메뉴 건너뛰기




Volumn 61, Issue 9, 2008, Pages 1004-1014

Business groups and profit redistribution: A boon or bane for firms?

Author keywords

Business groups; Corporate governance; Cross subsidization; Firm performance; Profit redistribution

Indexed keywords


EID: 44649164565     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2007.12.002     Document Type: Article
Times cited : (60)

References (47)
  • 2
    • 0042671365 scopus 로고    scopus 로고
    • Tunneling or value added? Evidence from mergers by Korean business groups
    • Bae K.-H., Kang J.-K., and Kim J.-M. Tunneling or value added? Evidence from mergers by Korean business groups. J Finance 57 (2002) 2695-2740
    • (2002) J Finance , vol.57 , pp. 2695-2740
    • Bae, K.-H.1    Kang, J.-K.2    Kim, J.-M.3
  • 3
    • 0036487663 scopus 로고    scopus 로고
    • Ferreting out tunneling: an application to Indian business groups
    • Bertrand M., Mehta P., and Mullainathan S. Ferreting out tunneling: an application to Indian business groups. Q J Econ 117 (2002) 121-148
    • (2002) Q J Econ , vol.117 , pp. 121-148
    • Bertrand, M.1    Mehta, P.2    Mullainathan, S.3
  • 4
    • 0032815037 scopus 로고    scopus 로고
    • Italian corporate governance: effects of financial structure and firm performance
    • Bianco M., and Casavola P. Italian corporate governance: effects of financial structure and firm performance. Eur Econ Rev 43 (1999) 1057-1069
    • (1999) Eur Econ Rev , vol.43 , pp. 1057-1069
    • Bianco, M.1    Casavola, P.2
  • 5
    • 0345490643 scopus 로고    scopus 로고
    • Equity sales in Belgian corporate groups: expropriation of minority shareholders? A clinical study
    • Buysschaert A., Deloof M., and Jegers M. Equity sales in Belgian corporate groups: expropriation of minority shareholders? A clinical study. J Corp Finance 10 (2004) 81-103
    • (2004) J Corp Finance , vol.10 , pp. 81-103
    • Buysschaert, A.1    Deloof, M.2    Jegers, M.3
  • 6
    • 0024252482 scopus 로고
    • Strategy, structure and performance of Korean business groups: a transaction cost approach
    • Chang S., and Choi U. Strategy, structure and performance of Korean business groups: a transaction cost approach. J Ind Econ 37 (1988) 141-158
    • (1988) J Ind Econ , vol.37 , pp. 141-158
    • Chang, S.1    Choi, U.2
  • 7
    • 0034339524 scopus 로고    scopus 로고
    • Economic performance of group-affiliated companies in Korea: intragroup resource sharing and internal business transactions
    • Chang S., and Hong J. Economic performance of group-affiliated companies in Korea: intragroup resource sharing and internal business transactions. Acad Manage J 43 (2000) 429-448
    • (2000) Acad Manage J , vol.43 , pp. 429-448
    • Chang, S.1    Hong, J.2
  • 8
    • 21644482759 scopus 로고    scopus 로고
    • The strategic impact of resource flexibility in business groups
    • Cestone G., and Fumagalli C. The strategic impact of resource flexibility in business groups. RAND J Econ 36 (2005) 193-214
    • (2005) RAND J Econ , vol.36 , pp. 193-214
    • Cestone, G.1    Fumagalli, C.2
  • 9
    • 0042829594 scopus 로고    scopus 로고
    • The separation of ownership and control in East Asian corporations
    • Claessens S., Djankov S., and Lang L. The separation of ownership and control in East Asian corporations. J Financ Econ 58 (2000) 81-112
    • (2000) J Financ Econ , vol.58 , pp. 81-112
    • Claessens, S.1    Djankov, S.2    Lang, L.3
  • 10
    • 32244438818 scopus 로고    scopus 로고
    • The benefits and costs of group affiliation: evidence from East Asia
