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DOES OWNERSHIP STRUCTURE MATTER? EVIDENCE FROM MALAYSIAN EQUITY MARKET
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Ei Yet Chu 
, Kooi Guan Cheah
Abstract
The paper examines the determinants of ownership structure characteristics of the 147 firms listed on main board of the Kuala Lumpur Stock Exchange (KLSE). Three dimensions of governance issues in firm theory:- asymmetric information, agency conflicts and risk as discussed in Putterman (1993) are used to assess the effects of ownership concentration. Ownership concentration is divided into dispersed, dominant minority, and majority controlled firms, while ownership identities are classified as family controlled, conglomerate, others institution, state, foreign and dispersed firms in explaining the above determinants of firm’s ownership. With the exception of leverage and year effects, we prove that ownership structure is able to extract cost and benefits from governance structure. We further provide evidence that ownership identities influence asymmetric information and risk.
Keywords: Ownership Structure, Corporate Control, Governance
How to cite this paper: Chu, E. Y., & Cheah, K. G. (2006). Does ownership structure matter? Evidence from Malaysian equity market. Corporate Ownership & Control, 4(1), 77-90. https://doi.org/10.22495/cocv4i1p6
