What happened to business groups in Indonesia?


Since the Asian crisis of 1997-98, owners of business groups in several Asian countries have had to sell off firms to repay debts and reconsider their corporate governance practices and ambitions to internationalise their operations. These reconfigurations have been studied in detail for countries affected by the crisis, particularly South Korea and Thailand, but not yet for Indonesia.  


The just-published April 2015 issue of the Bulletin of Indonesian Economic Studies contains an article that analyses the reconfigurations of business groups and the changes in corporate governance in Indonesia:


Richard W. Carney and Natasha Hamilton-Hart – “What Do Changes in Corporate Ownership in Indonesia Tell Us?”


Abstract: This article documents the pattern of corporate ownership in Indonesia before and after the 1997–98 Asian financial crisis. We draw on an original dataset that identifies ultimate owners of the country’s 200 largest publicly listed corporations in 1996 and 2008, and supplement these data with additional information about unlisted firms. Corporate ownership and business–government relations in this period exhibited continuities as well as notable changes. Although family ownership remained the most prevalent form of ownership, there was considerable churning in the identities of the most powerful family owners. Listed state-owned corporations were more prominent after the crisis than before it, and foreign governments (particularly Singapore and Malaysia) substantially increased their ownership stakes in many of Indonesia’s largest corporations.


Click here to find this article online in the latest issue of the Bulletin of Indonesian Economic Studies on Taylor & Francis Online.

Or paste this address into your browser: http://www.tandfonline.com/toc/cbie20/current


Best regards,

Pierre van der Eng



A/Professor Pierre van der Eng | Editor, Bulletin of Indonesian Economic Studies, Research School of Management | ANU College of Business and Economics | The Australian National University | 26 Kingsley Street | Acton ACT 2601 | Australia | T +61 2 6125 5438 | F +61 2 6125 8796 | E [log in to unmask] | W RSM or IDEAS | ANU CRICOS provider number is 00120C



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