内容简介：We examine the separation of ownership and control for 2,980 corporations in nine
East Asian countries. In all countries, voting rights frequently exceed cash-#ow rights via
pyramid structures and cross-holdings. The separation of ownership and control is most
pronounced among family-controlled "rms and small "rms. More than two-thirds of
"rms are controlled by a single shareholder. Managers of closely held "rms tend to be
relatives of the controlling shareholder's family. Older "rms are generally family-controlled,
dispelling the notion that ownership becomes dispersed over time. Finally, signi"cant
corporate wealth in East Asia is concentrated among a few families. ( 2000 Elsevier
Science S.A. All rights reserved.
JEL classixcation: G32; L22
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