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- Title
Ownership Identity and Mitigation of Diversification Discount: Evidence from Malaysia.
- Authors
Kian-Tek Lee; Chee-Wooi Hooy
- Abstract
This paper examines the mitigation effect of the ultimate ownership identity on the diversification discount under the emerging market's institutional setting. Using a sample of non-financial listed firms in Malaysia from 2002 to 2013, the study reveals that government ultimate ownership is able to mitigate the diversification discount better than family ultimate ownership by 5 to 43 percent, whereas family ultimate ownership is better than foreign ultimate ownership in mitigating the diversification discount by 30 to 118 percent. Our study also finds that a high degree of ownership concentration gives rise to the diversification discount.
- Subjects
PORTFOLIO diversification; ECONOMIC conditions in Malaysia; EMERGING markets; EMPLOYEE discounts; FINANCIAL performance
- Publication
Malaysian Journal of Economic Studies, 2018, Vol 55, Issue 1, p97
- ISSN
1511-4554
- Publication type
Article
- DOI
10.22452/MJES.vol55no1.6