgeting and Variance Analysis,
Accounting Horizons Vol. 10 No. 3 (September 1996), pp. 141-146. (U.S.)
Carr, S., Mak, Y.T. and J. Needham, “Differences in Strategy, Quality Management Practices and
Performance Reporting Systems Between ISO Accredited and Non-ISO Accredited Companies,”
Management Accounting Research Vol. 8 (1997), pp. 383-403. (U.K.).
Laswad, F. and Y.T. Mak, “Interpretation of Probability Expressions by New Zealand StandardSetters,” Accounting Horizons, Vol. 11 No. 4 (December 1997), pp. 16-23. (U.S.)
Mak, Y.T. and M.L. Roush, “Factors Affecting the Characteristics of Boards of Directors: An Empirical
Study of New Zealand Initial Public Offering Firms,” Journal of Business Research, Vol. 47 No. 2,
pp. 147-159. (U.S.)
9
Durden, C. and Y.T. Mak, “Reporting of Overhead Variances: A Cost Management Perspective,”
Journal of Accounting Education, Vol. 17 No. 2-3 (July 1999), pp. 321-331. (U.S.)
Laswad, F. and Y.T. Mak, “Probability Expressions: A Comparison Between Standard-Setters and
Accountants” Pacific Accounting Review Vol. 11 No. 2, (Millennium Edition, December
1999/January 2000), pp. 241-254. (N.Z.)
Bradbury, M. and Y.T. Mak, “Ownership Structure, Board Composition, and the Adoption of Charter
Takeover Provisions” Journal of Corporate Finance Vol. 6 No. 2 (July 2000), pp. 165-188).
Mak, Y.T. and Y. Li, "Determinants of Corporate Ownership and Board Structure: Evidence from
Singapore" Journal of Corporate Finance Vol. 7 No. 3 (October 2001), pp. 235-256. (U.S.)
Cui, H. and Y.T. Mak, "The Relationship Between Managerial Ownership and Firm Performance in
High R&D Firms," Journal of Corporate Finance Vol. 8 No. 4 (December 2002), pp. 313-336 (U.S.)
Cheng, N.S., L.L. Eng, Y.T. Mak, and C.L. Chong, “Case: Performance Measures in the Media and
Software Division of Kao (Singapore) Private Limited”, Journal of Accounting Education Vol. 21
(2003): 157-184. (U.S.)
Eng, L.L. and Y.T. Mak, Corporate Governance and Voluntary Disclosure, Journal of Accounting
and Public Policy Vol. 22 (2003), pp. 325-345. (U.S.)
Mak, Y.T. and Y. Kusnadi, Size Really Matters: Further Evidence on the Negative Relationship
between Board Size and Firm Value, Pacific-Basin Finance Journal, Vol. 13:3 (2005), pp. 301-318
Bradbury, M., Y.T. Mak and S.M. Tan, Board Characteristics, Audit Committee Characteristics and
Abnormal Accruals, Pacific Accounting Review, Vol. 18 No. 2 (December 2006), pp. 47-68.
Professional Publications:
Mak, Y.T., “Cost Management in an Activity-Based Costing Environment,” Singapore Accountant
(November/December 1997), pp. 38-45.
Mak, Y.T., “Economic Value Added,” Singapore Accountant (July/August 1998), pp. 28-34.
Phan, P.H. and Y.T. Mak, "An Exploratory Study of Corporate Governance in Singapore", Malaysian
Journal of Economic Studies Vol. 35 No. 1/2 (June/December 1998), pp. 199-230.
Phan, P.H. and Y.T. Mak, "Corporate Governance in Singapore: Towards the 21st Century", Bankers'
Journal Malaysia 109 (March 1999), pp. 56-70.
Ho, Y.K., Y.T. Mak and R.S.K. Tan, "Evaluating the Costs", Pulses (February 2000), pp. 30-39.
Ho, Y.K., Y.T. Mak, and C.K. Chng, "Exercising Vested Stock Options", Pulses (November 2000), pp.
32-34.
Mak, Y.T., "Accountability and Control", Pulses (November 2000), pp. 6-10.
Mak, Y.T., "A Comparative Review of Board Committees in Asia," The Directors' Bulletin, Second
Quarter, 2001, pp. 9-16.
Mak, Y.T. and Yuanto, K., “Small is Beautiful: The Case for Smaller Boards,” Banking Today
(March/April 2002), pp. 24-26.
Mak, Y.T., “Information and Corporate Governance,” Company Secretary Vol. 13 No. 5 (2003), pp.
34-37.
Mak, Y.T. and K. Yuanto, “The Importance of Board Size,” Pulses (June 2003), pp. 30-35.
10
Mak, Y.T., “Should There Be a Cap on Directorships,” Singapore Accountant (November/December
2003), pp. 17-18..
Mak, Y.T., “The New U.K. Combined Code Versus the Singapore Code of Corporate Governance,”
SID AGM Handbook (November 2003), pp. 28-33
Mak, Y.T., “Lack of Separation Between the Board and Management,” Singapore Accountant
(February/March 2004), pp. 16-18.
