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date: 18 June 2019

(p. 783) Index

(p. 783) Index

Abramovich, Roman533
A.C. Spark Plugs26
Acer202
Aditya Birla group307 n., 313
affiliation around the world Table 20.1577
Aganin, A.535, 541
AGD group346
Aghion, P.111
Agnelli family49, 616
Aguas Andinas416
Aharoni, Y.462 n., 464
Ahmadjian, C.L.144, 145, 148
Air New Zealand279
Akai Electric143
Akbulut, M.E.312 n.
Alarko group486 n., 515
Alchian, A.644 n.
Aldrighi, Dante M.375, 658, 708, 709, 711
Alexander & Baldwin48, 53
Alfa group
(Mexico)431, 434–6, 438–9, 442–3, 448, 451, 454
(Russia)536, 538 n.
Alfred Holt78
alliance principle of business groups17–22
Allstate Insurance Co.26
Almeida, Heitor23, 385, 595, 596
alternatives to business groups22–30
conglomerate enterprises23, 27–9
holding company organization23, 29–30
multidivisional enterprises20, 23, 24–7
Ambev group362
American President Lines275
American Zinc Products26
Amsden, A. H.2, 31, 159, 167, 655, 746, 752–3, 765, 776–7
Anadolu group489, 502
Angelini group390–392, 407, 412–3, 415, 417
Fig. 14.2
Anglo American group548–9, 553, 555–8, 566
structure Fig. 19.1557
Anglovaal group551
Anil Dhirubhai Ambani (ADA)group306, 309, 312
Ansett279
Antony Gibbs77
Aoki, Masahiko144, 578, 593
Apple, Inc.639 n., 755, 769
Arçelik44, 505, 507, 510–3
Archer Daniels Midland444
Arcor group344, 346, 664
Argentina, business groups2, 325–50
business reform325–6, 332
characteristics326–39
profiles Table 12.1327
“Competitive Shock”325, 332–3, 344
definition11
development758–9
dissolution347, 348
diversification339–46
Fig. 12.2338
Fig. 12.4342
Fig. 12.5345
Table 12.10340
economic crisis after  1998 333, 344
and economic reform333–4
family involvement336–7
Tables 12.5, 12.6336
foreign acquisitions348
governance336–7
Tables 12.8, 12.9338
internationalization346–7
Multilatinas344
new development of organizations Fig. 12.6349
origins329–34
Fig. 12.1333
Table 12.2330–1
ownership335–6
Tables 12.3, 12.4335
political intimacy662
private equity investment funds (PEIFs)349
pyramidal structure Fig. 12.3342
reduction of scope348
research328
response to financial crisis344
size334
Tequila Effect333
Arison family469–70
Armour634, 635 n.
Asahi Glass117
(p. 784) Asajima, S.111 n.
Asanuma, B.144
ASEAN Free Trade Area258
Asia Trust Group242
“Asian Tigers”2, 243, 256
Astra International585
Asustek188
AT&T446, 769
Aurrera444–5
Australia48, 69, 77, 85, 279, 288, 443, 557
authority principle of business groups17–22
Avtovaz528, 533
Ayukawa, Yoshisuke111, 113, 114, 117, 611
Babatz, Torres G.444
backwardness thesis639, 778 see also Gerschenkron, Alexander
Baden‐Fuller, C.684
Bae, K.‐H172, 588, 673
Baek, J.S.172, 588
Bamerindus361, 369, 372 n.
Banamex659 n., 662
Banco do Brasil363, 368 n., 369, 372, 379–80
Bangkok Bank Group242
Bangkok Metropolitan Bank (BMB)243, 258, 260
Bank of Asia261
Bank of Ayudhya243, 261
Bank for International Settlements (BIS)260
Bank of Medici52
Bank of Thailand247, 258–9
Bangkok Bank260
Barney, J.744, 746, 778
Barontini, R.587
Basic Element536, 538
Beko511
Belderbos, R.684
Bendix Aviation26
Bendukidze, Kakha533
Berg, Norman28
Berger, P.G.289, 312 n.
