By Stijn Claessens, Simeon Djankov, Larry H. P. Lang
East Asian organizations range from their opposite numbers in different international locations in vital methods. prior to the hot monetary obstacle those variations have been considered as one of many purposes for the luck of East Asian economies. The situation altered that view, and plenty of students now argue that the susceptible company governance and financing constructions of East Asian organisations are partially guilty for the hot challenge. This paper reports a number of good points of East Asian organisations, displaying that they have got excessive leverage and focused possession, tend to be affiliated with company teams, and function in a number of industries. those features affected the functionality of organizations sooner than the obstacle in addition to their skill to accommodate its aftermath. each one economy's point of improvement additionally affected how those features interacted with enterprise functionality and valuation. ultimately, the focus of possession within the fingers of some huge households can have stimulated economies' institutional improvement.
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Additional info for East Asia Corporations: Heroes or Villains (World Bank Discussion Paper)
Sample text
70 60 50 40 30 20 10 Top 1 Top 5 Top 10 Thailand Taiwan, China Singapore Philippines Malaysia Korea, Rep. of Japan Indonesia 0 Hong Kong % of wealth held by top families Figure 25. Concentration of family control over corporations Top 15 These results suggest that a small number of families effectively control most East Asian economies. Do these families have a strong effect on the economic policy of governments? One direct mechanism for such an effect is the extension of preferential treatment to family members of senior government members.
Patterns in Group Affiliation In Hong Kong, Indonesia, Japan, the Philippines, and Singapore more than 60 percent of the companies in the sample are group affiliates (figure 19). Business groups are especially important in Japan and the Philippines, where 83 percent and 74 percent of firms are group affiliated. Only in Thailand is less than a majority (42 percent) of the sample firms affiliated with business groups. For the overall sample of nine East Asian economies, 75 percent of firms are group affiliated.
To further explore how economic and financial development relates to the crisisinduced decline in performance of diversified firms, we plotted the mean difference between the crisis and pre-crisis performance of firms (in terms of their excess profit margin) against per capita GNP (figure 23). We considered three types of firms: those with one (DIFF1), two (DIFF2), and three or more (DIFF3) segments. Firms with three or more segments saw sharp declines in profits during the crisis. For the six economies with per capita GNP below $20,000, the change in profits during the crisis was always negative and quite pronounced.