Single-market governance datasets exist. Cross-Asia ESG aggregates exist. What does not exist anywhere else is a single comparable scoring layer that reads eight Asian capital markets through the same three axes — with the result that pathology families, archetype shapes, and Kill Switch designations can be compared across borders. This page shows the cross-section.
Eight Asian capital markets, more than 12,000+ issuers, sourced exclusively from publicly verifiable regulatory filings. Calibrated locally; comparable globally.
Each one calibrated to its own filing conventions; all readable on the same scale.
The aggregate scoring universe — the dataset no other vendor assembles in one place.
Every variable sources to a public regulatory filing. Zero vendor-licensed data, zero surveys, zero management interviews. See the source roster →
The moat is not the data. The data is public. The moat is the decomposition that places these eight markets on the same scale — with the consequence that grade designations, archetype shapes, and Kill Switch flags carry the same meaning regardless of which exchange the issuer trades on. Country pages show what each market’s answer looks like; this page shows what the cross-section reveals.
Per-market grade distribution, archetype distribution, dominant pathologies, landmark detection cases, and data-coverage details live on each country page. Card-level information here is intentionally sparse — the page’s editorial weight sits below, in the cross-section.
Same eight markets. Same three axes. The pathology families that dominate each market — the structural signatures that the framework reads first — differ sharply. This is the cross-section that no single-market analysis can produce.
| Pathology family | KR | JP | TW | HK | IN | TH | SG | PH |
|---|---|---|---|---|---|---|---|---|
| Cross-shareholding networks | ||||||||
| Related-party value extraction | ||||||||
| Controlling-shareholder pledge | ||||||||
| Off-balance-sheet structures (KY shells, VIEs) | ||||||||
| Voting-rights asymmetry (NVDR, dual-class) | ||||||||
| Hybrid-debt and REIT-leverage structures | ||||||||
| Audit and disclosure asymmetry | ||||||||
| Board-independence theatre |
Reading the matrix. A filled mark indicates that the pathology family is a documented dominant structural signature in that market — established through validated landmark detection cases. Empty cells indicate pathology families that are not the market’s documented signature; they do not indicate absence. The framework reads all eight families in every market scoring pass. Per-market grade and archetype distributions are detailed on each country page. Philippines is intentionally unmarked; landmark detection cases are pending.
Related-party value extraction surfaces in four of the eight markets — but it operates through chaebol cross-holdings in Korea, KY-registered shells in Taiwan, NVDR-mediated dilution in Thailand, and S-chip routing in Singapore. The framework reads the family and the jurisdictional vehicle in the same scoring pass.
Voting-rights asymmetry sits in Thailand alone (the NVDR mechanism). Hybrid-debt and REIT-leverage structures sit in Singapore alone. Audit and disclosure asymmetry is dominant in India alone. Board-independence theatre is the documented signature in Japan alone. Risk overlays that treat “Asian governance” as a single factor systematically under-price these market-specific exposures.
Each of the seven validated markets carries a unique combination of dominant pathologies. There is no “representative” Asian governance market. A portfolio process that calibrates to one market’s pathology profile and extrapolates to the others will mis-specify exposure. The matrix above is the argument for jurisdiction-by-jurisdiction reading.
Out-of-sample detections in seven of the eight live markets to date. Each entry is a public-event distress case; in every case the framework’s structural signals were active before the public event was visible. Lead times are documentary, not anecdotal.
The pattern across the record: structural signals appear in regulatory filings before they appear in market reactions. Lead-times range from real-time (Singapore CDL) to seven quarters ahead (India Kingfisher). The mechanism is straightforward — the same filings that disclose pledge ratios, related-party transactions, audit-opinion qualifiers, and beneficial-ownership chains are the inputs to the framework. The framework reads them on the day they are filed.
Pipeline markets have entered the data-source assessment and indicator-mapping phase. Public release follows the same backtest discipline described on the Methodology page. Promotion criteria do not vary by market.
The structural definition sits one step upstream; the country-level decomposition sits one step downstream.