Berkshire Hathaway28–9
Berle, Adolf21, 586, 618, 672
Bertrand, M.299, 307, 534, 541, 588, 590, 710
Bhagwati, J.N.591
Bharti Telecom312
BHC group390–1, 663
Biggart, N.W.617 n., 699, 700, 712
“Big Push”7, 46–7, 115 n., 360, 592, 611–3, 620, 635, 636 n.
“Big Five”, Hawaiian48, 53
Billiton552–3, 557–8
Bimbo group426, 432, 438–9, 442, 445, 448–51
control structure Fig. 15.3445
management Fig. 15.4451
Birla group307 n., 311 n., 314, 315 n.
Bisang, R.328, 332, 758
Black, B. et al.535 n.
Blakey, Gladys661
Blakey, Roy661
blockmodel136, 138, 143, 146
Bluhdorn, Charles28
BMW49
Bonbright, James28, 30, 54, 614
Bombay Spinning and Weaving Company295
Bonfiglioli369
Booker McConnell72
Boone, P.526, 528, 534, 540
Boon Rawd Brewery238
Borusan group489
Boston Associates48
Boyd, Brian K.18 n., 672, 677, 704, 739
Bradesco363, 369, 373, 374, 379, 382, 384
Brandenburg,431
Brasil Telecom362–3, 369, 372–4, 378, 381
Braspower Holdings614
Brazil, business groups353–85
Banco Nacional de Desenvolvimento
Econômico360, 361 n.
cash‐flow rights, voting rights, discrepancies between rights and public companies
Table 13.5376
characteristics353–4
companies listed on Bovespa Table 13.2364–7
definition11, 371
development plans360
diversification378–82
emergence and development
changes in Brazilian economy361–2
government financial stakes363, 368
institutional changes362–3
resilience368–9
state‐led industrialization phase354–61
Table 13.1355–60
financial crisis  1979–1983 360
government policies659
institutional changes362–3
internationalization382–4
largest private groups Table 13.3370–1
largest ultimate shareholders 1997–2002
Table 13.4376
ownership and control372–8
boards of directors376, 378
newly privatized groups373–5
pyramidal ownership375–6
persistence660
Plano Real361
political intimacy664
privatization361–2
(p. 785) Sao Paulo Stock Exchange363, 689
shareholders362, 375
participation in managers Table 13.6377–8
Valor Grandes Grupos (VGG)371
British Virgin Islands193
Broken Hill Proprietary48, 52
Broncorp, Inc.614
Bronfman family50, 604, 614, 616
Brown, R.A.291
Brown, D. et al.542
BTR75
Buffett, Warren29, 608
Buğra, A.488, 489, 496, 653
Buick26
Bunge & Born group344, 346
Burkart, M.110, 535, 536 n.
