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The separation of ownership and control in East Asian Corporations (2000)
| Venue: | Journal of Financial Economics |
| Citations: | 571 - 17 self |
BibTeX
@ARTICLE{Claessens00theseparation,
author = {Stijn Claessens and Simeon Djankov and Larry H. P. Lang},
title = {The separation of ownership and control in East Asian Corporations},
journal = {Journal of Financial Economics},
year = {2000},
pages = {81--112}
}
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Abstract
We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-#ow rights via pyramid structures and cross-holdings. The separation of ownership and control is most pronounced among family-controlled "rms and small "rms. More than two-thirds of "rms are controlled by a single shareholder. Managers of closely held "rms tend to be relatives of the controlling shareholder's family. Older "rms are generally family-controlled, dispelling the notion that ownership becomes dispersed over time. Finally, signi"cant corporate wealth in East Asia is concentrated among a few families. � 2000 Elsevier Science S.A. All rights reserved. JEL classixcation: G32; L22
