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The dynamism of partially state-owned enterprises in East Asia

Richard W. Carney, Travers B. Child, Wai-Man Liu and Phong T.H. Ngo

Journal of Corporate Finance, 2021, vol. 68, issue C

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.

Keywords: Corporate ownership; State ownership; Sovereign wealth funds; Corporate pyramids (search for similar items in EconPapers)
JEL-codes: G01 G34 G38 H11 H12 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.jcorpfin.2021.101951

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