Burt, R.S.752
Business Group Law (EC)603
business groups and society579, 590
groups and governments592–3
and welfare593
monopoly power of groups594
business networks19, 78–85, 127–51 see also keiretsu
Butterfield & Swire78
Buysschaert, A.588
Cadbury governance code671
Cadillac26
Calico Printers' Association29
Campbell, Andrew27, 521
Canada48, 50, 54, 58, 69, 383, 480, 608–10, 613–8, 644
definition of business groups603
capabilities, classification743–760
competitive7–8, 43–4, 56, 85–7
contact43, 752–4
generic752–3
product‐related44
project execution43, 746, 752
technological innovation752–4, 763–80
trans‐product44, 56
Caprio, L.587
Carnegie, Andrew608
Carnegie Effect123
Carney, Michael700, 705, 706, 710, 711
Carrera, A. et al.325, 346
Carrefour259–60, 414
Carso group426, 434, 436–8, 442, 446, 451, 662
Carlos, Slim436, 438, 439, 446, 662
control structure446
cash flow rights21, 44, 45, 172–3, 587, 616, 620, 652, 680 see also pyramidal structure
Castle & Cooke48, 52
categories of business groups17, 18–22, 641–2, 651–5
Fig. 2.118
Fig. 23.1654
Table 2.117 see also alternatives to business groups
Cathay Financial Holding189
Cathay Pacific84, 89
Caves, Richard142
Cayman Islands193
Celulosa Arauco y Constitución413, 417
Cemex426, 431, 438–9, 442–3, 448
CENCOSUD415
Central Department Store Group (Thailand)252–5, 259, 260
Table 9.4254–5
Central/Robinson Group259–60
Cervecería Cuauhtémoc431
Cha‐Kyung, Koo166, 612, 635
chaebolsee South Korea chaebol
Chandler, Alfred1–2, 23–9, 51, 55, 59, 520–1, 551, 631–2, 637, 640, 642, 701–2, 744
managerial enterprise697–9
Scale and Scope29
Chandler‐Williamson “M” or multidivisional form2, 23–5, 59 see also multidivisional structure
Chang, J. et al.87
Chang, S.‐J.2, 171–2, 585, 587, 592, 593, 757
Charkham, J.671
Chevrolet26
Child, J. et al.20
Chile, business groups387–420
areas of economic activity407–12
Table 14.9408–11
banks415–16
boards401–3
Table 14.5402
Table 14.6403
British trading merchants72
business groups387–420
characteristics387–9, 397
competitiveness
exploiting natural resources412–13
multinational companies415–16
retail and distribution414–15
control structures
and company valuation404, 407
Table 14.7405
copper413, 417
(p. 786) definition11, 392
diversification585
finance587
forestry412–13
historical background389–92
CORFO389–90
debt crisis390–1
economic growth391–2
financial services391
privatization391
importance of conglomerates Table 14.2396
international expansion416–17
networks672
ownership395–6
and capital structures404
Table 14.8406
family ownership397
Figure 14.1397
Table 14.4400
political intimacy663
pyramidal structure398–401
Table 14.3399
reorganization through holding companies417
strategic decisions403
vertical integration585
China, business groups210–35
basic statistics211
Table 8.1212
Communist regime87
competitiveness232–4
business groups and non‐business group firms Table 8.13233
definition10, 603
diversification31, 229, 312
Table 8.10230–1
Table 11.5313
diversified groups31
efficiency Table 8.12232
features of210–11
finance companies228
in Global Fortune500
Table 8.2214
growth213, 214
role of state in220, 222
Table 8.5221
Table 8.11232
history218–19
SASAC: reform of state‐owned groups219
largest groups Table 8.3215–16
mimetic behavior675
National Statistics Bureau of China (NSBC)211
ownership
dominance of state ownership224, 226
Fig. 8.1213
size by ownership types Table 8.8226
