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)

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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.
Original languageEnglish
JournalJournal of Corporate Finance
Publication statusPublished - Jun 2021

Corresponding author email

Project sponsor

China Europe International Business School (CEIBS)


  • Corporate ownership
  • State ownership
  • Sovereign wealth funds
  • Corporate pyramids

Indexed by

  • ABDC-A*
  • SSCI


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