Business Group Affiliation Financial Development And Market Structure
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Business Group Affiliation Financial Development And Market Structure
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Author : Sharon Belenzon
language : en
Publisher:
Release Date : 2008
Business Group Affiliation Financial Development And Market Structure written by Sharon Belenzon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper investigates the effect of financial development on the incentives to form business groups. We examine how this relation varies across exogenous industry conditions, legal environments, and firms' life cycle. Using a comprehensive dataset on group affiliation of European firms, we find evidence that business groups substitute imperfect financial markets via their internal capital market. Our results highlight the constructive role of business groups in economies with less developed financial markets and contribute to the debate on whether business groups should be dismantled.
The Benefits And Costs Of Group Affiliation
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Author : Stijn Claessens
language : en
Publisher:
Release Date : 2002
The Benefits And Costs Of Group Affiliation written by Stijn Claessens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Affiliated corporations categories.
Financial Market Regulation And Reforms In Emerging Markets
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Author : Masahiro Kawai
language : en
Publisher: Brookings Institution Press
Release Date : 2011
Financial Market Regulation And Reforms In Emerging Markets written by Masahiro Kawai and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Firm Innovation In Emerging Markets
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Author : Meghana Ayyagari
language : en
Publisher: World Bank Publications
Release Date : 2012
Firm Innovation In Emerging Markets written by Meghana Ayyagari and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
The authors investigate the determinants of firm innovation in over 19,000 firms across 47 developing economies. They define the innovation process broadly, to include not only core innovation such as the introduction of new products and new technologies, but also other types of activities that promote knowledge transfers and adapt production processes. The authors find that more innovative firms are large exporting firms characterized by private ownership, highly educated managers with mid-level managerial experience, and access to external finance. In contrast, firms that do not innovate much are typically state-owned firms without foreign competitors. The identity of the controlling shareholder seems to be particularly important for core innovation, with those private firms whose controlling shareholder is a financial institution being the least innovative. While the use of external finance is associated with greater innovation by all private firms, it does not make state-owned firms more innovative. Financing from foreign banks is associated with higher levels of innovation compared with financing from domestic banks.
Finance Financial Sector Policies And Long Run Growth
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Author : Asli Demirguc-Kunt
language : en
Publisher: World Bank Publications
Release Date : 2008
Finance Financial Sector Policies And Long Run Growth written by Asli Demirguc-Kunt and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Access to Finance categories.
Abstract: The first part of this paper reviews the literature on the relation between finance and growth. The second part of the paper reviews the literature on the historical and policy determinants of financial development. Governments play a central role in shaping the operation of financial systems and the degree to which large segments of the financial system have access to financial services. The paper discusses the relationship between financial sector policies and economic development.
Business Groups In The West
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Author : Asli M. Colpan
language : en
Publisher: Oxford University Press
Release Date : 2018
Business Groups In The West written by Asli M. Colpan and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Business & Economics categories.
This volume aims to explore the evolution of large enterprises in today's developed economies in the West. It focuses on the economic institution of the business group and understanding the factors behind its rise, growth, resilience, and/or fall; its behavioural and organizational characteristics; and its contributions to economic development.
Financial Crisis And Transformation Of Korean Business Groups
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Author : Sea-Jin Chang
language : en
Publisher: Cambridge University Press
Release Date : 2003-04-28
Financial Crisis And Transformation Of Korean Business Groups written by Sea-Jin Chang and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-28 with Business & Economics categories.
Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
Downscoping
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Author : Robert E. Hoskisson
language : en
Publisher: Oxford University Press
Release Date : 1994-09-01
Downscoping written by Robert E. Hoskisson and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-09-01 with Business & Economics categories.
Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.
Corporate Financial Strategy
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Author : Ruth Bender
language : en
Publisher: Routledge
Release Date : 2012-05-04
Corporate Financial Strategy written by Ruth Bender and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-04 with Business & Economics categories.
Corporate Financial Strategy is a practical guide to understanding the elements of financial strategy, and how directors and advisors can add value by tailoring financial strategy to complement corporate strategy. The book sets out appropriate financial strategies over the key milestones in a company's life. It discusses the practicalities behind transactions such as: * Raising venture capital * Flotation on a stock exchange * Making acquisitions * Management buyouts * Financial restructuring In explaining financing structures, the book sets out the basic building blocks of any financial instrument to enable the reader to appreciate innovations in the field. It also illustrates how and why different types of security might be used. The second edition of this very popular textbook brings to bear the considerable commercial and academic experience of its co-authors. Throughout, the book offers a range of up-to-date case studies, abundant diagrams and figures, and frequent 'Working Insight' sections to provide practical illumination of the theory. This book will enable you to understand the potential value added by the best financial strategy, while fully demonstrating the working role of financial strategy within an overall corporate strategy. An excellent practical guide for senior financial managers, strategic-decision makers and qualified accountants, the text is also invaluable as a clear-sighted and thorough companion for students and senior executives on finance courses (including MBA, MSc and DMS).
How Family Firms Differ
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Author : S. Bhaumik
language : en
Publisher: Springer
Release Date : 2014-11-25
How Family Firms Differ written by S. Bhaumik and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-25 with Business & Economics categories.
Family firms account for a large proportion of firms in most countries. In industrialised countries of North America and Western Europe, they generally account for a large share of small and medium sized enterprises. In emerging market economies such as India, they also account for the majority of the large firms. Their importance for factors such as employment creation notwithstanding, relative to the widely held Anglo-Saxon firms, which are ubiquitous in the economics, finance and management literatures, family firms have historically received much less attention from scholars of these disciplines. However, in part owing to increased focus on emerging markets, there is a growing literature on family firms. In How Family Firms Differ, the authors explore important aspects of family firms, drawing on the existing literature and their own research on these firms.