Author: Stijn Claessens Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
A study of 2,980 corporations in nine East Asian countries finds more than half of those firms being controlled by a single shareholder. Many smaller and older firms are family-controlled. Wealth is very concentrated in some countries, and links between business and government are extensive, so the legal system has probably been influenced by the prevailing ownership structure.Claessens, Djankov, and Lang identify the ultimate ownership structure for 2,980 corporations in nine East Asian countries. They find that:More than half of those firms are controlled by a single shareholder.Smaller firms and older firms are more likely to be family-controlled.Patterns of controlling ownership stakes differ across countries. The concentration of control generally diminishes with higher economic and institutional development.In many countries, control is enhanced through pyramid structures and deviations from one-share-one-vote rules. As a result, voting rights exceed formal cash-flow rights.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.In some countries, wealth is very concentrated and links between government and business are extensive, so the legal system has probably been influenced by the prevailing ownership structure.This paper-a product of the Financial Economics Unit, Financial Sector Practice Department-is part of a larger effort in the department to uncover the causes of the East Asian crisis.
Author: Publisher: World Bank Publications ISBN: 9780821346310 Category : Business & Economics Languages : en Pages : 58
Book Description
East Asian corporations differ from their counterparts in other countries in important ways. Before the recent financial crisis these differences were viewed as one of the reasons for the success of East Asian economies. The crisis altered that view, and many scholars now argue that the weak corporate governance and financing structures of East Asian corporations are partly to blame for the recent crisis. This paper reviews several features of East Asian corporations, showing that they have high leverage and concentrated ownership, are typically affiliated with business groups, and operate in multiple industries. These characteristics affected the performance of corporations prior to the crisis as well as their ability to deal with its aftermath. Each economy's level of development also affected how these characteristics interacted with firm performance and valuation. Finally, the concentration of ownership in the hands of a few large families may have influenced economies' institutional development.
Author: Stijn Claessens Publisher: ISBN: Category : Languages : en Pages :
Book Description
This Note reports an analysis of ultimate control in nearly 3,000 publicly traded companies in December 1996-before the financial crisis-in nine East Asian economies: Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. The analysis shows that the ten largest families in Indonesia, the Philippines, and Thailand control half the corporate sector (in terms of market capitalization), while the ten largest in Hong Kong and Korea control about a third (figure 1). More extreme, in Indonesia and the Philippines ultimate control of about 17 percent of market capitalization can be traced to a single family. While the analysis shows that ownership concentration in these countries is in keeping with levels in other developing and some industrial countries, its findings shed light on the viability and vulnerability of corporate governance structures in East Asia. The concentration of corporate wealth and the tight links between corporations and government may have impeded legal and regulatory development, directly or indirectly. To create incentives for better governance, East Asian governments may have to promote more competition, even by breaking up conglomerates, and curtail related party lending by restricting ownership of banks.
Author: Stijn Claessens Publisher: ISBN: Category : Languages : en Pages : 47
Book Description
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-flow rights via pyramid structures and cross-holdings. The separation of ownership and control is most pronounced among family-controlled firms and small firms. More than two-thirds of firms are controlled by a single shareholder. Managers of closely held firms tend to be relatives of the controlling shareholder's family. Older firms are generally family-controlled, dispelling the notion that ownership becomes dispersed over time. Finally, significant corporate wealth in East Asia is concentrated among a few families.
Author: Professor Richard Whitley Publisher: SAGE ISBN: 9781446224014 Category : Business & Economics Languages : en Pages : 292
Book Description
In this major contribution to comparative-international business Richard Whitley compares and contrasts the dominant characteristics of firms and markets in Japan, South Korea, Taiwan and Hong Kong, relating these to their particular social, political and economic contexts. At the level of the firm he looks at such areas as management styles and structures, decision-making processes, owner-employee relations, and patterns of company growth and development. He also discusses market development, customer, supplier and inter-firm relations, and the roles of the financial sectors and the state in market and industry development. The book also examines the ways in which key social institutions in each country have affected the evolution of business. Finally, the author makes a comparison of East Asian business systems with dominant Western practices.
Author: F. Gul Publisher: Springer ISBN: 0230523277 Category : Social Science Languages : en Pages : 269
Book Description
This book examines government/regulatory responses to the Asian Financial Crisis which brought unprecedented financial turmoil for most East Asian countries. It provides thought-provoking insights on fundamental differences in the institutional and regulatory framework of 10 East Asian countries, including an assessment of the various corporate governance reforms after the crisis.
Author: Shaomin Li Publisher: Elsevier ISBN: 9780081012833 Category : Languages : en Pages : 320
Book Description
"East Asian Business in the New World" discusses how to conduct business in East Asia. The main objective of the book is to help American workers and American businesses gain competitive advantages in the global marketplace, in which the emerging Asian economies are rapidly becoming major players. The American economy appears to be on decline, especially relative to the rapidly rising economies such as China. To revitalize the American economy and those of the old world, we must pay close attention to the economies with which America competes. The objective of this book is two-fold: First, to focus opportunities and challenges of doing business in East Asia. The book will help readers understand Asian economies and business practices so that they can compete more successfully in Asia. Second, to discuss how the U.S. can learn from East Asia in revitalizing its own economy. This sets the book apart. It analyzes the social institutions in major Asian countries, including the political, economic, and cultural institutions, and compares them with the institutions in the U.S., identifying the strengths and weaknesses of the U.S. institutions, and providing strategic and policy recommendations that may help the U.S. economy and firms to compete in the global marketplace. Discuss how America and older economies can learn from AsiaProvides a theoretical framework of rule-based vs. relation-based governance to help readers understand the differences in doing business in Asia vs. doing business in mature economiesOffers business insights based on the author s business experience in AsiaApproaches the topic from a comparative perspective"
Author: Stijn Claessens
Author: Stijn Claessens
Author: 
Author: 
Author: Stijn Claessens
Author: 
Author: Stijn Claessens
Author: Professor Richard Whitley
Author: F. Gul
Author: Shaomin Li