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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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Corporate Governance, Economic Entrenchment and Growth
Morck, Randall - 2004
innovation. The result is an economy-wide misallocation of resources, and slower economic growth. Second, political influence is …
Persistent link: https://www.econbiz.de/10012467999
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Inherited Wealth, Corporate Control and Economic Growth : The Canadian Disease
Morck, Randall K. - 1998
rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries …
Persistent link: https://www.econbiz.de/10012471999
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The Great Pyramids of America : A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950
Kandel, Eugene - 2013
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10012458971
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Intracompany Governance and Innovation
Belenzon, Sharon - 2009
This paper examines the relation between ownership, corporate form, and innovation for a cross-section of private and …: while most innovating firms in the US are publicly traded conglomerates, a substantial fraction of innovation is … countries, where business groups tend to be concentrated in industries with a slower and more fundamental innovation cycle and …
Persistent link: https://www.econbiz.de/10012463346
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Mixing Family With Business : A Study of Thai Business Groups and the Families Behind Them
Bertrand, Marianne - 2008
Families run a large fraction of business groups around the world. In this paper, we analyze how the structure of the families behind these business groups affects the groups' organization, governance and performance. To address this question, we constructed a unique data set of family trees and...
Persistent link: https://www.econbiz.de/10012464909
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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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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
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A Theory of Pyramidal Ownership and Family Business Groups
Almeida, Heitor - 2005
We provide a rationale for pyramidal ownership (the control of a firm through a chain of ownership relations) that departs from the traditional argument that pyramids arise to separate cash flow from voting rights. With a pyramidal structure, a family uses a firm it already controls to set up a...
Persistent link: https://www.econbiz.de/10012467315
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Corporate Ownership in France : The Importance of History
Murphy, Antoin E. - 2004
This paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing....
Persistent link: https://www.econbiz.de/10012467974