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Why Firms Diversify : Internalization vs. Agency Behavior
Morck, Randall - 2013
corporate control tends to make corrections in the appropriate direction. Firms that are large or diversified, but have few …
Persistent link: https://www.econbiz.de/10012754768
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Vertical Integration, Institutional Determinants and Impact: Evidence from China
Morck, Randall; Fan, Joseph P.H.; Huang, Jun; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2009
Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...
Persistent link: https://www.econbiz.de/10005575801
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Vertical Integration, Institutional Determinants and Impact : Evidence from China
Fan, Joseph P. H. - 2013
In environments where the legal system and market disciplinary forces are weak to enforce contracts, vertical integration is a means to overcome transaction difficulties. Yet, these weak institution environments are also characterised by high government interventions and even corruption....
Persistent link: https://www.econbiz.de/10012711210
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Business Groups and the Big Push : Meiji Japan's Mass Privatization and Subsequent Growth
Nakamura, Masao - 2013
Rosenstein-Rodan (1943) and others posit that rapid development requires a 'big push' - the coordinated rapid growth of diverse complementary industries, and suggests a role for government in providing such coordination. We argue that Japan's zaibatsu, or pyramidal business groups, provided this...
Persistent link: https://www.econbiz.de/10012711429
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Institutional Determinants of Vertical Integration in China
Fan, Joseph P. H. - 2015
Where legal systems and market forces enforce contracts inadequately, vertical integration can circumvent these transaction difficulties. But, such environments often also feature highly interventionist government, and even corruption. Vertical integration might then enhance returns to political...
Persistent link: https://www.econbiz.de/10013011397
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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 freestanding firms by mid-century. In the 1970s and early 1980s – an era of high inflation, financial reversal,...
Persistent link: https://www.econbiz.de/10013013355
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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/10013013379
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Banking System Control, Capital Allocation, and Economy Performance
Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard - National Bureau of Economic Research (NBER) - 2009
tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control …, tycoon or family control also correlates with slower economic and productivity growth, greater financial instability, and …
Persistent link: https://www.econbiz.de/10008627168
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Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance
Morck, Randall; Yeung, Bernard - In: Annual Review of Financial Economics 1, 1, pp. 145-179
Different economies at different times use different institutional arrangements to constrain the people entrusted with allocating capital and other resources. Comparative financial histories show these corporate governance regimes to be largely stable through time, but capable of occasional...
Persistent link: https://www.econbiz.de/10008777003
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Banks, Ownership Structure, and Firm Value in Japan
Morck, Randall - 2013
We study the relation between firms? banking relations, ownership structures, and q ratios in Japan. At low levels of … equity ownership by main banks, firms? q ratios fall as bank equity ownership rises. At higher levels of bank equity … ownership, this relationship is mitigated and, in some specifications, even reversed. We argue that this relation reflects both …
Persistent link: https://www.econbiz.de/10012754751