Business groups, the financial market and modernization

Economics of Transition

Volumn 11, Issue 4, 2003, Pages 671-696

  Kali, Raja ^a  

^a UNIVERSITY OF ARKANSAS   (United States)

Author keywords

Business groups; Diversification; Stockmarket; Technology choice

Indexed keywords

ECONOMIC DIVERSIFICATION; FINANCIAL MARKET; MODERNIZATION; STOCK MARKET; THEORETICAL STUDY;

EID: 0348167808     PISSN: 09670750     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.0967-0750.2003.00160.x     Document Type: Article

References (63)

1. Acemoglu, D. and Zilibotti, F. (1997). 'Was Prometheus unbound by chance: Risk, diversification and growth', Journal of Political Economy, 105(4), pp. 709-51.
2. Alesina, A. and Spolaore, E. (1997). 'On the number and size of nations', Quarterly Journal of Economics, November, pp. 1027-56.
3. Amsden, A. (1989). Asia's Next Giant: South Korea and Late Industrialization, New York: Oxford University Press.
4. Amsden, A. (1996). 'The dynamics of business-government relations', in Chandler, A., Amatori, F. and Hikino, T. (eds.) Big Business and the Wealth of Nations, Cambridge: Cambridge University Press.
5. Asanuma, B. (1989). 'Manufacturer-supplier relationships in Japan and the concept of a relation-specific skill', Journal of the Japanese and International Economies, 3, pp. 1-30.
6. Banerjee, A. and Newman, A. (1998). 'Information, the dual-economy, and development', Review of Economic Studies, 65(4), pp. 631-54.
7. Bencivenga, V. and Smith, B. D. (1991). 'Financial intermediation and economic growth', Review of Economic Studies, 37, pp. 632-40.
8. Berglöf, E. and Bolton, P. (2002). 'The great divide and beyond: Financial architecture in transition', Journal of Economic Perspectives, 16(1), pp. 77-100.
9. Berglöf, E. and Perotti, E. (1994). 'The governance structure of the Japanese financial keiretsu', Journal of Financial Economics, 36, pp. 259-84.
10. Bertrand, M., Mehta, P. and Mullainathan, S. (2001). 'Ferreting out tunnelling', Quarterly Journal of Economics, 117(1), pp. 121-48.
11. Blasi, M. J. K. and Douglas, K. (1997). Kremlin Capitalism: Privatising the Russian Economy, Ithaca and London: ILR Press.
12. Camp, R. A. (1989). Entrepreneurs and Politics in Twentieth Century Mexico, New York: Oxford University Press.
13. Castaneda, G. (1998). La Empresa Mexicana y su Gobierno Corporativo, Alter Ego/UDLAP Press.
14. Caves, R. and Uekesa, M. (1976). 'International differences in industrial organization', in Schmalensee, R. and Willig, R. (eds.) Handbook of Industrial Organization, Vol, 2. Amsterdam: North-Holland.
15. Chang, S. J. and Choi, U. (1988). 'Strategy, structure and performance of Korean business groups: A transactions cost approach', Journal of Industrial Economics, 37(2), pp. 141-58.
16. Claessens, S., Djankov, S. and Lang, L. (2000). 'The separation of ownership and control in East Asian corporations', Journal of Financial Economics, 58(1-2), pp. 81-112.
17. Daems, H. (1977). The Holding Company and Corporate Control, Nijenrode Studies in Economics, Vol. 3, The Netherlands: Kluwer.
18. Demirguc-Kunt, A. and Levine, R. (1996). 'Stock market development and financial intermediaries', The World Bank Economic Review, 10(2), pp. 291-322.
19. Dewenter, K., Novaes, W. and Pettway, R. H. (2001). 'Visibility versus complexity in business groups: Evidence from Japanese keiretsu', The Journal of Business, 74(1), pp. 79-100.
20. Encaoua, D. and Jacquemin, A. (1982). 'Organizational efficiency and monopoly power: The case of French industrial groups', European Economic Review, 19, pp. 25-51.
21. Fisman, R. (2001). 'Estimating the value of political connections', American Economic Review, 91(4), pp. 1095-1102.
22. Ghemawat, P. and Khanna, T. (1998). 'The nature of diversified business groups: A research design and two case studies', Journal of Industrial Economics, 66(1), pp. 35-61.
23. Goto, A. (1982). 'Business groups in a market economy', European Economic Review, 19, pp. 53-70.
24. Granovetter, M. (1994). 'Business groups', in Smelser, N. J. and Swedberg, R. (eds.) The Handbook of Economic Sociology, Princeton, NJ: Princeton University Press.
25. Greenwood, J. and Jovanovic, B. (1990). 'Financial development, growth and the distribution of income', Journal of Political Economy, 98(5), pp. 1076-1107.
26. Hawes, G. (1992). 'Marcos, his cronies, and the Philippines' failure to develop', in Mcvey, R. (ed.) Southeast Asian Capitalists, Southeast Asia Program, Cornell University, NY.
27. Herdeck, M. and Piramal, G. (1985). India's Industrialists, Vol. 1, Washington, DC: Three Continents Press.
28. Holmstrom, B. and Tirole, J. (1993). 'Market liquidity and performance monitoring', Journal of Political Economy, 101(4), pp. 679-707.
29. Hoshi, T., Kashyap, A. and Scharfstein, D. (1990). 'Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups', Quarterly Journal of Economics, 106(1), pp. 33-60.
