Minister of Finance Incorporated: Ownership and Control of Corporate Malaysia is a study of Malaysia’s new political economy, with a focus on ownership and control of the corporate sector. It offers a pioneering assessment of government-linked investment companies (GLICs), a type of state-owned institution that has long prevailed in the corporate sector but has not been analysed. Malaysia’s history of government-business ties is unique, while the nature of the nexuses between the state and the corporate sector has undergone major transitions. Corporate power has shifted from the hands of foreign firms to the state to the ruling party, and well-connected businessmen, and back to the state. Corporate wealth is now heavily situated in the leading publicly-listed government-linked companies (GLCs), controlled through block shareholdings by a mere seven GLICs under the jurisdiction of the Minister of Finance. To indicate why these GLICs are important actors in Corporate Malaysia, this study provides a deep assessment of their ownership and control of Bursa Malaysia’s top 100 publicly-listed enterprises.
Minister of Finance Incorporated: Ownership and Control of Corporate Malaysia
Coauthored by EDMUND TERENCE GOMEZ, THIRSHALAR PADMANABHAN, NORFARYANTI KAMARUDDIN, SUNIL BHALLA and FIKRI FISAL
SIRD (First published, 2018)
256 pages including Bibliography and Index
RM45.00
Out of stock
1. Introduction
The Government’s Business
Malaysia’s GLICs
Focus of Study: The GLICs
Defining GLICs and GLCs
Key Themes: Ownership and Control
Methodology
Notes
2. History of GLICs
The Minister of Finance Incorporated (MoF Inc.)
The Pension and Savings Funds
Introducing the NEP (1970-1981): Creation of PNB
Mahathir, Privatization and Incorporation of Khazanah
Asian Currency Crisis 1997: GLICs to the Rescue
Reformer Abdullah (2003-2009): Performance Management of GLICs and GLCs
Najib’s Reforms (2009-2013): The Change That Did Not Occur
The State of Play: GLICs’ Architecture Defined
Appendix 2.1 History of GLIC-Linked Controversies
Notes
3. GLICs and Corporate Ownership
GLICs as Business Groups
Ownership of GLCs in Key Economic Sectors
Acquisitions in the Property Development and Construction Sector
Capture of Financial Institutions
Ownership of Development Financial Institutions (DFIs)
Controlling the Media Sector
Mayor Owners of the Plantations Sector
Dominant Presence in the Utilities
Petronas and the Oil and Gas Sector
GLICs in Healthcare and Services
Conclusion
Notes
4. GLIC Control
The Control Mechanisms
Legislation and Governance Structure
Holding Companies and Business Groups
Directorships
UMNO-Linked Listed Firms in 1990s
UMNO’s Presence Declines
Rise of the Corporate Professionals
The New Professional Elite
The Bureaucrats
Conclusion
Appendices
Notes
5. Conclusion: The Implications
Major Findings
Who Controls Corporate Malaysia Now?
Why This Corporate Control Structure?
Current Ownership and Control Pattern: Possible Repercussions
The Complexity of Guardianship
Conclusion: Implications of Power Concentration
Notes
Bibliography
Index
| Weight | 0.435 kg |
|---|---|
| Dimensions | 22.3 × 16.5 × 1 cm |
| Author(s) | Edmund Terence Gomez, Fikri Fisal, Norfaryanti Kamaruddin, Sunil Bhalla, Thirshalar Padmanabhan |
| Format | |
| Language | |
| Publisher | Strategic Information and Research Development Centre (SIRD) |
| Year Published |
| 5 star | 100% | |
| 4 star | 0% | |
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| 1 star | 0% |
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