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内容简介: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-controlled,dispelling the notion that ownership becomes dispersed over time. Finally, signi"cant corporate wealth in East Asia is concentrated among a few families. ( 2000 Elsevier Science S.A. All rights reserved. qThe opinions expressed do not necessarily re#ect those of the World Bank. Larry H.P. 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 Monetary Fund, Vanderbilt University, the Thai Federation of Industries, the Korea Institute of Finance, and especially Tatiana Nenova and Andrei Shleifer for helpful suggestions. ......
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