Legal environment, firm-level corporate governance and expropriation of minority shareholders

Article

Krishnamurti, Chandrasekhar, Sevic, Aleksandar and Sevic, Zeljko. 2005. "Legal environment, firm-level corporate governance and expropriation of minority shareholders." Economic Change and Restructuring: an international journal devoted to the study of comparative economics, planning and development. 38 (1), pp. 85-111. https://doi.org/10.1007/s10644-005-4524-4
Article Title

Legal environment, firm-level corporate governance and expropriation of minority shareholders

ERA Journal ID18686
Article CategoryArticle
AuthorsKrishnamurti, Chandrasekhar (Author), Sevic, Aleksandar (Author) and Sevic, Zeljko (Author)
Journal TitleEconomic Change and Restructuring: an international journal devoted to the study of comparative economics, planning and development
Journal Citation38 (1), pp. 85-111
Number of Pages27
Year2005
Place of PublicationNetherlands
ISSN0013-0451
1120-7388
1573-9414
1574-0277
Digital Object Identifier (DOI)https://doi.org/10.1007/s10644-005-4524-4
Web Address (URL)http://www.springerlink.com/content/r815581327l5/
Abstract

Claessens et al. (2000, Journal of Financial Economics 58(1–2), 81–112) show that corporate control is substantially enhanced by using pyramid structures and cross-holdings by firms in nine East Asian countries. Claessens et al. (1999, SSRN Working Paper; 2002, Journal
of Finance 57(2), 2741–2771) provide empirical evidence regarding expropriation arising from the separation of cash flow from voting rights in Asian firms. Their analysis suggests a high degree of expropriation in Hong Kong, Indonesia, Malaysia, and Thailand. We re-examine the problem of expropriation in Asian firms reported by earlier research. We explore firm-level governance-control structure interactions, and control-legal environment interaction for a set of Asian firms for which we are able to obtain relevant data for all the required variables. The
major contribution of this paper is that it jointly examines ownership-control structure, firm level governance and country-level legal protection available to external suppliers of capital.
Using post-crisis data, we find a strong country effect in governance. In general, high control firms in countries with weak legal protection have lower firm-level governance scores in general. On the other hand, high control firms, in countries which have a stronger legal protection environment, signal their intention to not expropriate minority shareholders' wealth by voluntarily adopting measures to strengthen their discipline and responsibility scores. Contrary to earlier findings, we do not find a relationship between control-ownership wedge and firm value. Furthermore, we do not find any relation between firm-level governance and firm value as measured by Tobin's Q.

Keywordscorporate governance, expropriation, ownership structure
ANZSRC Field of Research 2020350202. Finance
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Byline AffiliationsNanyang Technological University, Singapore
University of Newcastle
University of Greenwich, United Kingdom
Institution of OriginUniversity of Southern Queensland
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