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内容简介：Whereas most US corporations are widely-held, the predominant form of ownership in East Asia
is control by a family, which often supplies a top manager. These features of “crony capitalism”
are actually more pronounced in Western Europe. In both regions, the salient agency problem is
expropriation of outside shareholders by controlling shareholders. Dividends provide evidence on
this. Group-affiliated corporations in Europe pay higher dividends than in Asia, dampening insider expropriation. Dividend rates are higher in Europe, but lower in Asia, when there are multiple large shareholders, suggesting that they dampen expropriation in Europe, but exacerbate
it in Asia.
Failures in East Asian corporate governance have recently attracted wide attention through being
blamed for the East Asian financial crisis. Based only on journalistic anecdotes, the accusations
of “crony capitalism” met regional scepticism and are now being shrugged off as East Asian
economies recover. This paper provides a comprehensive analysis of the ownership and control
structure of East Asian corporations, with West European corporations as benchmarks. We
document that the problems of East Asian corporate governance are, if anything, more severe and
intractable than suggested by commentators at the height of the financial crisis. These problems
we locate in an extraordinary concentration of control, whereby 8 groups control more than 1/4 of
the corporations in the 9 most advanced East Asian economies. This control is obscured behind
layers of corporations, hence insulated against the forces of competition on less-than-transparent
capital markets. By examining how dividend behaviour is related to the structure of ownership
and control, we find evidence of systematic expropriation of the outside shareholders of
corporations at the base of extensive corporate pyramids. Thus, the controlling shareholders can
extract high returns from projects that yield negative returns to the corporation. The piling up of
such projects in East Asia, with their burden of unrepayable debt, helped precipitate the financial
crisis. Moreover, the concentration of corporate control is such that these problems should be
recognized as problems of political, not merely corporate, governance. In Western Europe,
corporate control is also highly concentrated, but we identify critical differences in the ownership
and control structure, such that macroeconomic problems are unlikely to result.
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