Unformatted text preview: million USD), with mean and median values of 7,140.71 million Baht (285.63
million USD) and 2,428.76 million Baht (97.15 million USD), respectively. Sales revenues and
the market value of equity present a similar picture.
The ranking of companies in Thailand, published by Management Information Service
(1996b) shows that this sample also includes large companies in Thailand.2 Speciﬁcally, 22
companies in our sample appear in the 100 largest companies in Thailand in 1994. About
35.56 percent of companies in the sample are among the largest 500 companies in Thailand.
Approximately 77.78 percent of our sample or 210 companies are in the top 2000 companies.
[Insert Table 1 Here]
This study is based on a unique database of ownership structure that enables us to able
to trace the ultimate ownership. The information used to trace the ultimate shareholders of
private companies as well as family relationships between the major shareholders beyond their
surnames is obtained from Document 56-1. Document 56-1 is available at the library of the
Stock Exchange of Thailand. It contains detailed company information required for public
disclosure by the Stock Exchange of Thailand. In addition, we have used the Business Online
(BOL) database to trace the ownership of private companies that is not disclosed in Document
2 Management Information Service (1996b) lists the 2000 largest companies in Thailand in 1994. The ranking
includes both publicly traded and private companies. This source of information is used because there is no
information available for 1996. It is the closest data available to 1996. The rankings based on 1994 data
probably do not provide exact information for the companies in our sample. Nevertheless, the rankings do help
to understand the characteristics of companies in our sample. 8 56-1. This database contains the ownership of all limited companies in Thailand. BOL collected
this information from the company’s annual reports from the Ministry of Commerce ﬁlings.
Additional references for ownership structure and family relationships, especially those afﬁliated with big business groups are obtained from Pipatseritham (1981), Manager Information
Services (1996) Pornkulwat (1996), Suehiro (1989).
The characteristics of the ﬁrms in the sample regarding the ownership structure can be illustrated as follow (Table 2). The vast majority of the ﬁrms are owned by at least one controlling
shareholder. A controlling shareholder is a person or a group of person who owns more than 25
percent of a company’s stock (see Wiwattanakantang (2001a). More speciﬁcally, about 81.85
percent of non-ﬁnancial companies have at least one controlling shareholder. Families are the
most prevalent type of the controlling shareholders. There are 155 family-controlled companies
in our sample, which account for more than a half (55.93 percent) of the sample ﬁrms. Another prominent characteristics of the controlling structure in Thai ﬁrms is that the controlling
shareholder does n...
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- Fall '13