Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

MICHAEL L. LEMMON; KARLV. LINS

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Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

机译：股权结构，公司治理和公司价值：来自东亚金融危机的证据

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We use a sample of 800 firms in eight East Asian countries to study the effect of ownership structure on value during the region's financial crisis. The crisis negatively impacted firms' investment opportunities, raising the incentives of controlling shareholders to expropriate minority investors. Crisis period stock returns of firms in which managers have high levels of control rights, but have separated their control and cash flow ownership, are 10-20 percentage points lower than those of other firms. The evidence is consistent with the view that ownership structure plays an important role in determining whether insiders expropriate minority shareholders.

机译：我们使用来自八个东亚国家的800家公司的样本来研究所有权结构对该地区金融危机期间价值的影响。这场危机对公司的投资机会产生了负面影响，提高了控股股东没收少数股东的动机。经理人具有较高控制权，但将控制权和现金流量所有权分开的公司的危机期股票收益，比其他公司低10-20个百分点。证据与以下观点一致：所有权结构在确定内部人是否侵占小股东方面起着重要作用。

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来源
《Journal of Finance》 |2003年第4期|p.1445-1468|共24页
作者
MICHAEL L. LEMMON; KARLV. LINS;
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作者单位

David Eccles School of Business at the University of Utah;

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正文语种 eng
中图分类财政、金融;
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7. Ownership structure, corporate governance and firm value: Evidence from the East Asian financial crisis [O] . Michael L. Lemmon, Karl V. Lins, Ownership Studies, 2003

机译：所有权结构，公司治理和公司价值：来自东亚金融危机的证据

Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

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