Institutional Development And Business Group Affiliation Value
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Institutional Development And Business Group Affiliation Value
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Author : Narahari Hansoge
language : en
Publisher:
Release Date : 2015
Institutional Development And Business Group Affiliation Value written by Narahari Hansoge and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
In this paper, we attempt to understand whether business group affiliation continues to create value with improvements in institutional environment, especially with increased product market competition. This question comes at a time when there is growing awareness that business groups dominate product markets even in developed economies (Boutin et al., 2013) and their existence is not limited to poor institutional environments (Khanna and Palepu, 2000). Such evidence calls for revisiting the Institutional Voids theory that attributes business group dominance to lack of institutional development. Our paper aims to extend this stream of the literature by focusing on how business groups respond to institutional development. The question that is still wide open is how business groups transform their structure and continue to dominate the corporate landscape. Given that most of the emerging economies are going through significant institutional development and domestic business groups are transforming into global leaders, a deeper understanding of the business group model dominance and corresponding consumer welfare is much needed. We develop a simple theoretical model and set up a novel empirical methodology to examine this issue. Using Indian data of around 36,500 firm year observations spanning 23 years (1990-2012), we find that 1) Business group affiliation continues to create value against standalone firms even with institutional development. However, affiliation gains are relatively lower in the post-reform regime. 2) Business groups that expand through horizontal integration lose market value in the post-reform regime. This result is consistent with our theoretical model. 3) In the post-reform regime, vertical integration increases business group affiliation value only when business groups have deep pockets. This is consistent with Boutin et.al. (2013). In other words, deep pockets are required more when competition is high and not when it is low as predicted by the Institutional Voids Hypothesis. Our overall results suggests that, as markets develop, business group expansion strategy and their capacity to fund from their deep pockets become more critical for their sustainability. Our results highlight the need to look beyond Institutional Voids theory for existence of business groups.
Asian Business Groups
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Author : Michael Carney
language : en
Publisher: Elsevier
Release Date : 2008-06-30
Asian Business Groups written by Michael Carney and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-30 with Business & Economics categories.
The Asian economic landscape is dominated by various types of business group. Asian Business Groups provides a comprehensive review and introduction to the different types of business group. The origins and founding context of groups from particular national settings form the basic structure of the book. Emphasis is given to both the similarities and differences in group governance and performance and the implications for Asian international competitiveness are addressed. Multidisciplinary framework that integrates managerial, sociological, and economic perspectives on business groups and permits analysis of both their positive and negative aspects Comprehensive survey of empirical findings on the financial and market performance Sensitivity to the changing historical context and major events that have shaped business group development and dynamics
Is Group Affiliation Profitable In Emerging Markets An Analysis Of Diversified Indian Business Groups
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Author : Tarun Khanna
language : en
Publisher:
Release Date : 2009
Is Group Affiliation Profitable In Emerging Markets An Analysis Of Diversified Indian Business Groups written by Tarun Khanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Emerging markets like India have poorly functioning institutions, leading to severe agency and information problems. Business groups in these markets have the potential to offer benefits to member firms, but they also have potential to destroy value. We analyze the performance of affiliates of diversified Indian business groups relative to unaffiliated firms. We find that accounting and stock market measures of firm performance initially decline with group diversification and subsequently increase once group diversification exceeds a certain level. Stock market measures suggest that, unlike U.S. conglomerates' lines of business, and similar to the affiliates of U.S. LBO associations, affiliates of the most diversified business groups outperform unaffiliated firms.
The Oxford Handbook Of Business Groups
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Author : Asli M. Colpan
language : en
Publisher: Oxford Handbooks Online
Release Date : 2010-08-05
The Oxford Handbook Of Business Groups written by Asli M. Colpan and has been published by Oxford Handbooks Online this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-08-05 with Business & Economics categories.
This handbook provides a comprehensive analysis of business groups around the world. It focuses on the adaptive and competitive capabilities of business groups and their evolutionary dynamics, as well as considering the historical and theoretical contexts of business groups.
The Oxford Handbook Of Asian Business Systems
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Author : Michael A. Witt
language : en
Publisher: OUP Oxford
Release Date : 2014-01-30
The Oxford Handbook Of Asian Business Systems written by Michael A. Witt and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-30 with Business & Economics categories.
