The many futures of Asian business groups

Asia Pacific Journal of Management

Volumn 25, Issue 4, 2008, Pages 595-613

  Carney, Michael ^a  

^a John Molson School of Business   (Canada)

Author keywords

Business groups; Emerging markets; Institutional voids

Indexed keywords

EID: 51449110400     PISSN: 02174561     EISSN: 15729958     Source Type: Journal    
DOI: 10.1007/s10490-008-9092-5     Document Type: Article

References (77)

1. Abegaz, B. 2005. The diversified business group as an innovative organizational model for large state-enterprise reform in China and Vietnam. International Journal of Entrepreneurship and Innovation Management, 5(5/6): 379-399.
2. Almeida, H., & Wolfenzon, D. 2006. Should business groups be dismantled? The equilibrium costs of efficient internal capital markets. Journal of Financial Economics, 79: 99-144.
3. Amsden, A. 1989. Asia's next giant: South Korea and late industrialization. New York: Oxford University Press.
4. Amsden, A. H., & Euh, Y.-D. 1993. South Korea's 1980s financial reforms: Good-bye financial repression (maybe), hello new institutional restraints. World Development, 21(3): 379-390.
5. Bertrand, M., Mehta, P., & Mullainathan, S. 2002. Ferreting out tunneling: An application to Indian business groups. Quarterly Journal of Economics, 117(1): 121-148.
6. Biggart, N. W., & Hamilton, G. G. 1992. On the limits of a firm-based theory to explain business networks: The Western bias of neoclassical economics. In N. Nohria & R. G. Eccles (Eds.), Networks and organizations: Structure, form and action: 471-490. Boston: Harvard Business School.
7. Campbell, J. L. 2004. Institutional change and globalization. Princeton, NJ: Princeton University Press.
8. Carney, M. 2004. The institutions of industrial restructuring in Southeast Asia. Asia Pacific Journal of Management, 21: 171-188.
9. Carney, M. 2008. Asian business groups: Context, governance, and performance. Oxford UK: Chandos.
10. Carney, M., & Gedajlovic, E. 2003. Strategic innovation and the administrative heritage of East Asian Chinese family business groups. Asia Pacific Journal of Management, 20: 5-26.
11. Chang, S.-J. 2006. Business groups in East Asia: Post-crisis restructuring and new growth. Asia Pacific Journal of Management, 23(4): 407-418.
12. Chang, S. J., & Choi, U. 1988. Strategy structure and performance of Korean business groups. The Journal of Industrial Economics, 37(2): 141-158.
13. Chung, H.-M. 2006. Managerial ties, control and deregulation: An investigation of business groups entering the deregulated banking industry in Taiwan. Asia Pacific Journal of Management, 23(4): 505-520.
14. Claessens, S., Djankov, S., & Lang, L. H. P. 2000a. East Asian corporations: heroes or villains?, World Bank discussion paper 409: World Bank.
15. Claessens, S., Djankov, S., & Lang, L. H. P. 2000b. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58: 81-112.
16. Cuervo-Cazurra, A. 2006. Business groups and their types. Asia Pacific Journal of Management, 23(4): 419-439.
17. Dewenter, K., Novaes, W., & Pettway, R. 2001. Visibility versus complexity in business groups evidence from Japanese Keiretsu. Journal of Business, 74(1): 79-100.
18. Dieleman, M., & Sachs, W. 2006. Oscillating between a relationship-based and a market-based model: The Salim Group. Asia Pacific Journal of Management, 23(4): 521-536.
19. Drori, G. S., Jang, Y. S., & Meyer, J. W. 2006. Sources of rationalized governance: Cross-national longitudinal analyses, 1985-2002. Administrative Science Quarterly, 51(2): 205-229.
20. Encarnation, D. J. 1989. Dislodging multinationals: India's strategy in comparative perspective. Ithaca and London: Cornell University Press.
21. Evans, P. 1979. Dependent development: the alliance of multinational, state, and local capital in Brazil. Princeton, NJ: Princeton University Press.
22. Fisman, R. 2001. Estimating the value of political connections. American Economic Review, 91(4): 1095-1102.
23. Fisman, R., & Khanna, T. 2004. Facilitating development: The role of business groups. World Development, 32(4): 609-628.
