Expropriation of Minority Shareholders in East Asia

摘要: We examine the evidence on expropriation of minority shareholders by controlling shareholder in publicly traded companies nine East Asian countries. Higher cash-flow rights are associated with higher market valuation. In contrast, control have an insignificant or negative effect corporate Deviations voting from through use pyramiding, cross-holdings, and dual-class shares, lower values. Results robust to time period we study, splitting sample individual countries, using alternative measures incentive for expropriation, firm conclude that risk is major principal-agent problem public corporations Asia.