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Family Control Business and Capital Market Development in ASEAN


  • Bany Ariffin Amin Noordin
  • Siong Hook Law


This study examines the effect of family ownership structure on capital market development in four Association of Southeast Asian Nations (ASEAN) countries, namely, Thailand, Malaysia, Indonesia, and the Philippines using panel data analysis. The results indicate that greater family influence in the stock exchange has detrimental effect on capital market development. The results can be considered valid as three alternative capital market development indicators, namely stock market capitalization, total share value traded, and number of companies listed are used.

Suggested Citation

  • Bany Ariffin Amin Noordin & Siong Hook Law, 2008. "Family Control Business and Capital Market Development in ASEAN," The IUP Journal of Financial Economics, IUP Publications, vol. 0(1), pages 46-55, March.
  • Handle: RePEc:icf:icfjfe:v:06:y:2008:i:1:p:46-55

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