types of222, 224
types of parent companies: economic indicators Table 8.7225
types of parent company Table 8.6223
research and development companies228
research and development expenditure
Table 8.9228
State Administration for Industry and Commerce211
state control210
structure227
cross‐shareholding228–9
Taiwanese investment193–4
top groups Table 8.4217
China International Marine Container Group219
China Navigation Company78, 79, 84
China National Petroleum213
China Petrochemical Corporation213
China Trust Financial Holding189
Chinese merchants (Chao Sua)241–2
Choo, K.176
Chung, Chi‐Nien182, 192, 198, 595, 687, 697, 704, 707, 711–2
Chun, Doo‐Hwan (President)756–7
Ciner group489, 503–505
Cisternas, J.390
Claessens, S.185, 197, 580, 587
CMPC390, 412
Coase, Ronald350, 585, 629–631,
Colpan, Asli M.4, 6, 67 n., 495, 503, 504, 708, 713
Comind369
Comercial Mexicana432, 444
Commerzbank50
Companhia Siderúrgica Nacional (CNS)362
Companhia Vale do Rio Doce362
Compania de Petróleos de Chile413, 417
Compania Manufacturera de Papeles y Cartones (CMPC)412–13
competitive assets52–3, 62, 770
conglomerate discount16, 535, 540
conglomerate organization23, 27–9, 30, 604–5
and diversified groups28–9, 576, 583–4
Norman Berg28–9
control rights see cash‐flow rights see also pyramidal structure
Copec390, 413, 415, 417
Copesul362
Coppel426, 432
Consejo Mexicano de Hombres de Negocios658
Cordero, S.432
counterfactuals to business groups597–8
(p. 787) CP group246, 257, 259, 585
crony capitalism7, 42, 57, 174, 483, 654, 658, 662
cross‐shareholdings6, 82, 109, 129, 146, 150, 165, 172, 228, 253, 286, 380, 576, 679
Cruzat‐Larraín group413, 416, 662–4
CTC391, 416
Çukurova group489, 502
D&S group415
Daewoo8, 38, 158, 165, 653, 766
Dahmén, Erik635
Dahse, F.390
Dai‐Ichi Kangyo Bank (DKB)129, 136, 147
Daihatsu136, 140, 150
Daimler‐Benz49
Datta, D.K. et al.722
De Beers Consolidated Mines548–9, 556 n., 557–8
De Casto, A.B.384
definitions of business groups5–6, 10–11, 16, 17–18, 19, 650–2, 722–3
confusion in15–16, 604
national models of10–11
Delek480
Delios, Andrew312, 718, 727, 736
Dell Computer639, 755, 769
Deloof, M.588
Demb, A.671
Demsetz, H.631, 644
Derossi, F.432, 451
Deutsche Bank50, 147
Development Bank of Singapore (DBS)261, 274, 277–8, 286, 290
diversified groups16, 17, 20, 22, 23–4, 575–6, 580–6, 609, 652, 717–39
capability developments Table 26.2734
and change in emerging economies720–1
and conglomerates28–9
Table 2.224
and economic policies652
economics perspectives723
endogenous‐force explanations43–4
Fig. 2.221
and governance systems720
governments719–20
institutional environments718–9
and internal capital markets581–3
in late industrializing nations30–1, 38, 41–4
in less‐developed markets580
leverage and resources724–5
market imperfection approaches41–2
non‐representativeness51–2
organic groups653–5
performance581
and political factors42–3, 653–8, 723–4
political‐economy approaches42–3
product diversified groups721–2
reasons for38–44
strategies727–35
Table 26.1728–31
unrelated to capital markets583–5
variations576
division of labor23, 25, 130, 633–4
Djankov, S.587, 621
Dodwell76–7
Doğan group516
Dresdner Bank50
dual class shares21, 45, 54, 389, 397–8, 532
Du Pont26, 28
Dutta, S.295, 296
East India companies48, 52
economic growth as gap‐filling632–3, 635, 646–7
Econômico369
Eczacıbaşı489, 499
Edper Resources614
Edwards, George50
