Who controls East Asian corporations ?
AbstractThe authors identify the ultimate ownership structure for 2,980 corporations in nine East Asian countries. They find that: A) More than half of those firms are controlled be a single shareholder. B) Smaller firms and older firms are more likely to be family-controlled. C) Patterns of controlling ownership stakes differ across countries. The concentration of control generally diminishes with higher economic and institutional development. D) In many countries control is enhanced though pyramid structures and deviations from one-share-one-vote rules. As a result, voting rights exceed cash-flow rights. E) Management is rarely separated from ownership control, and management in two thirds of the firms that are not widely held is related to management of the controlling shareholder. F) In some countries, wealth is very concentrated and links between government andbusiness are extensive, so the legal system has probably been influenced by the prevailing ownership structure.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 2054.
Date of creation: 28 Feb 1999
Date of revision:
Small and Medium Size Enterprises; Microfinance; Small Scale Enterprise; International Terrorism&Counterterrorism; Economic Theory&Research; Microfinance; Private Participation in Infrastructure; Small Scale Enterprise; Rural Land Policies for Poverty Reduction; Economic Theory&Research;
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