- List of Figures
- List of Tables
- Regulation and Comparative Corporate Governance
- The History of Corporate Governance
- Capital Markets and Financial Politics: Preferences and Institutions
- An International Corporate Governance Index
- Boards and Governance: 25 Years of Qualitative Research with Directors of FTSE Companies
- Process Matters: Understanding Board Behavior and Effectiveness
- Board Committees
- The Governance of Director Networks
- Executive Compensation and Corporate Governance: What Do We “Know” and Where Are We Going?
- Corporate Governance: Ownership Interests, Incentives, and Conflicts
- Financial Leverage and Corporate Governance
- Financial Reporting, Disclosure, and Corporate Governance
- Auditing and Corporate Governance
- The Market for Corporate Control
- The Life Cycle of Corporate Governance
- Corporate Governance in High-Tech Firms
- Family Business and Corporate Governance
- Corporate Governance in IPOs
- Corporate Governance, Multinational Firms, and Internationalization
- Corporate Governance in Business Groups
- Governance in Financial Distress and Bankruptcy
- Venture Capital and Corporate Governance
- Private Equity, Leveraged Buyouts, and Corporate Governance
- Hedge Fund Activism and Corporate Governance
- The Financial Role of Sovereign Wealth Funds
- Corporate Governance and Nonprofits: Facing up to Hybridization and Homogenization
- Corporate Governance and Labor
- Corporate Governance and Principal–Principal Conflicts
- Multiple Agency Theory: An Emerging Perspective on Corporate Governance
- An Age of Corporate Governance Failure?: Financialization and its Limits
- Corporate Governance and Corporate Social Responsibility
Abstract and Keywords
Whether a large business group is multinational or not, it needs to form distinct governance mechanisms in order to govern its affiliates. In this chapter, certain issues related to these mechanisms are addressed. The chapter identifies horizontal and vertical governance mechanisms that are usually found in business groups and stresses that business groups also experience significant governance problems, such as mutual entrenchment and cross-subsidization. The chapter also examines in detail the way governance structures and related governance outcomes differ among state-owned, family-controlled, and widely held business groups.
Daphne W. Yiu is an Associate Professor at the Department of Management at the Chinese University of Hong Kong, Hong Kong.
Xing Chen, Department of Management, Chinese University of Hong Kong
Yuehua Xu, Department of Management, Chinese University of Hong Kong
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