effective organization model58–61
Fig. 2.460
Eilat Pipeline Company464
Ekono Hypermarket415
Electricity Generating Authority of Thailand (EGAT)239
Elran group467
Embraer362–3, 369, 372, 374–5, 382
Empresa Forestal Arauco Ltda413
Encarnation, D.299
Encyclopedia Britannica26
ENDESA415–6
entrenchment42–3, 46–7, 118–20, 592, 617, 652, 659–60, 666
Essar Ruia group313
Estrin, S. et al.735
Eurnekian, Eduardo348
European trading companies67, 73, 89 see also trading companies
Evans, P.174, 656, 663, 746, 749–51
evolution of groups297, 317, 460, 595
Faccio, M.587, 589, 604, 615–6
Falabella392, 414–5, 417
Falabella Bank414
family‐based groups16, 20, 59, 590–1, 673, 696–713
control and management697–8
culturalist views704–5
institutionalist views703–4
management in horizontal structures706–7
management in vertical structures707–10
national business theories705–6
(p. 788) power perspectives710–12
research696–7
techno‐economic views701–2
types of leadership699–701
Faraday Technology202
Far Eastern group184, 199
Fauver, L.580
Feeṅnstra, R.C.18 n., 174, 182, 642
Femsa426, 431, 439, 442, 444, 447, 449
feudalism129
Fiat50
Fiba489, 503
Financial Times526, 556
Finnish Perlos Corporation205
First Toronto Investment614
Fisman, R.335, 592, 615
Fligstein, N.20, 520, 711
Fogel, K.590, 616, 617
Fohlin, C.620
Ford Motor508
Formosa Plastics group186, 189, 202, 206
Fortabat347–8, 664
Fracchia, Eduardo328, 344, 345, 617, 708
Frankl, J.120
Franks, J.45, 98, 116, 119, 592, 619–20
Freeland, C.528
free‐standing companies606–8, 619, 642–4, 673
British70, 78, 80, 641
Fruin, W.M.18, 19, 104, 565, 641
Fugger family48, 52
Fuji Photo Film128
Furukawa101, 114–5, 136
Furukawa Electric Metal119
Furukawa Gomei119
Fuyo group136–7, 147
Garretón, O.G.390
Gazprom533–4
Gelfer, S.582
Geneen, Harold28
General Electric28, 444, 507
General Headquarters107–8
General Motors26
General Motors Acceptance Corp.26
Gentra614
Gerlach, Michael L.20, 136, 138, 144, 145, 146
Germany
banks50
mimetic isomorphism676
pyramidal groups54, 620–1
Gerschenkron, Alexander639, 674, 777
Ghatak, M.595
Ghemawat, Pankaj41, 325, 328, 350
Ghosn, Carlos149, 150
Gigante432, 445
Global UniChip Corporation202
Godown Company84
Gőkşen, N.S.708, 709
Golden share373, 375, 658
Goldstein, Andrea279, 289, 553, 709, 711
González, J.390
Goold, Michael27, 521
Gort, M.721
Goto, A.18, 115, 228
governance, approaches and framework670–91, 718–720
agency model672–3
boards as institutional phenomenon674–6
boards as rubber stamps676–7
convergence in practices688
coordination677–81
determinants of configuration Fig. 24.1678
horizontal and vertical679–81
Fig. 24.2681
institutional processes289–91
definitions671
family based673, 720
isomorphism674–6
research671
questions Table 24.1685
resource dependence model673–4
structural configurations682–91
extending framework to differences684–8
patterns of board ties Fig. 24.3683
Graham group84
Granovetter, Mark5, 18, 19, 68, 296, 350, 590, 641, 722, 745
Grant, R. M. et al.722
Gray Dawes84
Great Depression106, 489, 594, 619
Great Lakes Power Inc.614
Greif, Avner578, 593, 630
Gruma432, 438, 442, 444
Grupo Mexico432, 438
guanxi qiye289, 680, 744
Guillén, Mauro5, 25, 43–44, 68, 171, 348, 652, 765
Guillot, D.146
Gulati, R.20
Guriev, Sergei528, 533, 534, 539, 540, 541, 543, 735
Haber, S.H.431, 586, 596
Hachette, D.390
Hahn, D.211, 218, 227
Hart, Oliver644
(p. 789) Haile, D. et al.566 n.