24. Friedman, E., Johnson, S., & Mitton, T. 2003. Propping and tunneling. Journal of Comparative Economics, 31(4): 732-750.
25. Fukuyama, F. 1995. Trust: The social virtues and the creation of prosperity. New York: Free.
26. Gerlach, M. L. 1992. Alliance capitalism: The social organization of Japanese business. Berkeley, CA: University of California Press.
27. Gilson, R. 2000. Globalizing corporate governance: Convergence of form or function. New York: Columbia Law school Center for Law and Economics.
28. Granovetter, M. 1994. Business groups. In N. J. Smelser & R. Swedburg (eds.). The handbook of economic sociology: 453-475. Princeton: Princeton University Press.
29. Granovetter, M. 2005. Business groups and social organization. In N. J. Smelser & R. Swedburg (eds.). The handbook of economic sociology. (2nd ed.). Princeton: Princeton University Press.
30. Guillen, M. F. 2000. Business groups in emerging economies: A resource based view. Academy of Management Journal, 43(3): 362-380.
31. Haggard, S. 1990. Pathways from the periphery: The politics of growth in the newly industrializing countries. Ithaca, NY: Cornell University Press.
32. Haggard, S. 2001. Politics, institutions and globalization: The aftermath of the Asian financial crisis. American Asian Review, 19(2): 71-98.
33. Hall, P. A., & Soskice, D. 2001. Varieties of capitalism: The institutional foundations of comparative advantage. New York: Oxford University Press.
34. Henisz, W., Zelner, B., & Guillen, M. 2005. The worldwide diffusion market oriented infrastructure reform 1977-1999. American Sociological Review, 70: 871-897.
35. Hobday, M. 1995. East Asian latecomer firms: Learning the technology of electronics. World Development, 23: 1171-1193.
36. Hutchcroft, P. 1991. Oligarchs and cronies in the Philippine state: The politics of patrimonial plunder. World Politics, 43(3): 414-450.
37. Kang, D. 2003. Crony capitalism: Corruption and development in South Korea and the Philippines. Cambridge: Cambridge University Press.
38. Kaplan, S. 1994. Top executive rewards and Firm performance: A comparison of Japan and the US. Journal of Political Economy, 102(3): 510-547.
39. Kedia, B. L., Mukherjee, D., & Lahiri, S. 2006. Indian business groups: Evolution and transformation. Asia Pacific Journal of Management, 23(4): 559.
40. Keister, L. A. 1998. Engineering growth: Business groups structure and firm performance in China's transition economy. American Journal of Sociology, 104: 404-440.
41. Keister, L. A. 2000. Chinese business groups: The structure and impact of interfirm relations during economic development. New York: Oxford University Press.
42. Khanna, T., & Palepu, K. 1997. Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4): 41-51.
43. Khanna, T., & Rivkin, J. 2001. Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22: 45-74.
44. Khanna, T., & Yafeh, Y. 2005. Business groups and risk sharing around the world. Journal of Business, 78: 301-340.
45. Khanna, T., Kogan, E., & Palepu, K. 2006. Globalization and similarities in corporate governance: A cross-country analysis. Review of Economics and Statistics, 88(1): 69-90.
46. Khanna, T., & Yafeh, Y. 2007. Business groups in emerging markets: paragons or parasites? Journal of Economic Literature, 45(2): 331-372.
47. Kim, H., Hoskisson, R. E., & Wan, W. P. 2004. Power dependence, diversification strategy, and performance in keiretsu member firms. Strategic Management Journal, 25(7): 613-636.
48. Kock, C. J., & Guillén, M. F. 2001. Strategy and structure in developing countries: Business groups as an evolutionary response to opportunities for unrelated diversification. Industrial and Corporate Change, 10: 77-113.
49. Lee, K., Peng, M. W., & Lee, K. 2008. From diversification premium to diversification discount during institutional transitions. Journal of World Business, 43: 47-65.
50. Leff, N. H. 1978. Industrial organization and entrepreneurship in the developing countries: The economic groups. Economic Development and Cultural Change, 26: 661-675.
51. Lincoln, J. R., & Gerlach, M. L. 2004. Japan's network economy: Structure, persistence, and change. Cambridge United Kingdom: Cambridge University press.
