Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis

• 成果类型: Article
• 署名作者: Lemmon, ML; Lins, KV
• 署名单位: Utah System of Higher Education; University of Utah
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00573
• 发表日期: 2003
• 页码: 1445-1468
• 关键词: EQUITY OWNERSHIP

摘要

We use a sample of 800 firms in eight East Asian countries to study the effect of ownership structure on value during the regions financial crisis. The crisis negatively impacted firms' investment opportunities, raising the incentives of controlling shareholders to expropriate minority investors. Crisis period stock returns of firms in which managers have high levels of control rights, but have separated their control and cash flow ownership, are 10-20 percentage points lower than those of other firms. The evidence is consistent with the view that ownership structure plays an important role in determining whether insiders expropriate minority shareholders.