The Equity Ownership Structure of Thai Firms
AbstractThis paper examines the ownership structure of listed Thai firms in 1996. The ownership structure is concentrated. In 82.59 percent of the firms in the sample, the largest shareholders are also controlling shareholders. The controlling shareholders are mainly families. Foreign investors form the second largest group of controlling shareholders. More of the controlling shareholders use a simple ownership pattern to control the firms. Only in 21.27 percent of the firms, the controlling shareholders employ pyramid structures, and cross-ownership structures to control the firms. The controlling shareholders do not just control the votes. In approximately 70 percent of the firms in the sample, the controlling shareholders are involved in the firms' management as officers and directors.
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Bibliographic InfoPaper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2001-8.
Length: 41 p.
Date of creation: Jul 2001
Date of revision:
Ownership structure; Corporate governance; Agency costs; Thailand;
Find related papers by JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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- Polsiri, Piruna & Wiwattanakantang, Yupana, 2004. "Business Groups in Thailand: Before and after the East Asian Financial Crisis," CEI Working Paper Series 2004-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Wiem Elmanaa Madani & Wafa Khlif, 2005. "Effets De La Structure De Propriete Sur La Performance Comptable : Etude Empirique Sur Les Entreprises Tunisiennes Indistruelles Non Cotees," Post-Print halshs-00581192, HAL.
- Siregar, Sylvia Veronica & Utama, Sidharta, 2008. "Type of earnings management and the effect of ownership structure, firm size, and corporate-governance practices: Evidence from Indonesia," The International Journal of Accounting, Elsevier, vol. 43(1), pages 1-27, March.
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