Corporate ownership and the value of a vote in an emerging market
نویسندگان
چکیده
Empirical evidence suggests that the voting premium in the Korean securities market is strongly related to the structure of corporate ownership. We find that the premium attached to voting stock is positively and significantly associated with the control value of a block of shares held by minority shareholders. We also find that the premium is negatively related to both the fraction of shares that are voting shares and the market value of equity. Empirical results indicate that private benefits of control in Korea are worth about 10% of the value of equity. q 1999 Elsevier Science B.V. All rights reserved. JEL classification: G32
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