    • Claessens S., Fan J., and Lang L. The benefits and costs of group affiliation: evidence from East Asia. Emerg. Mark. Rev. 7 (2006) 1-26
    • (2006) Emerg. Mark. Rev. , vol.7 , pp. 1-26
    • Claessens, S.1    Fan, J.2    Lang, L.3
  • 11
    • 0032210215 scopus 로고    scopus 로고
    • Why are islands of conscious power found in the ocean of ownership? Institutional and governance hypotheses explaining the existence of business groups in Sweden
    • Collin S.-O. Why are islands of conscious power found in the ocean of ownership? Institutional and governance hypotheses explaining the existence of business groups in Sweden. J Manag Stud 35 (1998) 719-746
    • (1998) J Manag Stud , vol.35 , pp. 719-746
    • Collin, S.-O.1
  • 12
    • 31844432502 scopus 로고    scopus 로고
    • Protected by the family? How closely held family firms protect minority shareholders
    • De Holan P., and Sanz L. Protected by the family? How closely held family firms protect minority shareholders. J Bus Res 59 (2006) 356-359
    • (2006) J Bus Res , vol.59 , pp. 356-359
    • De Holan, P.1    Sanz, L.2
  • 13
    • 33745472164 scopus 로고    scopus 로고
    • Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market
    • Douma S., George R., and Kabir R. Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market. Strateg Manage J 27 (2006) 637-657
    • (2006) Strateg Manage J , vol.27 , pp. 637-657
    • Douma, S.1    George, R.2    Kabir, R.3
  • 14
    • 0034339147 scopus 로고    scopus 로고
    • Privatization in emerging economies: an agency theory perspective
    • Dharwadkar R., George G., and Brandes P. Privatization in emerging economies: an agency theory perspective. Acad Manage Rev 25 (2000) 650-669
    • (2000) Acad Manage Rev , vol.25 , pp. 650-669
    • Dharwadkar, R.1    George, G.2    Brandes, P.3
  • 15
    • 0036334425 scopus 로고    scopus 로고
    • The ultimate ownership of Western European corporations
    • Faccio M., and Lang L. The ultimate ownership of Western European corporations. J Financ Econ 65 (2002) 365-395
    • (2002) J Financ Econ , vol.65 , pp. 365-395
    • Faccio, M.1    Lang, L.2
  • 16
    • 0037290354 scopus 로고    scopus 로고
    • The costs (and benefits?) of diversified business groups: the case of Korean chaebols
    • Ferris S., Kim K., and Kitsabunnarat P. The costs (and benefits?) of diversified business groups: the case of Korean chaebols. J Bank Finance 27 (2003) 251-273
    • (2003) J Bank Finance , vol.27 , pp. 251-273
    • Ferris, S.1    Kim, K.2    Kitsabunnarat, P.3
  • 17
    • 1842731013 scopus 로고    scopus 로고
    • Facilitating development: the role of business groups
    • Fisman R., and Khanna T. Facilitating development: the role of business groups. World Dev 32 (2004) 609-628
    • (2004) World Dev , vol.32 , pp. 609-628
    • Fisman, R.1    Khanna, T.2
  • 19
    • 0036018706 scopus 로고    scopus 로고
    • Ownership structure and firm profitability in Japan
    • Gedajlovic E., and Shapiro D. Ownership structure and firm profitability in Japan. Acad Manage J 45 (2002) 565-576
    • (2002) Acad Manage J , vol.45 , pp. 565-576
    • Gedajlovic, E.1    Shapiro, D.2
  • 20
    • 36148931410 scopus 로고    scopus 로고
    • Affiliated firms and financial support: evidence from Indian business groups
    • Gopalan R., Nanda V., and Seru A. Affiliated firms and financial support: evidence from Indian business groups. J Financ Econ 86 (2007) 759-795
    • (2007) J Financ Econ , vol.86 , pp. 759-795
    • Gopalan, R.1    Nanda, V.2    Seru, A.3
  • 21
    • 2442625532 scopus 로고    scopus 로고
    • Taxes, Keiretsu affiliation, and income shifting
