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The Structure and Formation of Business Groups : Evidence from Korean Chaebols
Almeida, Heitor - 2009
In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...
Persistent link: https://www.econbiz.de/10012463666
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Matching Firms, Managers and Incentives
Bandiera, Oriana - 2011
We exploit a unique combination of administrative sources and survey data to study the match between firms and managers. The data includes manager characteristics, such as risk aversion and talent; firm characteristics, such as ownership; detailed measures of managerial practices relative to...
Persistent link: https://www.econbiz.de/10012461966
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Dynastic Management
Caselli, Francesco - 2003
Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms …. It is pervasive around the World, but especially in developing countries. We argue that dynastic management is a … incidence of dynastic management depends on the severity of asset-market imperfections, on the economy's saving rate, and on the …
Persistent link: https://www.econbiz.de/10012469259
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Estate Taxes, Life Insurance, and Small Business
Holtz-Eakin, Douglas - 1999
One criticism of the estate tax is that it prevents the owners of family businesses from passing their enterprises to their children. The problem is that it may be difficult to pay estate taxes without liquidating the business. A natural question is why individuals with such concerns do not...
Persistent link: https://www.econbiz.de/10012471424
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Emerging Market Business Groups, Foreign Investors, and Corporate Governance
Khanna, Tarun - 1999
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international...
Persistent link: https://www.econbiz.de/10012471852
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Understanding 100 Years of the Evolution of Top Wealth Shares in the U.S : What is the Role of Family Firms?
Atkeson, Andrew - 2020
We use a simple random growth model to study the role of changing dynamics of family firms in shaping the evolution of top wealth shares in the United States over the course of the past century. Our model generates a time path for top wealth shares remarkably similar to those found by Saez and...
Persistent link: https://www.econbiz.de/10012481320
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Political Power, Elite Control, and Long-Run Development : Evidence from Brazil
Ferraz, Claudio - 2020
This paper analyzes how changes in the concentration of political power affect long-run development. We study Brazil's military dictatorship whose rise to power dramatically altered the distribution of power of local political elites. We document that municipalities that were more politically...
Persistent link: https://www.econbiz.de/10012481651
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Must Love Kill the Family Firm?
Mehrotra, Vikas - 2010
Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. This is the essence of the critique of family firms in...
Persistent link: https://www.econbiz.de/10012462316
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Mom-and-Pop Meet Big-Box : Complements or Substitutes?
Haltiwanger, John C. - 2009
In part due to the popular perception that Big-Boxes displace smaller, often family owned (a.k.a. Mom-and-Pop) retail establishments, several empirical studies have examined the evidence on how Big-Boxes' impact local retail employment but no clear consensus has emerged. To help shed light on...
Persistent link: https://www.econbiz.de/10012463302
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The Riddle of the Great Pyramids
Morck, Randall - 2009
Large pyramidal family controlled business groups are the predominant form of business organization outside America, Britain, Germany, and Japan. Large pyramidal groups comprising dozens, even hundreds, or listed and unlisted firms place the governance of large swathes of many countries' big...
Persistent link: https://www.econbiz.de/10012463790