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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
ハナザキ, マサハル ハナザキ, マサハル
Affiliation
Affiliation Name
Development Bank of Japan
Creator Name
Liu, Qun Liu, Qun
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
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 my lead to strict internal financing constraints on investment.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2006-10
Language
英語(eng)
Resource Type
technical report（テクニカルレポート）
Version Type
VoR
Relation - Is Part Of
Related Title
CEI Working Paper Series ; No. 2006-12
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
41
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13496