RESEARCH REPORT
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2
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Black2001 Berle Means 1932 1997 1990 1997 2005 1
1932 Berle Means 2
European Corporate Institute European Corporate Governance Network 1997 50 43%34.5% 34.9% 9.9%8.6% 5.4% ClaessensDjankow Lang 9 2980 45% FaccioLang 13 5232 36.93% 44.29% Blass,Yafeh Yosha1998Valadares Leal, 2000Majumdar,1998Claessens Djankov, 1999 La Porta, Lopez-de-Silanes, Shleifer Vishny LLSV1998199920002002 3
Public Benefit of Control Private Benefit of Control LLSV1997 1 2 3 4
Demsetz Lehn 511 McConnell Servaes1990 1000 U 40 Q 4050 Q Mehran1995 Q Pedersen Thomsen1999 12 435 Claessens Djankov 1999 19921993 ClassensDjankov Lang2000 8 1301 2003 5
1997 2000 Q 2001 6
1999 Q U 2003 U 2002 U 2001 20 2000 1999 484 2004 8 TCL MBO TCL 2005 7 29 9 2 7
1997 20002001 200120012003 20022004 8
2004 000070 32.7018.496.46 1.94 32.70 50 000798 25.50 24.75 24.75 2004 9
2004 12 31 10
21 1.57 5 0.60 11 0.82 0 0 58 4.33 5.00 52 3.88 20 2.40 26 1.94 42 5.02 57 4.25 24 2.87 36 2.69 65 7.77 91 6.79 36 4.30 40 2.99 59 7.05 84 6.27 490 58.54 784 58.51 54 6.45 80 5.97 837 100 1340 100 2 A () 301 35.96 22285.20 7773.36 3704.61 1223.50 112.24 1340 499 37.24 42412.80 18265.97 6791.93 1911.02 127.22 62.46 / 52.54 42.56 54.54 64.02 88.23 11
3 (%) (%) 6 4 0.48 0.48 5 3 0.36 0.84 4 15 1.79 2.63 3 20 2.39 5.02 2 30 3.58 8.60 1 149 17.80 26.40 0 616 73.60 100 837 100 42.686% 45.115 0.249 25.758 30.235 1 12
4 Tobin s Q Tobin s Q 42.686 45.115 2.428 0.231 0.249 0.019 25.758 30.189 4.431 41.700 45.020 0.000 0.201 0.226 0.000 24.700 31.490 0.000 6.140 9.090 0.000 0.006 0.008 0.000-38.680-38.680 0.000 85.000 85.000 44.730 0.723 0.723 0.332 84.600 84.600 86.620 16.500 16.588 6.193 0.138 0.143 0.049 27.042 26.761 11.683-0.921-1.025 10.895-0.141-0.498 11.685-1.075-1.064 11.567 0.163 0.034 3.202 0.708 0.539 3.361 0.013-0.171 3.294 837 837 837 837 837 837 837 837 837 13
i 0 1 1i 2 2i k ki i k= 1 m ROE = α + α X + α X + β Control + ε ROE X1 X 1 5 X 2 Controlk 10 9 α 1 α 2 14
5 Herfindahl 2 5 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 6 13 12 15
6-22.700*** -20.522*** -21.824*** -394.230** -380.456** -379.020** 0.064*** / / 0.602 / / / 9.234*** / / 67.679 / / / 0.023*** / 0.339 1.506*** 1.538*** 1.328*** -17.349-18.220-17.491 1.245*** 1.164*** 1.318*** 16.985* 16.836* 17.088* 0.010 0.012 0.008-0.075-0.076-0.079 2.244 2.329 2.059 39.192 38.802 38.221-0.247-0.087-0.505 19.568 20.032 17.417-2.550-2.555-2.533 13.606 13.545 13.916 0.964 0.966 1.002 9.534 8.864 10.862-1.680-1.665-1.728-26.783-27.102-26.985 0.279 0.419-0.003 20.876 21.202 18.762-1.492-1.451-1.540 21.783 21.689 21.827-1.888-1.897-1.897 25.288 25.160 24.947-1.339-1.179-1.724 21.661 21.645 18.991 / / / 11.025 10.472 11.491 / / / 3.106 2.201 5.235 R 2 0.102 0.117 0.084 0.009 0.009 0.009 R 2 0.088 0.103 0.070-0.002-0.002-0.003 F 7.226 8.399 5.805 0.784 0.779 0.771 Prob>F 0.000 0.000 0.000 0.697 0.702 0.712 ****** 15 10 10.064 1 29.234 1 30.023 1 16
41.506 1.538 1.328 1 5 A 5 :1 17
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19
2004 Shleifer Wolfenzon2002 20
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[17] Black, B. S.,2001: The Corporate Governance Behavior and Market Value of Russian Firms, 22
University of Pennsylvania Law Review 149, 121-145. [18] Blass, A., Yafeh, Y., and Yosha O, 1998, Corporate Governance in An Emerging Market: The Case of Israel, Journal of Applied Corporate Finance 10, 79-89. [19] Claessens, S., S. Djankov, 1999, Ownership Concentration and Corporate Performance in the Czech Republic, CEPR Discussion Papers 2145. [20] Claessens, S., S. Djankov, and L. Lang, 2000, The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics 58, 81-112. [21] Demsetz, H. and K. Lehn, 1985, The Structure of Corporate Ownership: Causes and Consequences, Journal of Political Economy 93, 1155-1177. [22] Faccio, M. and L. H. P. Lang, 2002, The Ultimate Ownership of Western European Corporations, Journal of Financial Economics 65, 365-396. [23] La Porta, R., F. Lopez-de-Salines, A. Shleifer and R. W. Vishny, 1997, Legal Determinants of External Finance, Journal of Finance 53, 1131-1150. [24] La Porta, R., F. Lopez-de-Salines, A. Shleifer and R. W. Vishny, 1998, Law and Finance, Journal of Political Economy 106, 1113-1155. [25] La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate Ownership Around the World, Journal of Finance 54, 471-517. [26] La Porta, R., F. Lopez-de-Salines, and A. Shleifer, 2000, Investor Protection and Corporate Governance, Journal of Financial Economics 58, 3-27. [27] La Porta, R., F. Lopez-de-Salines, A. Shleifer and R. W. Vishny, 2002, Investor Protection and Corporate Valuation, Journal of Finance, Vol. LVII, No.3,1147-1170. [28] Majumdar, S. K., 1998, Assessing Comparative Efficiency of the State Owned Mixed and Private Sectors in Indian Industry, Public Choice 96, 1 24. [29] McConnell, J., and H. Servaes, 1990, Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics 27, 595-612. [30] Mehran, H. 1995, Executive Compensation Structure, Ownership, and Firm Performance, Journal of Financial Economics 38, 163-184. [31] Pedersen, T and S. Thomsen, 1999, The Causal Relationship between Insider Ownership, Owner Identity and Market Valuation among the Largest European Companies, Copenhagen Business School, Working Paper. [32] Shleifer, A. and D. Wolfenzon, 2002, Investor Protection and Equity Markets, Journal of Financial Economics 66, 3-27. [33] Valadares, S., Leal, R., 2000, Ownership and Control Structure of Brazilian Companies, Abante. 23