Hair group219
Hamilton, G.G.18, 198, 617, 700
Handelsbank group656
Hanson Trust75
Hapoalim464, 468–70, 479
Harrisons & Crosfield52, 69, 80, 82, 88–9
Table 3.481
Hayek, F.A.630, 636
Hazari, R.K.299
Hees‐Edper Corporate Group50, 604, 614
Hennart, J.F.88
Herdeck, M.295
Hertz26
heterogeneity around the world Table 20.2578
Hewlett Packard140, 755
hierarchy‐type business groups17, 19–21, 30, 50
Hikino, Takashi6, 43, 49, 488, 490, 503, 620, 746, 752, 765
HIL Corporation614
Hindalco Industries307
Hino Motor150
Hitachi107, 136, 138, 146, 769
Hitt, M.A. et al.722
Hobday, Mike182, 199, 766, 771–2
Hofstede, G.676
Hőgfeldt, P.589, 604, 616, 656
Holcim442
Holding Company Liquidation Commission (Japan)98, 108
holding company organization23, 29–30
Holmen, M.589, 615, 621
Home Depot414
Honda150
Hong Kong
and British trading merchants72, 74, 78, 82, 84
investment in Singapore268
technological innovation774–5
Hong Leong group271, 283
Hon Hai group189, 205
Hongkong Land Company84
horizontal structures
family management706–7
Hoshi, T.107, 143, 145
Hoshino, Taeko425, 431, 449, 452, 708, 709
Hoskisson, R.E.18, 25, 175, 309, 687, 704, 739
Houston, J.580
Huang, J.S.229
Hudson's Bay Company48, 52
Hugo Stiness49
Hynix158
Hyundai44, 167, 169, 171, 503, 583, 653
Hyundai Heavy Industries158
Hyundai Motor158
Ibanez family415
IBM639, 755, 769
IDB group467, 475
pyramid Fig. 16.4477
Iglesias, A.401
Iheduru, O.565
Imperial Tobacco29
Imperial Windsor Group614, 618
Inchcape group72, 84–5, 89
India, business groups294–318
board characteristics Table 11.4310
British investment295
British trading companies73, 296
characteristics299–300
continuity and change317
in corporate‐sector activity300–1
definition10
deregulation311–2, 317–18
diversification311–14
evolution  1947–2006 297–8
evolution of top 20 groups Table 11.2304–5
family ownership306–10
government confiscation of assets87
government policies41
internationalization314–15
origins and early development295–7
outward direct foreign investment (ODFI)314–15
performance315–16
Fig. 11.3316
persistence of economic concentration301, 306
concentration ratios Fig. 11.2303
promoter ownership by type Table 11.3308
share of group‐affiliated firms in total assets
Fig. 11.1300
state regulation298
textiles295, 296
top ten business groups Table 11.1302
tunneling307
Indonesia277, 585, 592
business groups593
vertical integration586
industrial districts, Marshallian19, 641, 645, 744
Industrial Finance Corporation of Thailand261
Industrial Revolution51, 101, 640
inner circle198–9, 206, 296, 309, 318, 700, 707–7, 711–2
institutional theory670, 672, 674, 688–9
Insull, Samuel55
Intarakumnerd, P.765
Intel639, 769
inter‐regional market imperfections48–9
intermediate ties642–3
investment flows749–51
(p. 790) Fig. 27.1748
involvement in the financial sector578, 586
Irwin‐Harrisons & Crossland Inc.80
isomorphism647, 675
coercive isomorphism675
mimetic isomorphism675
normative isomorphism675
Israel, business groups459–84
Bank Hapoalim464
banks469
corporate governance476–479
defense‐related companies467
definition11, 460
distribution of companies by industry
Fig. 16.5478
distribution of business groups affiliated firms Table 16.1465–6
economic background461–2
Economic Stabilization Program463, 468
evolution462–6, 467–74, 483–4
1960s and 70s467–8
crisis of 1980s468–70
early years463–4
Fig. 16.1462
history Table 16.2471–3
finance461
government controls463–465, 483
group affiliated vs unaffiliated firms
Table 16.3481
high tech industries470
Histadrut (labor unions)464
Industrial Development Bank464
institutional background460–1
international expansion479–80
Israel Corporation464
Jewish Agency463–4, 469
