Overview of ownership structure in emerging markets Central

Overview of ownership structure in emerging markets Central and Eastern Europe Czech Republic The foreign ownership in Czech publicly listed firms has a high presence but also Czech Republic has the highest remaining government ownership Hungary opened their economy to foreign direct investment earlier that other transition countries, and Hungarian government and international pressures such as joining the EU put a considerable effort to attract foreign investors Poland has relatively less concentrated ownership. Which can be explained by investor access to greater amount of firm information, the financial market developed effective mechanisms to monitor firms. Asia South Korea Ownership structure of firms in South Korea is characterizes by large business groups, which always have significance economic influence in the Korean market Largest investor Foreigners VS Government

Overview of ownership structure in emerging markets Latin America Brazil High level of corporate ownership concentration across Brazilian listed firms persist is a common pattern. Brazilian firms have high levels of ownership concentration of control and such pattern has not changed over time Chile Largest investor Government VS industrial firms Chilean corporate ownership is also characterized by highly concentrated ownership where industrial firms and institutional investors directly controlled most listed firms. This patterns has not changed over time. Summary: There are still exists the high levels of ownership concentration in emerging markets The business groups, families and government play an important role in defining the corporate governance agenda Countries without strong minority shareholder protection are not likely to have widely held firm