52. Lu, Y., & Yao, J. 2006. Impact of state ownership and control mechanisms on the performance of group affiliated companies in China. Asia Pacific Journal of Management, 23: 485-503.
53. Luo, X., & Chung, C. N. 2005. Keeping it all in the family: The role of particularistic relationships in business group performance during institutional transition. Administrative Science Quarterly, 50(3): 404-439.
54. Ma, X., Yao, X., & Xi, Y. 2006. Business group affiliation and performance in the transition economy: A focus on the ownership voids. Asia-Pacific Journal of management, 23(4): 467-484.
55. Mathews, J. A. 1999. A Silicon island of the east: Creating a semiconductor industry in Singapore. California Management Review, 41: 55-78.
56. Meyer, J. W. 1994. Rationalized environments. In W. R. Scott & J. W. Meyer (eds.). Institutional environments and organizations: Structural complexity and individualism: 28-54. Thousand Oaks, CA: Sage.
57. Morck, R. K., Strangeland, D. A., & Yeung, B. 1998. Inherited wealth, corporate control and economic growth: The Canadian disease. National Bureau of Economic Research. http://www.nber.org/papersw6814.
58. Morck, R. K., Wolfenzon, D., & Yeung, B. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature, 43: 655-720.
59. Morck, R., & Yeung, B. 2004. Family control and the rent seeking society. Entrepreneurship Theory and Practice, 28: 391-409.
60. Morikawa, H. 1992. Zaibatsu: The rise and fall of family enterprise groups in Japan. Tokyo: Tokyo University Press.
61. Mursitama, T. N. 2006. Creating relational rents: The effect of business groups on affiliated firms' performance in Indonesia. Asia Pacific Journal of Management, 23(4): 537.
62. Noble, G. W. 1998. Collective action in East Asia: How ruling parties shape industrial policy. Ithaca: Cornell University Press.
63. Nolan, P. 2001. China and the global economy. Basingstoke, UK: Palgrave.
64. Ohmae, K. 1985. Triad power: The coming shape of global competition. New York: Free.
65. Peng, M. 2003. Institutional transitions and strategic choices. Academy of Management Review, 28(2): 275-285.
66. Peng, M. W., & Delios, A. 2006. What determines the scope of the firm over time and around the world? An Asia Pacific perspective. Asia Pacific Journal of Management, 23(4): 385-404.
67. Peng, M. W., Lee, S.-H., & Wang, D. Y. L. 2005. What determines the scope of the firm over time? A Focus on institutional relatedness. Academy of Management Review, 30(3): 622-633.
68. Perotti, E. C., & Gelfer, S. 2001. Red barons or robber barons? Governance and investment in Russian financial-industrial groups. European Economic Review, 9: 1601-1617.
69. Prowse, S. D. 1996. Corporate finance in international perspective: Legal and regulatory influences on financial system development. Federal Reserve Bank of Dallas Economic Review: 2-16.
70. Rajan, R. G., & Zingales, L. 2003. The great reversals: The politics of financial development in the 20th century. Journal of Financial Economics, 69(1): 5-50.
71. Ramamurti, R. 2000. A multilevel model of privatization in emerging economies. Academy of Management Review, 25(3): 525-550.
72. Scharfstein, D. S., & Stein, J. C. 2000. The dark side of internal capital markets: Divisional rent-seeking and inefficient investment. The Journal of Finance, 55(6): 2537-2564.
73. Strachan, H. W. 1976. Family and other business groups in economic development: The case of Nicaragua. New York: Praeger.
74. Vogel, E. 1991. The four little dragons: The spread of industrialization in East Asia. Cambridge, MA: Harvard University Press.
75. White, S. 2004. Stakeholders, structure, and failures of corporate governance reform initiatives in post-crisis Thailand. Asia Pacific Journal of Management, 21(1/2): 103-122.
76. Young, M., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1): 196-220.
77. Zutshi, R., & Gibbons, P. 1998. The Internationalization process of Singapore Government Linked companies: A contextual review. Asia Pacific Journal of Management, 15(2): 219-246.