文档介绍：Journal of Financial Economics 58 (2000) 81}112
The separation of ownership and control in
East Asian Corporationsଝ
Stijn Claessens!, Simeon Djankov! *, Larry . Lang"
!World Bank, Washington, DC, 20433 USA
"Chinese University of Hong Kong, Shatin, NT, Hong Kong
Received 4 February 1999; received in revised form 1 December 1999
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-control-
led, dispelling the notion that ownership es dispersed over time. Finally, signi"cant
corporate wealth in East Asia is concentrated among a few families. ( 2000 Elsevier
Science . All rights reserved.
JEL classixcation: G32; L22
Keywords: Ownership; Control; East Asian corporations
ଝThe opinions expressed do not necessarily re#ect those of the World Bank. Larry . Lang
gratefully acknowledges the Hong Kong UGC earmarked grant for research support. We thank
Magdi Amin, Jerry Caprio, Chad Leechor, Rapoel La Porta (the referee), seminar participants at the
World Bank, the International ary Fund, Vanderbilt University, the Thai Federation of
Industries, the Korea Institute of Finance, and especially Tatiana Nenova and Andrei Shleifer for
helpful suggestions.
* Corresponding author. Tel.: #1-202-473-4748; fax: #1-202-522-0308.
E-mail address: sdjankov@ (S. Djankov).
0304-405X/00/$ - see front matter ( 2000 Elsevier Science . All rights reserved.
PII: S 0 3 0 4 - 4 0 5 X ( 0 0 ) 0 0 0 6 7 - 2
82 S. Claessens et al. / Journal of Financial Economics 58 (2000) 81}112
1. Introduction