By Stijn Claessens, Simeon Djankov, Larry H. P. Lang
East Asian agencies vary from their opposite numbers in different nations in vital methods. earlier than the hot monetary quandary those ameliorations have been seen as one of many purposes for the good fortune of East Asian economies. The difficulty altered that view, and plenty of students now argue that the susceptible company governance and financing constructions of East Asian agencies are in part guilty for the hot problem. This paper experiences a number of positive aspects of East Asian organizations, displaying that they've excessive leverage and targeted possession, are usually affiliated with company teams, and function in a number of industries. those features affected the functionality of businesses ahead of the concern in addition to their skill to house its aftermath. each one economy's point of improvement additionally affected how those features interacted with company functionality and valuation. ultimately, the focus of possession within the fingers of some huge households can have stimulated economies' institutional improvement.
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Additional resources for East Asia Corporations: Heroes or Villains (World Bank Discussion Paper)
Carr Banque Indosuez Group. 1997. ” Jakarta, Indonesia.
39 Institute of International Bankers. 1997. Global Survey 1997: Regulatory and Market Developments. New York. Japan Company Handbook. 1998. Toyo Keizai Shinposha. Winter ed. Tokyo. Johnson, Simon, Peter Boone, Alasdair Breach, and Eric Friedman. 1999. ” Massachusetts Institute of Technology, Cambridge, Mass. Korean Fair Trade Commission. 1997. ” Seoul. Krugman, Paul. 1999. , mimeo. Kuala Lumpur Stock Exchange. 1997. Company Handbook. Kuala Lumpur, Malaysia. La Porta, Rafael, Florencio Lopez-deSilanes, and Andrei Shleifer.
Concentration of family control over corporations Top 15 These results suggest that a small number of families effectively control most East Asian economies. Do these families have a strong effect on the economic policy of governments? One direct mechanism for such an effect is the extension of preferential treatment to family members of senior government members. An example is the business empire of the Suharto family in Indonesia. In our sample we identified more than 400 listed and unlisted companies that were controlled by the family through business groups led by children, other relatives, and business partners—many of whom, in addition to former President Suharto, also served in the government.