Mak, Y.T., “Disclosure is not a Substitute for Good Corporate Governance: The Case of Bio-Treat
Technology,” Singapore Accountant (September/October 2004), pp. 14-17.
Mak, Y.T., “Corporate Governance: Raising Standards, Lowering Expectations,” Singapore
Accountant (2005), pp. 16-17.
Mak, Y.T., “The 3P’s of Corporate Governance – Principles, Processes and People,” Singapore
Accountant (July/August 2005), pp. 27-29.
Mak, Y.T., “Corporate Governance: The Singapore Experience,” INTHEBLACK (December 2005), 6062.
Mak, Y.T., “Corporate Governance and Whistleblowing: Issues and Challenges,” Singapore
Accountant (January/February 2006), pp. 32-33, 36-37..
Ho, Y.K., Lan, L.L., and Mak, Y.T., “Making VWO Boards More Effective - Lessons from Best
Practices in the For-Profit Sector,” Singapore Accountant (March/April 2006), pp. 24-27.
Mak, Y.T. and K.K. Lalanika, “Quarterly Reporting: A Divisive Issue,” INTHEBLACK (August 2006),
58.61.
Mak, Y.T. and Tan, L.H., “Shortage of Independent Directors: Myth or Reality?,” Singapore
Accountant (July/August 2006),, pp. 14-17.
Books
Harrison, W., Horngren, C.T., Chia, F.L., Mak, Y.T. and Z. Ismail, Financial Accounting (Singapore
edition), Prentice Hall, July 2001.
Harrison, W., Horngren, C.T., Chng, C.K., Ismail, Z., Mak, Y.T., Samad, F., Financial Accounting in
Singapore and Malaysia, Prentice Hall, 2005..
Mak, Y.T. (ed.), From Conformance to Performance: Best Corporate Governance Practices for
Asian Companies, McGraw-Hill, (July 2005)
Book Chapters:
Mak, Y.T. and M.L. Roush, “Flexible Budgeting and Variance Analysis in an Activity-Based Costing
Environment”. In Readings in Management Accounting, edited by S.M. Young, 1st ed., pp. 278-286.
Prentice Hall, 1995.
Mak, Y.T. and M.L. Roush, “Flexible Budgeting and Variance Analysis in an Activity-Based Costing
Environment”. In Emerging Practices in Cost Management, edited by B.J. Brinker, pp. E5-1-E5-10.
Warren, Gorham & Lamont, 1996.
Mak, Y.T. and P.H. Phan, Corporate Governance in Singapore: Current Practice and Future
Developments.” In Corporate Governance in Asia: A Comparative Perspective, pp. 373-405.
Organisation for Economic Co-operation and Development (OECD), 2001.
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Published Reports
Profit Forecast Disclosure in New Zealand Prospectuses, Report Commissioned by the New
Zealand Securities Commission, Securities Commission, Wellington, New Zealand, 1990. [This
reports formed the basis of proposed changes in the Securities Regulations 1983].
A Critical Examination of Use of Uncertainty Expressions in NZ Accounting Standards in Comparison
with International Standards, Report for the New Zealand Society of Accountants, April 1993.
Improving the Implementation of Corporate Governance Practices in Singapore, Report for the
Monetary Authority of Singapore and Singapore Exchange, June 2007, 136pp.
Selected Newspaper Articles
Protecting shareholders, Business Times, Friday, September 17, p. 13.
Share option schemes carry their own risks, Business Times, Wednesday, October 13, 1999, p.12.
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12.
Mak, Y.T., “Performance shares: what's fair, what's not,” Business Times, 28 August 2003.
Mak, Y.T., “Casting a shadow on the reputation of directors,” Business Times, 12 January 2005.
Ho, Y.K., Lan, L.L., and Mak, Y.T., “The making of a sound VWO board,” The Straits Times, 2005.
Mak, Y.T., “The plight of minority shareholders,” Business Times, 2006.
Mak, Y.T. and Tan, L.H., “Independent director shortage?,” Business Times, 2006.
Mak, Y.T., “For immediate consideration,” Business Times, 2006.
Mak, Y.T. and Beh, S.Y., “A look into the timing of share option grants,” Business Times, 2006.
Mak, Y.T., Sequeira, J. and Tan, J. and Lan, L.L., ‘Information approach’ has merits, Business
Times, 28 June 2007.
Mak, Y.T., “Clarifications that obfuscate,” Business Times, 15 April 2008.
Mak, Y.T., “The Oculus saga: lessons for corporate governance,” Business Times, 2008.
Mak, Y.T., ‘Board governance: looking good versus doing well,” Business Times, 12 January 2009.
Mak, Y.T., “The irrational exuberance of analysts,” Business Times, 2009.
Mak, Y.T., “Kian Ho AGM one to watch,” Today, 20 April 2009.
Mak, Y.T., “High time for cap on directorships,” Business Times, 8 April 2009
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Mak, Y.T and Hu, C.., “Director resignations: when personal is not really personal,” Business Times,
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Mak, Y.T., “Beware the risks from corruption,” Business Times, 4 September 2009.
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