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Emerging Market Business Groups, Foreign Investors, and Corporate Governance

Khanna, Tarun - 1999

-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s … good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to … monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment …

Persistent link: https://www.econbiz.de/10012471852

The Great Pyramids of America : A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Kandel, Eugene - 2013

taxation (after 1935), or indirectly - enhanced investor protection (after 1934), the Investment Company Act (1940) and …

Persistent link: https://www.econbiz.de/10012458971

How do CEOs see their Role? Management Philosophy and Styles in Family and Non-Family Firms

Mullins, William - 2013

Using a survey of 800 CEOs in 22 emerging economies we show that CEOs' management styles and philosophy vary with the control rights and involvement of the owning family and founder: CEOs of firms with greater family involvement have more hierarchical management, and feel more accountable to...

Persistent link: https://www.econbiz.de/10012459265

Khan, B. Zorina - 2017

Scholars engage in extensive debate about the role of families and corporations in economic growth. Some propose that personal ties provide a mechanism for overcoming such transactions costs as asymmetrical information, while others regard familial connections as conduits for inefficiency, with...

Persistent link: https://www.econbiz.de/10012455628

Business Groups in Canada : Their Rise and Fall, and Rise and Fall Again

Morck, Randall - 2015

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held free-standing firms by mid- century. In the 1970s and early 1980s - an era of high inflation, financial reversal,...

Persistent link: https://www.econbiz.de/10012456963

The Dark Side of Internal Capital Markets : Divisional Rent-Seeking and Inefficient Investment

Scharfstein, David S. - 1997

We develop a model that shows how rent-seeking behavior on the part of division managers can subvert the workings of an internal capital market. In an effort to stop rent-seeking, corporate headquarters will be effectively forced into paying bribes to some division managers. And because...

Persistent link: https://www.econbiz.de/10012472852

Business Group Spillovers

Naaraayanan, S. Lakshmi; Wolfenzon, Daniel - National Bureau of Economic Research - 2023

We compare the investment of standalone firms across regions after a positive shock to the investment opportunities … generated by a large-scale highway development project. We show that the standalones' investment sensitivity is lower in regions …

Persistent link: https://www.econbiz.de/10014250125

Corporate Governance, Business Group Governance and Economic Development Traps

Dau, Luis - 2020

Every firm in a developed economy relies on the mere existence of countless other firms to keep prices competitive up and down all supply chains. Without this network externality, no firm forms; and without many firms, no network forms; locking in a low-income trap. Business group governance...

Persistent link: https://www.econbiz.de/10012482288

Ferreting Out Tunneling : An Application to Indian Business Groups

Bertrand, Marianne - 2000

In many countries, controlling shareholders are accused of tunneling, transferring resources from companies where they have few cash flow rights to ones where they have more cash flow rights. Quantifying the extent of such tunneling, however, has proven difficult because of its illicit nature....

Persistent link: https://www.econbiz.de/10012470784

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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