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臺大管理論叢
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Table 1 (Continued) Country-Level Summary Statistics
Panel B: Country-Level Summary of Ultimate Owner’s Voting and Cash Flow Rights, Legal Institutions
Ownership
Legal Institution
Country
No. of Obs.
Own
Diverge(%+)
Legal
Right
Disclosure
Austria
66
45.74
0.22(51.5%)
0
2
54
Belgium
98
30.45
0.20(25.5%)
0
0
61
Finland
112
25.50
0.22(58.0%)
0
3
77
France
607
45.04
0.06(16.5%)
0
3
69
Germany
529
40.95
0.18(43.1%)
0
1
62
Hong Kong
188
25.71
0.13(29.8%)
1
5
69
Indonesia
94
31.34
0.18(51.1%)
0
2
.
Ireland
73
15.28
0.27(56.2%)
1
4
.
Italy
163
35.68
0.32(68.1%)
0
1
62
Japan
1,060
7.05
0.37(57.2%)
0
4
65
Malaysia
166
26.83
0.16(38.0%)
1
4
76
Norway
100
24.47
0.23(47.0%)
0
4
74
Philippines
48
23.13
0.13(29.2%)
0
3
65
Portugal
48
40.51
0.07(8.3%)
0
3
36
Singapore
169
20.67
0.29(75.1%)
1
4
78
South Korea
104
17.48
0.13(26.9%)
0
2
62
Spain
162
32.70
0.10(29.0%)
0
4
64
Sweden
163
20.42
0.28(46.6%)
0
3
83
Switzerland
210
28.06
0.25(59.5%)
0
2
68
Taiwan
73
19.21
0.18(46.6%)
0
3
65
Thailand
73
36.16
0.06(12.3%)
1
2
64
United Kingdom
1,787
16.55
0.12(29.3%)
1
5
78
Mean
27.68
0.19(41.1%)
0.27
2.91
66.60
Median
26.27
0.18(44.8%)
0.00
3.00
65.00
Std. dev.
10.17
0.09(18.0%)
0.46
1.31
10.27