Did Families Lose or Gain Control after the East Asian Financial Crisis?

Anya Khanthavit, Piruna Polsiri, Yupana Wiwattanakantang () and ユパナ ウィワッタナカンタン

No 2003-1, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University

Abstract: This paper investigates the ownership and control of Thai public firms in the period after the East Asian financial crisis, compared to those in the pre-crisis period. Using the comprehensive unique database of ownership and board structures, we find that the ownership and control appear to be more concentrated in the hands of controlling shareholders subsequent to the crisis. Interestingly, even though families remain the most prevalent owners of Thai firms and are still actively involved in the management after the financial crisis, their role as the controlling shareholder becomes less significant. In addition, our results show that direct shareholdings are most frequently used as a means of control in both periods. Pyramids and cross-shareholdings, however, are employed to the lesser extent following the crisis.

Keywords: Ownership; Controlling Shareholder; Corporate Governance; East Asian Financial Crisis; Thailand (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2003-02
Note: January 2003, Forthcoming in Designing Financial Systems in East Asia and Japan: Toward a Twenty-First Century Paradigm edited by Joseph Fan, Masaharu Hanazaki, and Juro Teranishi, Routledge.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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