To Whom Dare We Entrust Corporate Governance? Argentina Australia Austria Belgium 。La Porta et al..(1999: Conada Denmark Finland Mexico: France Germany Greece British: Hong Kong Ireland tsrael Argentina: Italy Japan Mexlco America: Nethertands New Zealand Norway Israel,Hong Kong,Sweden: Portugal Singapore South Korea Claessens,Djankov,and Spain ■■■ Swedon ■■■■■■ Switzerland Z Lang(2000),Khanna and United Kingdom United States Rivkin(2001) 0% 10%20%30%40%50% 60%70%80%90%100% No Controlling Shareholder ■Wealthy Families Governments Widely Held Financial Institutions Widely Heid Non-financial Firms ☑Other Fig.I Who controls the world's great corporations?• La Porta et al.(1999): Mexico: British: Argentina: America: Israel, Hong Kong, Sweden: • Claessens, Djankov, and Lang(2000), Khanna and Rivkin(2001) To Whom Dare We Entrust Corporate Governance?