“…In particular, research has established that dispersed ownership is not widespread but that concentrated ownership is far more prevalent in the region with majority owners, such as entrepreneur-founders and their families, frequently being involved in firm management (Claessens, Djankov, & Lang, 2000). A growing body of work suggests that concentrated ownership surfaces and persists in Asia because it permits owners to perform several value-creating governance functions in a context where governance mechanisms external to the firm, such as legal protection and the market for corporate control, are absent (Aguilera & Jackson, 2010;Carney, Gedajlovic, Heugens, van Essen, & van Oosterhout, 2011;Johnson, Schnatterly, Johnson, & Chiu, 2010). In particular, concentrated owners who are actively involved in the firm's strategic management may be viewed as "monitors in place" (Anderson, Duru, & Reeb, 2009) where they can observe executive behavior and exert strong influence over it.…”