Did families lose or gain control after the East Asian financial crisis?

Previous studies document that changes in ownership and board structures of firms in the US occur in response to changes in the business or industry conditions of the firms due to changes in regulations, input costs, technology and the financial system (Mitchell and Mulherin 1996; Holderness et al. 1999; Kole and Lehn 1999). In addition, ownership and board changes might be attributable to past stock-price returns, top executives changes, and corporate control threats (Denis and Sarin 1999). However, little evidence on ownership structure changes following a macroeconomic shock or crisis has been compiled.