Ownership Structure, Corporate Governance, And Firm Value : Evidence From The East Asian Financial Crisis  

Oleh:

Lemmon, Michael L. ; Lins, Karl V.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 4 (2003), page 1445-1468.
Topik: firm value; stock prices; rates of return; ownership; shareholders rights; studies
Fulltext: p 1445.pdf (176.91KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We use a sample of 800 firms in eight East Asian countries to study the effect of ownership structure on value during the region's financial crisis. The crisis negatively impacted firms' investment opportunities, raising the incentives of controlling shareholders to expropriate minority investors. Crisis period stock returns of firms in which managers have high levels of control rights, but have not separated their control and cash flow ownership, are 10 - 20 percentage points lower than those of other firms. The evidence is consistent with the view that ownership structure plays an important role in determining whether insiders expropriate minority shareholders.

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