By Stijn Claessens, Simeon Djankov, Larry H. P. Lang
East Asian businesses range from their opposite numbers in different international locations in very important methods. earlier than the hot monetary challenge those changes have been considered as one of many purposes for the luck of East Asian economies. The trouble altered that view, and lots of students now argue that the vulnerable company governance and financing buildings of East Asian enterprises are in part responsible for the hot difficulty. This paper stories numerous beneficial properties of East Asian companies, exhibiting that they have got excessive leverage and targeted possession, are usually affiliated with company teams, and function in a number of industries. those features affected the functionality of enterprises ahead of the difficulty in addition to their skill to accommodate its aftermath. every one economy's point of improvement additionally affected how those features interacted with company functionality and valuation. ultimately, the focus of possession within the fingers of some huge households can have prompted economies' institutional improvement.
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Additional info for East Asia Corporations: Heroes or Villains (World Bank Discussion Paper)
Among the full sample the mean excess value of groupaffiliated firms is about 5 percentage points lower than that of independent firms (figure 21). This difference is statistically significant at the 1 percent level, suggesting poorer performance. Group-affiliated firms also have lower mean excess values in individual economies, and the differences are statistically significant in Japan, Korea, and Malaysia. Figure 21. 1 Breaking down the differences another way, we find that among the full sample, multi-segment firms trade at a 3 percentage point discount relative to single-segment firms.
1997. Business Groups in Taiwan 19961997. Taipei, Taiwan (China). Chu, Yin-Wah, and Gary Hamilton. 1993. ” University of California at Davis. Claessens, Stijn, Simeon Djankov, and Giovanni Ferri. 1999. ” Emerging Markets Quarterly 3(2). Claessens, Stijn, Simeon Djankov, and Leora Klapper. 1999. ” Policy Research Working Paper 2133. C. Claessens, Stijn, Simeon Djankov, and Daniela Klingebiel. 1999. ” Financial Sector Discussion Paper 3. C. Claessens, Stijn, Simeon Djankov, and Larry Lang. Forthcoming a.
Fraction of Cash/Control Figure 19. Group affiliation in East Asia same approach as in previous sections, examining the relationship between group membership and excess value. Among the full sample the mean excess value of groupaffiliated firms is about 5 percentage points lower than that of independent firms (figure 21). This difference is statistically significant at the 1 percent level, suggesting poorer performance. Group-affiliated firms also have lower mean excess values in individual economies, and the differences are statistically significant in Japan, Korea, and Malaysia.