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This paper examines the ownership structure of listed Thai firms in 1996. The ownership structure is concentrated. In 82.59 percent of the firms in the sample, the largest shareholders are also controlling shareholders. The controlling shareholders are mainly families. Foreign investors form the second largest group of controlling shareholders. More of the controlling shareholders use a simple ownership pattern to control the firms. Only in 21.27 percent of the firms, the controlling shareholders employ pyramid structures, and cross-ownership structures to control the firms. The controlling shareholders do not just control the votes. In approximately 70 percent of the firms in the sample, the controlling shareholders are involved in the firms' management as officers and directors.

The Equity Ownership Structure of Thai Firms