An analysis of minority shareholder rights protection between family controlled and non-family controlled Philippine Stock Exchange listed companies
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2010
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Abstract
Issues of corporate governance and financial crisis are no longer new for the Philippines. In fact, the Philippines have endured numerous instances that provided the necessary attention to the concept of corporate governance. Infamous cases of once renowned and market-leader company names such as the College Assurance Plan, Urban Bank and its subsidiary Urbancorp Investment Corp., Victorias Milling Co., Polytechnic Savings Bank, Inc., and BW Resources, were dragged into a mess that led to the collapse of their respective industries. Whether these corporate scandals involve private or publicly listed corporations, depositors and investors were always the losers. Apparently, during such mishaps, the minority investors and shareholders were at the farthest side of the losing end. For countries such as the Philippines where economically dominant family groups often own large corporations, there is a question of how well minority shareholders are protected from corporate decisions that are biased towards controlling shareholders. More often than not, expropriation is reflected through their decisions that prioritize the satisfaction of realistic personal goals rather than the maximization of utility or profit functions. As such, with the limited influence given to minority shareholders in determining company affairs, this study worked on the problem: How protected are minority shareholder rights in family controlled publicly listed corporations? The study likewise assessed whether non-family controlled publicly listed companies in the Philippines better protect minority shareholder rights than family controlled publicly listed companies. Moreover, this work forwarded the hypothesis that minority shareholder rights are poorly protected in family controlled publicly listed corporations into test by analyzing 10 family controlled and non-family controlled corporations. The researched looked into the seven minority shareholder rights identified by the Securities and Exchange Commission (SEC) and the Organization for Economic and Cooperation Development (OECD) (2003, 2004), cited by Abduljaami (2007), Bayless (2008), and the American Bar Association (2003). These were the right to participate, right to ownership, right to dividend, right to inspect corporate books and records and access to information, appraisal right, pre-emptive right, and right to seek corporate redress. However, due to the lack of sufficient data and measures that will effectively quantify the degree of protection provided by family and non-family controlled companies, the study was only able to consider minority shareholder’s right to participation and right to information. In order to measure these two rights, the measurement tools developed by experts and authorities, such as the OECD and the Institute of
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| Authors | Cruz, Geoffrey Rhoel C. |
| Journal | Malay Journal |
| Year | 2010 |
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| Keywords | Keywords not found |
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