Much of the existing literature within the "varieties of capitalism " (VOC) and "comparative business systems " fields of research is heavily focused on Europe, Japan, and the Anglo-Saxon nations. As a result, the field has yet to produce a detailed empirical picture of the institutional structures of most Asian nations and to explore to what extent existing theory applies to the Asian context. The Oxford Handbook of Asian Business Systems aims to address this imbalance by exploring the shape and consequences of institutional variations across the political economies of different societies within Asia. Drawing on the deep knowledge of 32 leading experts, this book presents an empirical, comparative institutional analysis of 13 major Asian business systems between India and Japan. To aid comparison, each country chapter follows the same consistent outline. Complementing the country chapters are eleven contributions examining major themes across the region in comparative perspective and linking the empirical picture to existing theory on these themes. A further three chapters provide perspectives on the influence of history and institutional change. The concluding chapters spell out the implications of all these chapters for scholars in the field and for business practitioners in Asia. The Handbook is a major reference work for scholars researching the causes of success and failure in international business in Asia.
Encyclopedia Of International Strategic Management
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Author : Christian G. Asmussen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-02-12
Encyclopedia Of International Strategic Management written by Christian G. Asmussen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-12 with Business & Economics categories.
This dynamic Encyclopedia presents succinct definitions, explanations and compact reviews of a comprehensive range of topics in the continually evolving field of International Strategic Management (ISM). A diverse and international collective of eminent scholars and thought leaders leverage their research expertise to present concise reviews of the state of the art of research in ISM, exploring the manifold aspects of firms’ global strategies.
Institutional Theory In International Business
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Author : Laszlo Tihanyi
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-06-04
Institutional Theory In International Business written by Laszlo Tihanyi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-04 with Business & Economics categories.
Part of "Advances in International Management" series, this title presents contemporary research by leading and emerging scholars working on institutional theory. It also presents theoretical frameworks of institutions and proposes interesting ideas that provide the foundation for doctoral dissertations and research projects.
The Sage Handbook Of Corporate Governance
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Author : Thomas Clarke
language : en
Publisher: SAGE
Release Date : 2012-04-16
The Sage Handbook Of Corporate Governance written by Thomas Clarke and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-16 with Business & Economics categories.
The urgent and sustained interest in corporate governance is unprecedented, with the connections between corporate governance and economic performance being emphasized by the World Bank, the IMF and others in the global economic community. In this timely and definitive intellectual analysis of a key discipline, The SAGE Handbook of Corporate Governance offers a critical overview of the key themes, theoretical controversies, current research and emerging concepts that frame the field. Consisting of original substantive chapters by leading international scholars, and examining corporate governance from an inter-disciplinary basis, the text highlights how governance issues are critical to the formation, growth, financing, structural development, and strategic direction of companies and how corporate governance institutions in turn influence the innovation and development of industrial and economic systems globally. Comprehensive, authoritative and presented in a highly-accessible framework, this Handbook is a significant resource to those with an interest in understanding this important emerging field.
Managing Development
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Author : Junji Nakagawa
language : en
Publisher: Routledge
Release Date : 2006-04-18
Managing Development written by Junji Nakagawa and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-18 with Business & Economics categories.
Globalization in the 1990s provided both opportunities and challenges for developing and transition economies. Though for some, it offered the chance to achieve economic growth through active involvement in the integrated and liberalized world economy, it also increased their vulnerability to external shocks and volatility. As a consequence, stakeholders at every level of the development and transition process – international organizations, national governments and the private sector – had to review their strategies in order to adjust to the new world economic environment. As the Mexican peso crisis of 1994-1995 and the Asian financial crisis of 1997-1998 showed dramatically, the cost of maladjustment was not only very high but it also affected many more stakeholders than before, due to the contagious effects of crises. This revealing book analyzes the different methods employed to manage globalization and development. Bringing together an international team of contributors, including Barbara Stallings, Alicia Giron and J. C. Ferraz, it will prove to be a valuable resource for those involved in the fields of development economics and political economy.
Strategy For Success In Asia
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Author : Kulwant Singh
language : en
Publisher: John Wiley & Sons
Release Date : 2005
Strategy For Success In Asia written by Kulwant Singh and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
In order to achieve success, managers need to understand the strategic issues in Asia. Strategy for Success in Asia covers areas from the uniqueness of Asia like its economic and cultural diversity to the roles of governments and the importance of alliances. One of the first books to offer a perspective effective company strategy and how local and multinational companies can achieve strategic success in Asia. This important book is for anyone who has a stake in Asia or has plans to do business in it.