The dynamism of partially state-owned enterprises in East Asia

Richard W. Carney (First Author), Travers B. Child (Participant Author), Wai-Man Liu (Participant Author), Phong T. H. Ngo (Participant Author)

科研成果: 期刊稿件期刊论文

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摘要

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 2984 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.
源语言英语
期刊Journal of Corporate Finance
68
DOI
出版状态已出版 - 6月 2021

Corresponding author email

t.b.child@ceibs.edu

Project sponsor

China Europe International Business School (CEIBS)

成果物的来源

  • ABDC-A*
  • SSCI

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