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1、1外文題目:OwnershipStructureCpatePerfmanceFailure:EvidenceFromPanelDataofEmergingMarketTheCaseofJdan出處:CpateOwnership&Control作者:RamiZeitun原文:2.OwnershipStructureFirmPerfmance:aDeiveDiscussion2.1OwnershipStructure(Mix)FirmPer
2、fmanceSincetheestablishmentoftheASEinthe1970s,thenumberoflistedcompanies,tradingvolume,totalmarketcapitalisationhaveincreaseddrasticallyTable1reptstheownershipstructureoflistedcompaniesbysectsDespiteitsprivatisationprogr
3、am,thegovernmentstillholdsalargestakeinMedia,UtilityEnergy,Steel,MiningHeavyEngineeringcompanies(43.20%,33.70%,22.04%,respectively)becausetheyareconsideredstrategicindustriesInstitutionalownershipisveryhighintransptation
4、,realestate,tradecommercialservicesrental,communication(44.80%,44.00%,36.89%,respectively)IndividualcitizensasagrouparethelargestshareholderofEducationalServices,MedicalPharmacies,TextilesClothing,ConstructionEngineering
5、ThelargestfeignownershipstakesareinSteel,MiningHeavyEngineering,followedbyTobacco(16.05%13.41%,respectively),feignownershipisalsohighintheInsurancesectTable2presentsthebasicstatisticsoftheownershipstructurefdefaultednond
6、efaultedfirmsTheindividual(citizen)ownsanaverageof51.42percentofdefaultedfirms,afigurewhichislargerthan45.36percentinnondefaultedfirmsThefractionsofgovernmentfeignerownershiphavetheirlowestmedianinthedefaultedfirms,0.581
7、.21percentrespectively,comparedwith2.374.20percentinnondefaultedfirmsfgovernmentfeignerrespectively3MedicalServices5021.3956.1912.580(33.25)(37.24)(19.59)TradeCommercialServices158.7336.8945.837.46RentalCommunication(17.
8、94)(26.03)(27.41)(10.89)EducationalServices31.369.481.35.09(1.77)(7.32)(10.58)(3.4)Table2.OwnershipConcentrationfDefaultedNonDefaultedFirmsNonDefaultedFirms(120)DefaultedFirms(47)MeanMedStdMaxMinMeanMedStdMaxMinGovernmen
9、t13.882.3722.84100010.170.5819.1896.480Companies26.2323.4418.7284.264026.4217.7924.67990Individual(Citizen)45.3646.7325.5998.776051.4253.9427.0599.870Feign9.934.214.0499.01707.541.2114.6281.0202.2OwnershipConcentrationIt
10、wasestablishedinthattheownershipstructureintheASEishighlyconcentrated(themedianlargestshareholderinJdanislargebyAngloAmericanstardsbutwithintherangeofthoseinFranceSpain,2034percentrespectivelyTable3shedsmelightontheowner
11、shipconcentrationfJdaniancompaniesbysectsusingfivemeasuresofownershipconcentrationacrossallfirmyearsThelargestshareholder(C1)ownsthehighestpercentageintheHotelTourismsectMediasect(35.32percent35.50percentrespectively)The
12、largestshareholderC1ownsthelowestpercentageintheEducationalsect(7.86percent)ThedataalsorevealsthatthereisasubstantialvariationacrossfirmssectsinownershipconcentrationGiventhattheholdingofthelargestshareholder(C1)issolarg
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