The separation of ownership and control in East Asian Corporations

• 成果类型: Article
• 署名作者: Claessens, S; Djankov, S; Lang, LHP
• 署名单位: The World Bank; Chinese University of Hong Kong
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00067-2
• 发表日期: 2000
• 页码: 81-112
• 关键词: ownership; Control; East Asian corporations

摘要

We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-flow rights via pyramid structures and cross-holdings. The separation of ownership and control is most pronounced among family-controlled firms and small firms. More than two-thirds of firms are controlled by a single shareholder. Managers of closely held firms tend to be relatives of the controlling shareholder's family. Older firms are generally family-controlled, dispelling the notion that ownership becomes dispersed over time. Finally, significant corporate wealth in East Asia is concentrated among a few families. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G32; L22.