The rapid growth of Malaysian economy after the independence has not diluted the concentrated ownership among Malaysian companies. However concentrated ownership of share had changed dramatically from foreign investors to Malaysian residents. Malaysia capital market is characterized by high concentration of ownership. This situation heightened by a relatively small, undeveloped and illiquid capital market. This study provides contribution and uniqueness to the literature since it is focus on the developing economy. Malaysia economic is a unique setting since the implementation of the NEP showed dramatically changes in equity ownership among Malaysian companies. The government policies stimulate and enhance the equity changes in this country. The study has a very important implication to Malaysian economic since it provides an appraisal of the delivery mechanism adopted by the government to redistribute wealth equitably.
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