Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008: The Primacy of Politics

59 Pages Posted: 22 Oct 2012

See all articles by Richard W. Carney

Richard W. Carney

China Europe International Business School (CEIBS)

Travers Child

China Europe International Business School (CEIBS)

Date Written: January 2012

Abstract

We investigate changes to the ownership and control of East Asia’s largest companies in 1996 and 2008. Newly compiled data for 1,386 publicly traded companies at the end of 2008 is supplemented with existing data on 1,606 publicly traded companies at the end of 1996. Two main findings stand out. First, where status quo political arrangements persist, pre-existing ownership arrangements go unchanged or become more entrenched. Where major political changes occurred, corporate ownership would undergo substantial changes. Second, the state has become increasingly important as an owner of domestic firms as well as of foreign firms.

Keywords: Finance, Politics, East Asia

JEL Classification: G32, G34, G38

Suggested Citation

Carney, Richard W. and Child, Travers, Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008: The Primacy of Politics (January 2012). Journal of Financial Economics (JFE), Forthcoming, Available at SSRN: https://ssrn.com/abstract=2165075

Richard W. Carney (Contact Author)

China Europe International Business School (CEIBS) ( email )

Shanghai-Hongfeng Road
Shanghai 201206
Shanghai 201206
China

Travers Child

China Europe International Business School (CEIBS) ( email )

Shanghai-Hongfeng Road
Shanghai 201206
Shanghai 201206
China

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
251
Abstract Views
1,393
Rank
188,281
PlumX Metrics