Journal of Corporate Finance Vol. 68 2021
The dynamism of partially state-owned enterprises in East Asia
open access
Abstract
We examine the nature of state blockholding across publicly listed firms in East Asia by assembling a unique dataset spanning 16 years and 9 economies. Our newly compiled data identifies ultimate owners for each firm annually between 1997 and 2012, totaling 2984 firm-year observations. Three findings stand out. First, large changes (>5%) to state blockholdings – both investments and divestments – are quite prevalent. Second, the identity of the largest shareholder frequently changes over time between state, family, and widely-held entities. Third, sovereign wealth funds are far more likely to acquire rather than sell large stakes in publicly traded firms.
- DOI
- 10.1016/j.jcorpfin.2021.101951
- Volume
- 68
- Pages
- 101951
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref