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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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Journal ArticleDOI
TL;DR: In this article, the authors explore group formation through entrepreneurial diversification using a sample of high growth entrepreneurial firms and demonstrate that the running of a group of companies by the same entrepreneur is not only induced by the geographical extension of their operation and by diversification but also by the differentiation policy aimed at serving different market segments within the same sector.
Abstract: Recent empirical research has demonstrated that the growth process of entrepreneurial firms is frequently achieved through the formation of business groups: i.e. a set of companies run by the same entrepreneur (or entrepreneurial team). This has been hypothesised as result of a growth process by diversification of the original activity. This entrepreneurial growth process offers an alternative explanation for the formation of business Groups, than that arising from managerial efficiency and expediency. The main aim of the article is to explore group formation through entrepreneurial diversification using a sample of high growth entrepreneurial firms. The analysis demonstrates that the running of a group of companies by the same entrepreneur is not only induced by the geographical extension of their operation and by diversification but also by the differentiation policy aimed at serving different market segments within the same sector. This seems to contrast with the diversification policy and organisational setting of large, managerial firms

106 citations

Posted Content
TL;DR: Kraakman et al. as discussed by the authors provided a comparative and functional analysis of corporate law in Europe, the U.S., and Japan, and identified five legal strategies that the law employs to address these problems.
Abstract: This article is the second chapter of a book authored by R. Kraakman, P. Davies, H. Hansmann, G. Hertig, K. Hopt, H. Kanda, and E. Rock, "The Anatomy of Corporate Law: A Comparative and Functional Approach," (Oxford University Press 2004). The book as a whole provides a functional analysis of corporate (or company) law in Europe, the U.S., and Japan. Its organization reflects the structure of corporate law across all jurisdictions, while individual chapters explore the diversity of jurisdictional approaches to the common problems of corporate law. "Agency Problems and Legal Strategies" establishes the analytical framework for the book as a whole. After further elaborating the agency problems that motivate corporate law, this chapter identifies five legal strategies that the law employs to address these problems. Describing these strategies allows us to more accurately map legal similarities and differences across jurisdictions. Some legal strategies are "regulatory" insofar as they directly constrain the actions of corporate actors: for example, a standard of behavior such as a director's duty of loyalty and care. Other legal strategies are "governance-based" insofar as they channel the distribution of power and payoffs within companies to reduce opportunism. For example, the law may accord direct decision rights to a vulnerable corporate constituency, as when it requires shareholder approval of mergers. Alternatively, the law may assign appointment rights over top managers to a vulnerable constituency, as when it accords shareholders - or in some jurisdictions, employees - the power to select corporate directors. Finally, the law may attempt to shape the incentives of managers or controlling shareholders, as when it regulates compensation or prescribes an equal treatment norm such as the rule that dividends must be paid out ratably. In addition to Chapter 2, Chapter 1 "What is Corporate Law" is available in full text on the SSRN at http://ssrn.com/abstract=568623. The abstracts for Chapter 3: The Basic Governance Structure; Chapter 4: Creditor protection (http://ssrn.com/abstract=568823); Chapter 5: Related Party Transactions; Chapter 6: Significant Corporate Actions; Chapter 7: Control Transactions; Chapter 8: Issuers and Investor Protection; Chapter 9: Beyond the Anatomy are also/will be available on the SSRN.

103 citations

Journal ArticleDOI
TL;DR: In this article, the survival rates of the foreign subsidiaries of multinational firms from India were investigated to test if affiliation to a business group affects a subsidiary's survival chances, and the results showed that business group affiliation does not have an independent influence on a subsidiary' survival rates, but it does have a contingent effect, where the contingency emerges from the development stage of the host country.

102 citations

Journal ArticleDOI
TL;DR: This article reviewed major theoretical and empirical work on vertical and horizontal Japanese keiretsu and highlighted the history, characteristics, and strategic and performance implications of each type of business group, and discussed changes in the Japanese economy during the post-1992 Japanese economic decline and their implications for the persistence and continued benefits of each form of inter-corporate grouping.
Abstract: This article reviews major theoretical and empirical work on vertical and horizontal Japanese keiretsu. We first outline the history, characteristics, and strategic and performance implications of each type of business group. We then discuss changes in the Japanese economy during the post-1992 Japanese economic decline and their implications for the persistence and continued benefits of each form of inter-corporate grouping followed by a discussion of empirical findings regarding the continued role of keiretsu in the Japanese economy. The review concludes by exploring areas of future research into the evolution of keiretsu ties and their implications.

102 citations

Journal ArticleDOI
TL;DR: In this paper, the authors proposed that business group affiliated firms leverage their affiliation advantages to attain superior long-term acquisition performance, relative to standalone firms, especially in emerging economies such as India, and hypothesize that both within-group heterogeneity, manifested as prior group experience, group diversification, and intra-group variation in the form of horizontal ties through boards of directors, also affect the longterm post-acquisition performance of affiliated firms.

102 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202321
202249
202165
202078
201967
201874