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1、DividendsandExpropriationByMARAFACCIO,LARRYH,P.LANG,ANDLESLIEYOUNG*WhereasmostU.S.corporationsarewidelyheld,thepredominantformofowner-shipinEastAsiaiscontrolbyafamily,whichoftensuppliesatopmanager.Thesefeaturesof"cronycapitalism"areactuallymorepronouncedin
2、WesternEurope.Inbothregions,thesalientagencyproblemisexpropriationofoutsideshareholdersbycontrollingshareholders.Dividendsprovideevidenceonthis.Group-affiliatedcorporationsinEuropepayhigherdividendsthaninAsia,dampeninginsiderexpropriation.Dividendratesareh
3、igherinEurope,butlowerinAsia,whentherearemultiplelargeshareholders,suggestingthattheydampenexpropriationinEurope,butexacerbateitinAsia.(JELG34,G35)FailuresinEastAsiancorporategovernancetransparentcapitalmarkets.Byexamininghowhaverecentlyattractedwideattent
4、ionthroughdividendbehaviorisrelatedtothestructureofbeingblamedfortheEastAsianfinancialcrisis.ownershipandcontrol,wefindevidenceofsys-Basedonlyonjournalisticanecdotes,theaccu-tematicexpropriationoftheoutsidesharehold-sationsof"cronycapitalism"metregionalsce
5、p-ersofcorporationsatthebaseofextensiveticismandarenowbeingshruggedoffasEastcorporatepyramids.Thus,thecontrollingshare-Asianeconomiesrecover.Thispaperprovidesaholderscanextracthighreturnsfromprojectscomprehensiveanalysisoftheownershipandthatyieldnegativere
6、turnstothecorporation.controlstructureofEastAsiancorporations,ThepilingupofsuchprojectsinEastAsia,withwithWestEuropeancorporationsasbench-theirburdenofunrepayabledebt,helpedprecip-marks.WedocumentthattheproblemsofEastitatethefinancialcrisis.Moreover,thecon
7、cen-Asiancorporategovernanceare,ifanything,trationofcorporatecontrolissuchthatthesemoresevereandintractablethansuggestedbyproblemsshouldberecognizedasproblemsofcommentatorsattheheightofthefinancialcri-political,notmerelycorporate,governance.Insis.Theseprob
8、lemswelocateinanextraordi-WesternEurope,corporatecontrolisalsonaryconcentrationofcontrol,wherebyeighthighlyconcentrated,butweidentifycriticaldif-groupscontrolmorethanone-quarteroftheferencesintheownershipandc
