Good corporate governance is almost a guarantee of improved long-term profit, the nation's senior finance official said on Wednesday.
``Some companies do not fully appreciate the benefits of improved corporate governance,'' Vice Finance Minister Bahk Byeong-won said at a forum in Seoul.
``But they should know that their corporate value can be maximized through good corporate governance.''
The official said improvements in this area lead to a decline in inter-party transactions and greater managerial efficiency.
``They can also cut financing costs and help resources be allocated more efficiently, thus helping to strengthen a country's competitive edge,'' he said.
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