To Whom Dare We Entrust Corporate Governance? Argentina Australia Austria Belgium 。La Porta et al..(1999: Conada Denmark Finland Mexico: France Germany Greece British: Hong Kong Ireland tsrael Argentina: Italy Japan Mexlco America: Nethertands New Zealand Norway Israel,Hong Kong,Sweden: Portugal Singapore South Korea Claessens,Djankov,and Spain ■■■ Swedon ■■■■■■ Switzerland Z Lang(2000),Khanna and United Kingdom United States Rivkin(2001) 0% 10%20%30%40%50% 60%70%80%90%100% No Controlling Shareholder ■Wealthy Families Governments Widely Held Financial Institutions Widely Heid Non-financial Firms ☑Other Fig.I Who controls the world's great corporations?
• La Porta et al.(1999): Mexico: British: Argentina: America: Israel, Hong Kong, Sweden: • Claessens, Djankov, and Lang(2000), Khanna and Rivkin(2001) To Whom Dare We Entrust Corporate Governance?
To Whom Dare We Entrust Corporate Governance? Two features of corporate governance 2.the pyramidal business group magnifies the economic importance of this difference Single enough to create genuinely Co. different economic systems Listed structures that permit tiny Listed Co. Co. elites to control the greater parts of the corporate sectors
• Two features of corporate governance 2. the pyramidal business group magnifies the economic importance of this difference enough to create genuinely different economic systems structures that permit tiny elites to control the greater parts of the corporate sectors Single Co. Apex shareholder(wealthy family) Listed Co. Listed Co. …… To Whom Dare We Entrust Corporate Governance?