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Identifier to cite or link to this item: https://hdl.handle.net/10086/16276

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Title
Corporate Governance and Investment in East Asian Firms : Empirical Analysis of Family-Controlled Firms
Creator
Creator Name
Hanazaki, Masaharu Hanazaki, Masaharu
花崎, 正晴 花崎, 正晴
Affiliation
Affiliation Name
Development Bank of Japan
Creator Name
Liu, Qun Liu, Qun
劉, 群 劉, 群
Rights
Copyright © 2007 Elsevier Inc. All rights reserved. The definitive version is published in Journal of Asian economics, Volume 18, Issue 1, February 2007, DOI.:10.1016/j.asieco.2006.12.003
Key Word
Family-controlled firm
Corporate Investment
Asian crisis
JEL
G32
E22
O53
Abstract
In this paper, we analyze in quantitative terms the influence of family control on the pattern of corporate investment, using firm-level data from Indonesia, Korea, Malaysia, the Philippines, and Thailand to regress the investment function and focusing on the family ownership structure that characterizes East Asian corporate governance. Our results present evidence that family-controlled firms, the majority of the firms in our data set, face more severe internal financing constraints than non-family-controlled firms. Our findings suggest that the mechanism in East Asian countries, which is commonly assumed to permit smooth reallocation of money among investment projects through the internal capital markets of family-controlled group firms, does not work well, and that, coupled with the difficulty of obtaining financing from external capital markets, it may lead to strict internal financing constraints on investment.
Publisher
Elsevier Science B.V.
Issued Date
2007-02
Language
English(eng)
Resource Type
journal article
Version Type
AM
Is Version OfRelation -
Related Identifier
DOI
  10.1016/j.asieco.2006.12.003
ISSN
1049-0078
NCID
AA10780670
Source Title
Journal of Asian Economics
Volume Number
18
Issue Number
1
Page Start
76
Page End
97
Appears in Collections
010a Journal Articles　=　雑誌掲載論文
URL
https://hdl.handle.net/10086/16276