By Stijn Claessens, Simeon Djankov, Larry H. P. Lang
East Asian enterprises fluctuate from their opposite numbers in different international locations in very important methods. sooner than the new monetary difficulty those changes have been seen as one of many purposes for the luck of East Asian economies. The challenge altered that view, and plenty of students now argue that the susceptible company governance and financing buildings of East Asian agencies are in part responsible for the new obstacle. This paper reports numerous gains of East Asian organisations, displaying that they've excessive leverage and targeted possession, tend to be affiliated with company teams, and function in a number of industries. those features affected the functionality of organisations sooner than the predicament 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 palms of some huge households can have inspired economies' institutional improvement.
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Extra resources for East Asia Corporations: Heroes or Villains (World Bank Discussion Paper)
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Indeed, when cash-flow rights are equal to control rights, group affiliation increases firm value. Conclusion Group affiliation is widespread among publicly traded corporations in East Asia. Moreover, group-affiliated firms are more likely to diversify than independent firms. Group affiliation is generally associated with a discount in firm valuation. Group-affiliated firms have a smaller diversification discount than independent firms, however. The evidence that firm-level diversification is less harmful within a group suggests that the greater use of internal markets by groups mitigates the discount.
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