The Dynamism of Partially State-Owned Enterprises in East Asia
70 Pages Posted: 19 Apr 2021
Date Written: April 15, 2021
We examine the nature of state blockholding across publicly listed firms in East Asia by assembling a unique dataset spanning 16 years and 9 economies. Our newly compiled data identifies ultimate owners for each firm annually between 1997 and 2012, totaling 2,984 firm-year observations. Three findings stand out. First, large changes (>5%) to state blockholdings – both investments and divestments – are quite prevalent. Second, the identity of the largest shareholder frequently changes over time between state, family, and widely-held entities. Third, sovereign wealth funds are far more likely to acquire rather than sell large stakes in publicly traded firms.
Keywords: corporate ownership, state ownership, sovereign wealth funds, corporate pyramids
JEL Classification: G01, G34, G38, H11, H12
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