    • Gramlich J., Limpaphayom P., and Rhee S. Taxes, Keiretsu affiliation, and income shifting. J Account Econ 37 (2004) 203-228
    • (2004) J Account Econ , vol.37 , pp. 203-228
    • Gramlich, J.1    Limpaphayom, P.2    Rhee, S.3
  • 23
    • 0037405540 scopus 로고    scopus 로고
    • Corporate governance and firm profitability: evidence from Korea before the economic crisis
    • Joh S. Corporate governance and firm profitability: evidence from Korea before the economic crisis. J Financ Econ 68 (2003) 287-322
    • (2003) J Financ Econ , vol.68 , pp. 287-322
    • Joh, S.1
  • 26
    • 0034047981 scopus 로고    scopus 로고
    • Business groups and social welfare in emerging markets: existing evidence and unanswered questions
    • Khanna T. Business groups and social welfare in emerging markets: existing evidence and unanswered questions. Eur Econ Rev 44 (2000) 748-761
    • (2000) Eur Econ Rev , vol.44 , pp. 748-761
    • Khanna, T.1
  • 27
    • 0001937627 scopus 로고    scopus 로고
    • Estimating the performance effects of business groups in emerging markets
    • Khanna T., and Rivkin J. Estimating the performance effects of business groups in emerging markets. Strat Manage J 22 (2000) 45-74
    • (2000) Strat Manage J , vol.22 , pp. 45-74
    • Khanna, T.1    Rivkin, J.2
  • 28
    • 0000859784 scopus 로고    scopus 로고
    • Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups
    • Khanna T., and Palepu K. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. J Finance 55 (2000) 867-891
    • (2000) J Finance , vol.55 , pp. 867-891
    • Khanna, T.1    Palepu, K.2
  • 29
    • 0034339386 scopus 로고    scopus 로고
    • The future of business groups in emerging markets: long-run evidence from Chile
    • Khanna T., and Palepu K. The future of business groups in emerging markets: long-run evidence from Chile. Acad Manage J 43 (2000) 268-285
    • (2000) Acad Manage J , vol.43 , pp. 268-285
    • Khanna, T.1    Palepu, K.2
  • 30
    • 17644408457 scopus 로고    scopus 로고
    • Business groups and risk sharing around the world
    • Khanna T., and Yafeh Y. Business groups and risk sharing around the world. J Bus 78 (2005) 301-340
    • (2005) J Bus , vol.78 , pp. 301-340
    • Khanna, T.1    Yafeh, Y.2
  • 31
    • 3042548981 scopus 로고    scopus 로고
    • Power dependence, diversification and performance in Keiretsu member firms
    • Kim H., Hoskisson R., and Wan W. Power dependence, diversification and performance in Keiretsu member firms. Strateg Manage J 25 (2004) 613-636
    • (2004) Strateg Manage J , vol.25 , pp. 613-636
    • Kim, H.1    Hoskisson, R.2    Wan, W.3
  • 32
    • 0029989938 scopus 로고    scopus 로고
    • Keiretsu networks and corporate performance in Japan
    • Lincoln J., Gerlach M., and Ahmadjian C. Keiretsu networks and corporate performance in Japan. Am Sociol Rev 61 (1996) 67-88
    • (1996) Am Sociol Rev , vol.61 , pp. 67-88
    • Lincoln, J.1    Gerlach, M.2    Ahmadjian, C.3
  • 33
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • Lins K., and Servaes H. Is corporate diversification beneficial in emerging markets?. Financ Manage 31 (2002) 5-31
    • (2002) Financ Manage , vol.31 , pp. 5-31
    • Lins, K.1    Servaes, H.2
  • 34
    • 0003262712 scopus 로고
    • The economic role of corporate financial groupings
    • Aoki M. (Ed), Elsevier, New York
    • Nakatani I. The economic role of corporate financial groupings. In: Aoki M. (Ed). Economic analysis of the Japanese firm (1984), Elsevier, New York
    • (1984) Economic analysis of the Japanese firm
    • Nakatani, I.1
  • 36
    • 0141866716 scopus 로고    scopus 로고
    • The emergence of business groups: Israel and South Korea compared
