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The dynamism of partially state-owned enterprises in East Asia

dc.contributor.authorCarney, Richard W.
dc.contributor.authorChild, Travers B.
dc.contributor.authorLiu, Wai-Man
dc.contributor.authorNgo, Phong
dc.date.accessioned2023-04-11T00:11:56Z
dc.date.available2023-04-11T00:11:56Z
dc.date.issued2021
dc.date.updated2022-01-23T07:17:53Z
dc.description.abstractWe 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.en_AU
dc.description.sponsorshipWe acknowledge research grant funding from China Europe International Business School (CEIBS)en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0929-1199en_AU
dc.identifier.urihttp://hdl.handle.net/1885/288200
dc.language.isoen_AUen_AU
dc.provenanceThis is an open access article under the CC BY-NC-ND licenseen_AU
dc.publisherElsevieren_AU
dc.rights© 2021 The authorsen_AU
dc.rights.licenseCreative Commons Attribution licenceen_AU
dc.rights.urihttp://creativecommons.org/licenses/ by-nc-nd/4.0/en_AU
dc.sourceJournal of Corporate Financeen_AU
dc.subjectCorporate ownershipen_AU
dc.subjectState ownershipen_AU
dc.subjectSovereign wealth fundsen_AU
dc.subjectCorporate pyramidsen_AU
dc.titleThe dynamism of partially state-owned enterprises in East Asiaen_AU
dc.typeJournal articleen_AU
dcterms.accessRightsOpen Accessen_AU
local.contributor.affiliationCarney, Richard W. , China Europe International Business School (CEIBS)en_AU
local.contributor.affiliationChild, Travers B. , China Europe International Business School (CEIBS)en_AU
local.contributor.affiliationLiu, Wai, College of Business and Economics, ANUen_AU
local.contributor.affiliationNGO, PHONG, College of Business and Economics, ANUen_AU
local.contributor.authoremailu4756363@anu.edu.auen_AU
local.contributor.authoruidLiu, Wai, u4756363en_AU
local.contributor.authoruidNgo, Phong, u2510562en_AU
local.description.notesImported from ARIESen_AU
local.identifier.absfor350202 - Financeen_AU
local.identifier.ariespublicationa383154xPUB19735en_AU
local.identifier.citationvolume68en_AU
local.identifier.doi10.1016/j.jcorpfin.2021.101951en_AU
local.identifier.scopusID2-s2.0-85107382253
local.identifier.uidSubmittedBya383154en_AU
local.publisher.urlhttps://www.sciencedirect.com/en_AU
local.type.statusPublished Versionen_AU

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