Corporate group

About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.

The origins of business groups in China: An empirical testing of the three paths and the three theories

Abstract: The available empirical literature tends to focus on the performance comparison between business groups (BGs) and non-business groups, and there is no study that quantitatively verifies the origins of the business groups, particularly in China. This paper uses the survey data of SOEs (state-owned enterprises) in China to verify the three paths toward business groups, such as M&As (merger and acquisitions), spin-offs and joint ventures. This study discusses three alternative theories to explain the emergence of the business groups in China. These are the market-based view, the state-activism view and the resource-based view. This paper found that the greater autonomy given after changing into a shareholding corporation is one of the most consistent and significant factors leading to the business group, regardless of the paths. First, this implies that SOEs have gone from traditional SOEs, to shareholding corporations, and then finally to business groups. Second, it finds that there are certain differences ...

Shareholder Value, Corporate Governance and Corporate Performance: A Post-Enron Reassessment of the Conventional Wisdom

Abstract: The notion that the primary, or in extreme versions, the only legitimate goals of corporate management and governance should be to maximize the value of the shareholders' interest in the company is based on a series of elegant and facile, but deeply flawed assumptions about the nature of the relationships among corporate participants, about how financial markets work, about how human beings work together in groups, and about what the law requires. Contrary to these assumptions, shareholders are neither the "owners" of corporations, nor the only claimants with investments at risk; stock prices do not always accurately reflect the true underlying value of equity securities; managers will not necessarily do a better job of running corporations if they focus solely on share value, or if they are heavily incentivized with stock options, or if they are constantly vulnerable to being ousted in a hostile takeover; and corporate law does not require shareholder primacy. Instead, this essay suggests that, once basic societal and business institutions are in place, such as rule of law, sophisticated and uncorrupted courts, an independent accounting profession, liquid financial markets and an adequate securities regulation system, the principle element needed to foster wealth creating productive activity may be a powerful set of cultural norms emphasizing personal and group integrity, cooperative behavior among team members, and responsibility in the team's relationships to the larger communities in which it operates.

Global markets, domestic institutions : corporate law and governance in a new era of cross-border deals

Abstract: Introduction: The Dynamic Tension in Corporate Governance, by Curtis J. MilhauptPart I Fiduciary Duties and Corporate Governance Controlling Corporate Self-Dealing: Convergence or Path-Dependency?, by Zohar GoshenOn The Export of U.S.- Style Corporate Fiduciary Duties to Other Cultures: Can A Transplant Take?, by Lynn A. StoutTransplanting the Concept of "Fiduciary Duty": Evidence from Transition Economies, by Katharina Pistor and Chenggang XuWhat Corporate Law Cannot Do, by Mark J. RoePart II Convergence and Reform, Europe and Asia Regulation and the Globalization (Americanization) of Executive Pay, by Brian R. Cheffins and Randall S. ThomasCorporate Governance, Employees and the Focus on Core Competencies in France and Germany, by Michel GoyerConvergence on Shareholder Capitalism: An Internationalist Perspective, by Jeffrey N. GordonOff the Books, But on the Record: Evidence from Italy on the Relevance of Judges to the Quality of Corporate Law, by Luca EnriquesInstitutional Change and M&A in Japan: Diversity Through Deals, by Curtis J. Milhaupt and Mark D. WestFinancial Malaise and the Myth of the Misgoverned Bank, by Yoshiro Miwa and J. Mark RamseyerRevamping Fiduciary Duties in Korea: Does Law Matter to Corporate Governance?, by Kon-Sik Kim and Joongi KimGlobal Markets and Parochial Institutions: The Transformation of Taiwan's Corporate Law System, by Lawrence S. LiuPart III Globalization and Capital Markets The Impact of Cross-Listings and Stock Market Competition on International Corporate Governance, by John C. Coffee, Jr.Coming to America?: Venture Capital, Corporate Identity, and U.S. Securities Law, by Edward RockEngineering a Venture Capital Market: Replicating the U.S. Template, by Ronald J. Gilson

Convergence of Corporate Social Responsibility and Corporate Governance in Weak Economies: The case of Bangladesh.

Abstract: The convergence of corporate social responsibility (CSR) and corporate governance (CG) has changed the corporate accountability mechanism. This has developed a socially responsible ‘corporate self-regulation’, a synthesis of governance and responsibility in the companies of strong economies. However, unlike in the strong economies, this convergence has not been visible in the companies of weak economies, where the civil society groups are unorganised, regulatory agencies are either ineffective or corrupt and the media and non-governmental organisations do not mirror the corporate conscience. Using the case of Bangladesh, this article investigates the convergence between CSR and CG in the self-regulation of companies in a less vigilant environment.

Business Groups, Networks, And Embeddedness: Innovation And Implementation Alliances In Japanese Electronics, 1985-1998

Abstract: This paper examines the changing process of strategic alliance formation in the Japanese electronics industry between 1985 and 1998. With data on 123-135 Japanese electronics/electrical machinery makers, we use a dyad panel regression methodology to address a series of hypotheses drawn largely from embeddedness theory on how the firms’ horizontal and vertical keiretsu business group affiliations and prior alliance networks supported and constrained partner choice in new RD the “preburst” period) keiretsu served as infrastructure or platform for new strategic alliances that had both innovation and implementation goals. In the second half of our series (1992-98, the “postbubble” period) the keiretsu effects on innovation alliance formation were gone, but the groups’ role in nonR&D or implementation alliances, the purpose of which was often cost reduction, had expanded. Our results suggest that Japanese electronics firms over this interval of time adapted rationally to the heightened uncertainty and stringency of the Japanese domestic economic environment by searching outside their preexisting networks for innovation alliances while at the same time exploiting those networks for implementation alliances addressed to cost-reduction and other operational aims. The study speaks to embeddedness theory in showing that economic actors are not deterministically constrained by business group or other preexisting network ties but may in rational fashion exploit or abandon those ties with an eye to advancing corporate and alliance goals.