30. Jackson, M. O. and Wolinsky, A. (1996). 'A strategic model of social and economic networks', Journal of Economic Theory, 71, pp. 44-74.
31. Jacquemin, A. and de Ghellinck, E. (1980). 'Familal control, size and performance in the largest French firms', European Economic Review, 13, pp. 81-91.
32. Johnson, S. and Mitton, T. (2003). 'Cronyism and capital controls: Evidence from Malaysia', Journal of Financial Economics, 67(2), pp. 351-82.
33. Kali, R. (1999). 'Endogenous business networks', Journal of Law, Economics and Organization, 15(3), pp. 615-36.
34. Kawasaki, S. and McMillan, J. (1987). 'The design of contracts: Evidence from Japanese subcontracting', Journal of the Japanese and International Economies, 1, pp. 327-49.
35. Khanna, T. (1997). 'RPG enterprises', Harvard Business School Case 9-797-106, Boston, MA: HBS.
36. Khanna, T. and Palepu, K. (2000a). 'Is group affiliation profitable in emerging markets: An analysis of diversified Indian business groups', Journal of Finance, 55(2), pp. 867-91.
37. Khanna, T. and Palepu, K. (1999a). 'Policy shocks, market intermediaries, and corporate strategy: The evolution of business groups in Chile and India', Journal of Economics and Management Strategy, 8(2), pp. 271-310.
38. Khanna, T. and Palepu, K. (1999b). 'Emerging market business groups, foreign investors and corporate governance', NBER Working Paper 6955. Cambridge, MA: NBER.
39. Khanna, T. and Palepu, K. (2000b). 'The future of business groups in emerging markets: Long run evidence from Chile', Academy of Management Journal, 43(3), pp. 268-85.
40. Khanna, T. and Yafeh, Y. (2000c). 'Business groups and risk sharing around the world', Harvard Business School Working Paper, 01-041, Boston, MA: HBS.
41. Knoop, C. and Yoshino, M. (1995). 'First Pacific Company Limited: From letters of credit to personal communication networks', Harvard Business School Case 9-396-139, Boston, MA: HBS.
42. Kranton, R. (1996). 'Reciprocal exchange: A self sustaining system', American Economic Review, 86(4), pp. 830-51.
43. Kranton, R. and Minehart, D. (2001). 'A theory of buyer-seller networks', American Economic Review, 91(3), pp. 485-508.
44. La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1998). 'Corporate ownership around the world', NBER Working Paper 6625, Cambridge, MA: NBER.
45. Levine, R. and Zervos, S. (1998). 'Stock markets, banks and growth', American Economic Review, 88(3), pp. 537-58.
46. Ling, S. L. M. (1992). 'The transformation of Malaysian business groups', in Mcvey, R. (ed.) Southeast Asian Capitalists, Southeast Asia Program, Cornell University, NY.
47. Majluf, N., Abarca, N., Rodriguez, D. and Fuentes, L. (1996). 'The ownership structure of economic groups in Chile', Pontificia Universidad Catolica de Chile, mimeo.
48. Murphy, K. M., Shleifer, A. and Vishny, R. W. (1989). 'Industrialization and the big push', Journal of Political Economy, 97(5), pp. 1003-26.
49. OECD (1997). 'Institutional modernization for effective and adaptive corporate governance', paper for the OECD Business Sector Colloquium on Corporate Governance, 10-11 June 1997, Paris.
50. Pagano, M. (1993). 'The flotation of companies on the stock market', European Economic Review, 37, pp. 1101-25.
51. Piramal, G. (1996). Business Maharajahs, Viking Press: Bombay.
52. Pistor, K. (1999). 'Law as a determinant for equity market development: The experience of transition economies', in Murrell, P. (ed.) Assessing the Value of Law in the Economic Transition from Socialism, University of Michigan Press 2001.
53. Rajan, R. G. and Zingales, L. (1998). 'Financial dependence and growth', American Economic Review, 88(3), pp. 559-86.
54. Robison, R. (1986). Indonesia: The Rise of Capital, Sydney: Allen and Unwin.
55. Saint-Paul, G. (1992). 'Technological change, financial markets and economic development', European Economic Review, 36, pp. 763-81.
56. Schwartz, A. (1992). A Nation in Waiting: Indonesia in the 1990's, Australia: Allen and Unwin.
57. Strachan, H. (1976). Family and other Business Groups in Economic Development: The Case of Nicaragua, New York: Praeger.
58. Suehiro, A. (1992). 'Capitalist development in post-war Thailand: Commercial bankers, industrial elite, and agribusiness groups', in Mcvey, R. (ed.) Southeast Asian Capitalists, Southeast Asia Program, Cornell University, NY.
59. Wang, N. T. (1992). Taiwan's Enterprises in Global Perspective, M. E. Sharp: Armonk, NY.
60. Weinstein, D. and Yafeh, Y. (1995). 'Japan's corporate groups: Collusive or competitive? An empirical investigation of Keiretsu behavior', Journal of Industrial Economics, XLII(4), pp. 359-76.
61. White, L. J. (1974). 'Industrial concentration and economic power in Mexico', Princeton, NJ: Princeton University Press.
62. Wolfenzon, D. (1999). 'A theory of pyramidal ownership', mimeo, University of Michigan.
63. Zeitlin, M. E., Ewen, L. A. and Ratcliff, R. E. (1974). 'New princes for old? The large corporation and the capitalist class in Chile', American Journal of Sociology, 80(1), pp. 87-123.