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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Abstract

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
Volume68
DOIs
Publication statusPublished - Jun 2021

Corresponding author email

t.b.child@ceibs.edu

Project sponsor

China Europe International Business School (CEIBS)

Keywords

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

Indexed by

  • ABDC-A*
  • SSCI

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