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The dynamism of partially state-owned enterprises in East Asia

Date

2021

Authors

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

Journal Title

Journal ISSN

Volume Title

Publisher

Elsevier

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.

Description

Keywords

Corporate ownership, State ownership, Sovereign wealth funds, Corporate pyramids

Citation

Source

Journal of Corporate Finance

Type

Journal article

Book Title

Entity type

Access Statement

Open Access

License Rights

Creative Commons Attribution licence

DOI

10.1016/j.jcorpfin.2021.101951

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