Controlling shareholders and corporate value: Evidence from Thailand

Pacific Basin Finance Journal

Volumn 9, Issue 4, 2001, Pages 323-362

  Wiwattanakantang, Yupana ^a  

^a HITOTSUBASHI UNIVERSITY   (Japan)

Author keywords

Agency costs; Corporate control; Corporate value; G30; G32; Ownership structure; Thailand

Indexed keywords

EID: 0011018151     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0927-538X(01)00022-1     Document Type: Article

References (46)

1. Admati A.R., Pfleiderer P., Zechner J. Large shareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy. 102:1994;1097-1129.
2. Bebchuk, L., 1999a. The evolution of ownership structure in publicly traded companies. Harvard University, working paper.
3. Bebchuk, L., 1999b. A rent-protection theory of corporate ownership and control. Working paper 7203, National Bureau of Economic Research, Cambridge, MA.
4. Bebchuk, L., Kraakman, R., Triantis, G., 1999. Stock pyramids, cross-ownership, and dual class equity: The creation and agency costs of separating control from cash flow rights. Working paper 6951, National Bureau of Economic Research, Cambridge, MA.
5. Bennedsen M., Wolfenzon D. The balance of power in closely held corporations. Journal of Financial Economics. 58:2000;113-139.
6. Berle A., Means G. The Modern Corporation and Private Property. 1932;Macmillan, New York.
7. Boardman A.E., Shapiro D.M., Vining A.R. The role of agency costs in explaining the superior performance of foreign MNE subsidiaries. International Business Review. 6:1997;295-317.
8. Burkart M., Gromb D., Panunzi F. Why higher takeover premia protect minority shareholders. Journal of Political Economy. 106:1998;172-204.
9. Chhibber P.K., Majumdar S.K. Foreign ownership and profitability: property rights, control and the performance of firms in Idian industry. Journal of Law and Economics. 42:1999;209-238.
10. Claessens, S., Djankov, S., Fan, J., Lang, L.H., 2000. Expropriation of minority shareholders in East Asia. Mimeo.
11. Claessens S., Djankov S., Lang L.H. The separation of ownership and control in East Asian corporations. Journal of Financial Economics. 58:2000;81-112.
12. Cronqvist, H., Nilsson, M., 2000. Agency costs of controlling minority shareholders. SSE/EFI Working Paper.
13. DeAngelo H., DeAngelo L. Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial Economics. 14:1985;33-69.
14. Fama E.F., Jensen M. Separation of ownership and control. Journal of Law and Economics. 26:1983;301-325.
15. Franks J., Mayer C. Corporate ownership and control in the UK, Germany, and France. Journal of Applied Corporate Finance. 9:1997;30-45.
16. Gomes A. Going public without governance: managerial reputation effects. Journal of Finance. 55:2000;615-646.
17. Jensen M., Meckling W. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 3:1976;305-360.
18. Johnson, S., La Porta, R., Lopez-de Silanes, F., Shleifer, A., 2000. Tunnelling. Working paper 7523, National Bureau of Economic Research, Cambridge, MA.
19. Khanna, T., Palepu, K., 1999. Emerging market business groups, foreign investors, and corporate governance. Working paper 6955, National Bureau of Economic Research, Cambridge, MA.
20. Krung Thep Turakij, 1999. Various issues, Nation Multi Media Group (in Thai).
21. La Porta R., Lopez-de Silanes F., Shleifer A., Vishny R.W. Legal determinants of external finance. Journal of Finance. 52:1997;1131-1150.
22. La Porta R., Lopez-De-Silanes F., Shleifer A. Corporate ownership around the world. Journal of Finance. 54:1999;471-517.
23. Lindenberg E.B., Ross S. Tobin's q ratio and industrial organization. Journal of Business. 51:1981;1-31.
24. Lins, K.V., 2000. Equity ownership and firm value in emerging markets. Mimeo.
25. Majumdar S.K. The impact of size and age on firm-level performance: Some evidence from India. Review of Industrial Organization. 12:1997;231-241.
26. Listed Companies Hand Book. 1996;Eastern Printing, Bangkok, Thailand.
27. Mórck R., Shleifer A., Vishny R. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics. 20:1988;293-315.
28. Pipatseritham K. The Analysis of the Ownership Structure of Thai Conglomerates. 1981;Thammasat University Press, Bangkok, Thailand. (In Thai).
29. Pornkulwat, S., 1996. The development of business strategies of overseas Chinese: A case study of two families. Master's thesis, Thammasat University. (In Thai).
30. Prachachat Turakij, 1999. Various issues, Matichon Public Company Limited (in Thai).
31. Sersansie S., Nimmansomboon W. Public Limited Companies Act B.E. 2535. 2nd edn. 1996;Nititham Publishing House, Bangkok, Thailand.
32. Setsatien P. Public Limited Companies Law. 1992;Nititham Publishing House, Bangkok, Thailand. (in Thai).
33. Shleifer A., Vishny R. Large shareholders and corporate control. Journal of Political Economy. 4:1986;461-488.
34. Shleifer A., Vishny R.W. A survey of corporate governance. Journal of Finance. 52:1997;737-783.
35. Short H., Keasey K. Managerial ownership and the performance of firms: Evidence from the UK. Journal of Corporate Finance. 5:1999;79-101.
36. Smith B.F., Amoako-Adu B. Management succession and financial performance of famly controlled firms. Journal of Corporate Finance. 5:1999;341-368.
37. The Role, Duty and Responsibility of the Board of Directors in Public Companies. 1997;Stock Exchange of Thailand, Bangkok.
38. The Stock Market in Thailand. 1997;Stock Exchange of Thailand, Bangkok.
39. The Stock Market in Thailand: Fact Book. 1997;Stock Exchange of Thailand, Bangkok.
40. Rules of the Stock Exchange of Thailand. 1998;Stock Exchange of Thailand, Bangkok.
41. Stulz R. Managerial control of voting rigths: Financing policies and the market for corporate control. Journal of Financial Economics. 20:1988;25-54.
42. Suehiro A. Capital Accumulation in Thailand: 1855-1985. 1989;Yuki kikaku, Tokyo, Japan.
43. Wiwattanakantang Y. An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal. 7:1999;371-403.
44. Wiwattanakantang, Y., 2000. The Ownenship Structure, Capital Structure, and Performance of Thai firms. PhD thesis, Hitotsubashi University, Tokyo, Japan.
45. Yeh, Y.-H., Lee, T.-S., 2000. Corporate governance and performance - the case of Taiwan. Mimeo.
46. Zingales L. The value of voting right: A study of the Milan stock exchange. Review of Financial Studies. 7:1994;125-148.