- [UNTITLED]
- Acknowledgments
- List of Figures
- List of Tables
- Contributors
- Introduction
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
- Index
Abstract and Keywords
Business groups are large, consisting of diversified firms that are persistently bound. Seen as isolated phenomena in very distinct institutional environments, their dominance is often inexplicable. This article suggests stepping away from the cross-section and studying the longitudinal bottom-up emergence of business groups, thus coupling statistical models with historical context. It proposes that business groups are a type of signature. The interplay between law-like properties of firm-size distributions and the micro-motives of economic agents lead to the emergence of business groups. An approach that uses baseline models that describe the macro-patterns, such as the presence or absence of power-law distributions, is useful to bounding the number of candidates for micro-behavioural explanations. In the end, the analysis of business groups as emergent may reveal new, if not greater, commonalities across countries than are currently available through comparative institutional analysis.
Keywords: business groups, signature, law-like properties, firm-size distributions, micro-motives
Bruce Kogut is the Eli Lily Claired Professor of Innovation, Business, and Society at INSEAD. He works in the areas of international competition, strategy and real options, and globalization. Recent articles and projects include: Redesigning the Firm (1996), co-authored with E. Bowman, studies of small worlds in Germany (American Sociological Review, 2001), open source (Oxford Review of Economic Policy), and a forthcoming book on the Global Internet Economy e-mail: kogut@wharton.upenn.edu
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- [UNTITLED]
- Acknowledgments
- List of Figures
- List of Tables
- Contributors
- Introduction
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
- Index