Did Families Lose or Gain Control? Thai Firms after the East Asian Financial Crisis

36 Pages Posted: 25 Apr 2003

See all articles by Anya Khanthavit

Anya Khanthavit

Thammasat University - Faculty of Commerce and Accountancy

Piruna Polsiri

University of Melbourne - Melbourne Business School

Yupana Wiwattanakantang

National University of Singapore - Department of Finance

Date Written: January 2003

Abstract

This paper investigates the ownership and control of Thai public firms in the period after the East Asian financial crisis, compared to those in the pre-crisis period. Using the comprehensive unique database of ownership and board structures, we find that the ownership and control appear to be more concentrated in the hands of controlling shareholders subsequent to the crisis. Interestingly, even though families remain the most prevalent owners of Thai firms and are still actively involved in the management after the financial crisis, their role as the controlling shareholder becomes less significant. In addition, our results show that direct shareholdings are most frequently used as a means of control in both periods. Pyramids and cross-shareholdings, however, are employed to the lesser extent following the crisis.

Keywords: Ownership, Controlling Shareholder, Corporate Governance, East Asian Financial Crisis, Thailand

JEL Classification: G32

Suggested Citation

Khanthavit, Anya and Polsiri, Piruna and Wiwattanakantang, Yupana, Did Families Lose or Gain Control? Thai Firms after the East Asian Financial Crisis (January 2003). Available at SSRN: https://ssrn.com/abstract=370120 or http://dx.doi.org/10.2139/ssrn.370120

Anya Khanthavit (Contact Author)

Thammasat University - Faculty of Commerce and Accountancy ( email )

Bangkok
Thailand

Piruna Polsiri

University of Melbourne - Melbourne Business School ( email )

200 Leicester Street
Carlton, Victoria 3053 3186
Australia
+61-3-8344-0804 (Phone)

Yupana Wiwattanakantang

National University of Singapore - Department of Finance ( email )

Business School
Mochtar Riady Building #7-44, 15 Kent Ridge Dri
Singapore, 117592
Singapore
65-6516-1912 (Phone)

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