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Governance in Family-Owned Hong Kong Corporations

In: The Governance of East Asian Corporations

Author

Listed:
  • Judy S. L. Tsui
  • Vanessa Stott

Abstract

In 1997, Hong Kong’s sovereignty reverted to the People’s Republic of China (PRC), but the Hong Kong Special Administrative Region (SAR) has retained its common law system.1 As such, and following La Porta et al.’s (1998) empirical findings, Hong Kong should offer relatively better investor protection than the jurisdictions in this book which have civil law systems. Further, a key characteristic in Hong Kong is that most of the large companies are family-owned. SCMP (2000) has argued that family owned firms in Hong Kong are subject to fewer typical agency problems than non-family firms. The challenge for Hong Kong’s regulators, as pointed out by Tsui and Shieh (2004), is to implement effective corporate governance measures which recognize the importance of concentrated ownership and yet balance the interests of controlling and minority shareholders. In this chapter we outline Hong Kong’s position in terms of ownership, regulatory provisions and various corporate governance reforms that the government has instituted.

Suggested Citation

  • Judy S. L. Tsui & Vanessa Stott, 2004. "Governance in Family-Owned Hong Kong Corporations," Palgrave Macmillan Books, in: The Governance of East Asian Corporations, chapter 3, pages 54-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52327-2_3
    DOI: 10.1057/9780230523272_3
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    Cited by:

    1. Robert H. Sarikas & Elizabeth Tipton & Andy Fodor & Arsen M. Djatej, 2023. "Sustainability Methodologies and Sustainability-linked Senior Management Compensation Policies: An Analysis of Relationships for Global Companies in the Healthcare and Educational Services Sectors," Environmental Management and Sustainable Development, Macrothink Institute, vol. 12(1), pages 82-109, December.
    2. Sun, Hanwen & Yin, Shuxing, 2017. "Information leakage in family firms: Evidence from short selling around insider sales," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 72-87.
    3. Lee, Chin-Chong & Poon, Wai-Ching, 2018. "Wealth transfers in rights offerings and the protective instruments," Journal of Contemporary Accounting and Economics, Elsevier, vol. 14(3), pages 335-357.
    4. Martin Bortz, 2023. "Advice that resonates: explaining the variability in consultants’ policy influence," Policy Sciences, Springer;Society of Policy Sciences, vol. 56(2), pages 211-232, June.
    5. Leung, Sidney & Richardson, Grant & Jaggi, Bikki, 2014. "Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms," Journal of Contemporary Accounting and Economics, Elsevier, vol. 10(1), pages 16-31.
    6. Lee, Chin-Chong & Poon, Wai-Ching & Sinnakkannu, Jothee, 2014. "Why are rights offers in Hong Kong so different?," Pacific-Basin Finance Journal, Elsevier, vol. 26(C), pages 176-197.

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