资源描述：
《【企业管理】dividends and expropriation》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、Forthcoming,AmericanEconomicReviewDIVIDENDSANDEXPROPRIATION*MaraFaccio,LarryH.P.Lang,andLeslieYoungJuly31,2000AbstractWhereasmostUScorporationsarewidely-held,thepredominantformofownershipinEastAsiaiscontrolbyafamily,whichoftensuppliesatopmanager.Thesef
2、eaturesof“cronycapitalism”areactuallymorepronouncedinWesternEurope.Inbothregions,thesalientagencyproblemisexpropriationofoutsideshareholdersbycontrollingshareholders.Dividendsprovideevidenceonthis.Group-affiliatedcorporationsinEuropepayhigherdividendst
3、haninAsia,dampeningFootnotes*Faccio:AssistantProfessor,FacoltàdiEconomia,DipartimentodiScienzedell'EconomiadellaGestioneAziendale,UniversitàCattolicadelSacroCuore,LargoGemelli1,20123Milano,Italy.Tel:390272342436(e-mail:mara.faccio@mi.unicatt.it);Lang:P
4、rofessorofFinance,FinanceDepartment,TheChineseUniversityofHongKong,HongKong.Tel:85226097761(e-mail:llang@baf.msmail.cuhk.edu.hk.);Young:ProfessorofFinanceandExecutiveDirector,TheAsiaPacificInstituteofBusiness,TheChineseUniversityofHongKong,HongKong.Tel
5、:85226097421(e-mail:leslie@baf.msmail.cuhk.edu.hk).WeacknowledgehelpfulcommentsfromMaurizioMurgia,AndreiShleifer,areferee,andseminarparticipantsatthe2000EuropeanFinancialManagementAssociationmeetinginAthens.WethankStijnClaessens,SimeonDjankov,andJoseph
6、FanforprovidingtheirdataforEastAsia.LarryLangacknowledgesresearchsupportfromaHongKongUGCEarmarkedGrant.2insiderexpropriation.DividendratesarehigherinEurope,butlowerinAsia,whentherearemultiplelargeshareholders,suggestingthattheydampenexpropriationinEuro
7、pe,butexacerbateitinAsia.(JELG34,G35)FailuresinEastAsiancorporategovernancehaverecentlyattractedwideattentionthroughbeingblamedfortheEastAsianfinancialcrisis.Basedonlyonjournalisticanecdotes,theaccusationsof“cronycapitalism”metregionalscepticismandaren
8、owbeingshruggedoffasEastAsianeconomiesrecover.ThispaperprovidesacomprehensiveanalysisoftheownershipandcontrolstructureofEastAsiancorporations,withWestEuropeancorporationsasbenchmarks.WedocumentthattheproblemsofEastAsiancorporategovernan