    • Maman D. The emergence of business groups: Israel and South Korea compared. Organ Stud 23 (2002) 737-758
    • (2002) Organ Stud , vol.23 , pp. 737-758
    • Maman, D.1
  • 37
    • 0038021875 scopus 로고    scopus 로고
    • The Japanese keiretsu system: an empirical analysis
    • McGuire J., and Dow S. The Japanese keiretsu system: an empirical analysis. J Bus Res 55 (2002) 33-40
    • (2002) J Bus Res , vol.55 , pp. 33-40
    • McGuire, J.1    Dow, S.2
  • 38
    • 0034807078 scopus 로고    scopus 로고
    • Red barons or robber barons? Governance and investment in Russian financial-industrial groups
    • Perotti E., and Gelfer S. Red barons or robber barons? Governance and investment in Russian financial-industrial groups. Eur Econ Rev 45 (2001) 1601-1617
    • (2001) Eur Econ Rev , vol.45 , pp. 1601-1617
    • Perotti, E.1    Gelfer, S.2
  • 39
    • 84977724257 scopus 로고
    • The structure of corporate ownership in Japan
    • Prowse S. The structure of corporate ownership in Japan. J Finance 42 (1992) 1121-1140
    • (1992) J Finance , vol.42 , pp. 1121-1140
    • Prowse, S.1
  • 40
    • 0000245769 scopus 로고    scopus 로고
    • Financing constraints and internal capital markets: evidence from Korean 'chaebols'
    • Shin H.-H., and Park Y. Financing constraints and internal capital markets: evidence from Korean 'chaebols'. J Corp Finance 5 (1999) 169-191
    • (1999) J Corp Finance , vol.5 , pp. 169-191
    • Shin, H.-H.1    Park, Y.2
  • 41
    • 31844454229 scopus 로고    scopus 로고
    • Family ties, interlocking directors and performance of business groups in emerging countries: the case of Chile
    • Silva F., Majluf M., and Paredes R. Family ties, interlocking directors and performance of business groups in emerging countries: the case of Chile. J Bus Res 59 (2006) 315-321
    • (2006) J Bus Res , vol.59 , pp. 315-321
    • Silva, F.1    Majluf, M.2    Paredes, R.3
  • 42
    • 33847644441 scopus 로고    scopus 로고
    • Performance impact of business group affiliation: an analysis of the diversification-performance link in a developing economy
    • Singh M., Nejadmalayeri A., and Mathur I. Performance impact of business group affiliation: an analysis of the diversification-performance link in a developing economy. J Bus Res 60 (2007) 339-347
    • (2007) J Bus Res , vol.60 , pp. 339-347
    • Singh, M.1    Nejadmalayeri, A.2    Mathur, I.3
  • 44
    • 14544308214 scopus 로고    scopus 로고
    • Internal market failure: a framework for diagnosing firm inefficiency
    • Vining A. Internal market failure: a framework for diagnosing firm inefficiency. J Manage Stud 40 (2003) 431-457
    • (2003) J Manage Stud , vol.40 , pp. 431-457
    • Vining, A.1
  • 45
    • 13444280362 scopus 로고    scopus 로고
    • Strategy research in emerging economies: challenging the conventional wisdom
    • Wright M., Filatotchev I., Hoskisson R., and Peng M. Strategy research in emerging economies: challenging the conventional wisdom. J Manage Stud 42 (2005) 1-33
    • (2005) J Manage Stud , vol.42 , pp. 1-33
    • Wright, M.1    Filatotchev, I.2    Hoskisson, R.3    Peng, M.4
  • 46
    • 13444301413 scopus 로고    scopus 로고
    • Understanding business group performance in an emerging economy: acquiring resources and capabilities to prosper
    • Yiu D., Bruton G., and Lu Y. Understanding business group performance in an emerging economy: acquiring resources and capabilities to prosper. J Manage Stud 42 (2005) 183-206
    • (2005) J Manage Stud , vol.42 , pp. 183-206
    • Yiu, D.1    Bruton, G.2    Lu, Y.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.