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Corporate group
About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.
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TL;DR: A Turkey Corporate Governance Index (TCGI) as discussed by the authors is composed of sub-indices for board structure, board procedure, disclosure, ownership, and shareholder rights, which predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects.
Abstract: We study the corporate governance practices of Turkish public firms from 2006 to 2012, relying on hand-collected data covering the vast majority of listed firms. We build a Turkey Corporate Governance Index, TCGI, composed of subindices for board structure, board procedure, disclosure, ownership, and shareholder rights. TCGI predicts higher market value (with firm fixed effects) and higher firm-level profitability with firm random effects. The principal subindex which predicts higher market value and profitability, and drives the results for TCGI as a whole, is disclosure subindex. We also study the determinants of firms' governance and find that most firm-specific factors have little effect on firms’ governance choices.In a related project, The Effect of Business Group Governance on Group Market Value and Profitability: Time-Series Evidence from Turkey, http://ssrn.com/abstract=2277768, we study the effect of business group-level corporate governance on group level market value and profitability.
142 citations
TL;DR: This article examined the relationship of environmental antecedents to asset restructuring in nine French civil law countries in Latin America and Europe and found that the influence of environmental factors was moderated by business group membership, and the relationship between change in country development and restructuring was stronger for group-affiliated firms and the effects of increased competition and deregulation on asset restructuring were stronger for primarily independent firms.
Abstract: We examine the relationship of environmental antecedents to asset restructuring in nine French civil law countries in Latin America and Europe. In these countries, business group affiliation helps member firms to access resources, take advantage of environmental opportunities, and neutralize threats. Results indicated that environmental antecedents, such as change in country development, increased competition and deregulation led to increased asset restructuring. More importantly, however, we also found that the influence of environmental factors was moderated by business group membership. The relationship between change in country development and restructuring was stronger for group-affiliated firms and the effects of increased competition and deregulation on asset restructuring were stronger for primarily independent firms. Our study offers additional evidence that organizations may respond differently to environmental opportunities and threats depending on the institutional setting. Copyright © 2004 John Wiley & Sons, Ltd.
140 citations
TL;DR: In this article, the authors study institutional herding in Japan and find that herding occurs on a lower level than in the United States but with a large impact on price movements.
Abstract: We study institutional herding in Japan. Japanese firms are primarily owned by financial institutions and other corporations, they may belong to a business group (the keiretsu), and they have experienced several distinct economic regimes in its recent past. Overall, we find herding in Japan occurs on a lower level than in the United States but with a large impact on price movements. The price impact is even greater for keiretsu-affiliated firms. We also find the effects and behavior of institutional herding depends on the economic condition and the regulatory environment.
139 citations
TL;DR: In this article, the authors argue that affiliation allows firms to tap into the knowledge and connections of sister affiliates, which enables them to attract clients from more industries and foreign markets than can unaffiliated firms, and to attain higher international sales.
Abstract: Although business groups benefit firms when markets fail, does group affiliation continue to be an advantage for firms in deregulated, globally competitive industries? I argue that affiliation allows firms to tap into the knowledge and connections of sister affiliates. This enables them to attract clients from more industries and foreign markets than can unaffiliated firms, and to attain higher international sales. Using data from the Indian software industry, I find support for these hypotheses, but only for 2000-02, when competition increased as a result of new deregulation. These results suggest business groups continue to provide benefits to group-affiliated firms, including information on market opportunities and "reputation signaling" to clients. [ABSTRACT FROM AUTHOR]
139 citations
TL;DR: In this article, a detailed ethnoar-chaeological analysis of over 150 households in the Maya Highlands, in which it became apparent that social, economic, and demographic characteristics of households were only loosely associated with a wide variety of material culture expressions.
138 citations