ownership474–5
Fig. 16.2475
IDB pyramid Fig. 16.4477
market share of 10 largest families
Fig. 16.3476
pyramidal structure475–6
performance480–1
group affiliation and performance regressions Table 16.4482
privatization468–9
Solel Boneh464
Israel Chemicals468
Iş Bankası495, 515
Italy610
governance: ‘individualism’677–8
Ito, T.138
ITT28
Iwasaki family see Mitsubishi group
Japan
definition of business groups10
postwar keiretsu6, 127–51, 651, 652
and banks50, 129, 145, 146–7
breakdown146–51
accounting rule change147
Fig. 5.3148
banking consolidation146–7
corporate governance reform148
delegitimation149–50
technological change149
and upturn150–1
as clusterings of corporate networks138
CONCOR partitioning (Fig. 5.2)139
development from zaibatsu129, 595
horizontal keiretsu129–30
overlapping networks136–7
Table 5.1137
presidents’ council (Table 5.1)130–6
vertical keiretsu130, 136
diversification140–1
group structure733
identifying members137–8
performance
horizontal firms142–4
vertical firms144–5
process of formation138, 140
types128
pre‐war zaibatsu97–124, 611
diversification (Table 4.4)112
emergence and evolution100–8
Table 4.1102–3
First World War boom101, 103, 106
group firms among largest industrial firms (Table 4.2)105
internal capital markets116–17
interwar period106
ownership and structure108–14
holding companies and subsidiaries110–11
Nissan and others111, 113, 114
personnel appointments111
structure and portfolio113–14
Table 4.3109
performance120–2
Table 4.5121
post Russo‐Japanese War104
privatization of state‐owned firms46, 101
pyramidal groups620
Second World War expansion107–8
strict monitoring118
synergy and spillover114–16
(p. 791) tunneling119
types of groups98, 99–100
Fig. 4.199
unique characteristics122–4
Jardine Matheson52, 67, 74–5, 82, 85, 88
Table 3.583
JC Penny414
Jegers, M.588
Jensen, Michael45, 621, 672, 721
Jin, X.219
Jindal group313
John Holt77
Johnson, R.A.687
Johnson, S.119, 178, 613, 615
Jones, Geoffrey4, 43, 48, 67 n., 70, 583, 586, 589, 596
Kali, R.595
Kao, C.‐S198
Kang, J.K.143, 172, 588
Kang, Young‐Sam31, 229
Kanto Auto Works150
Kaplan, S.N.143
Kashing, Li604
Kashyap, A.K.107, 143, 145
Kasikornthai Bank261
Kawamoto, Shinya110, 111, 120, 128
Kawasaki group104, 114, 119
Kawasaki Shipbuilding106, 117
Kawasaki Steel147
Keister, L.A.218, 228, 591, 679
Kennedy, R.325
Keppel Corporation274, 277
Kester, W.C.143
Khanna, Tarun5, 42, 89, 190, 301, 404, 536, 588, 590, 592, 655, 664–5, 725, 764
Khodorkovsky, Mikhail533
Kibar group503
Kim, Dae Jung (President)644, 756
Kim, Hicheon41, 162, 165, 172, 604, 635
Kim, J.‐M.172
Kim, Young Sam (President)756
Kinpo group188
Kirloskar group314
Kirzner, Izrael56
Klal464, 468–9
Knight, Frank644–5
Ko, C.‐E.197
Kobayashi, M.101
Kobe Steel119
Koç group44, 502–4, 507–11
board composition Table 17.9518
family control and holding company511–5
interlocking directorates at Beko, Arçelik and Koç Holding Table 17.7513
organizational structure Fig. 17.4514
pyramidal structure Fig. 17.3512
growth strategy Table 17.6508–9
top management composition Table 17.10519
Kock, Carl44
KOF444
Kohn, Meir642
Kookmin Bank173
Koor conglomerate467, 468
Kosacoff, B.328, 758
Kosenko, Konstantin462, 474, 610, 644, 709
Kowloon Wharf82–3
Kriger, M.P.676
Krueger, A.591, 612, 616
Krungthai Bank239
Kryda, G.M.88
Kuhara, Fusanosuke111
Kuhara Mining104, 111
Kukje664
L&T313
La Porta, R.5, 54, 88, 474, 581, 586, 587, 589–90, 603
Lafarge442
Lagos, R.390
Lala group426, 431–2, 442
Lamoreaux, N.R.637
Lang, L.587, 589
Langlois, Richard N.19, 629, 632, 634, 636, 639
late‐industrializing nations
diversification30–1, 38–44, 50–2
diversified groups30–1, 38–44, 50–2
family control31, 38
labor markets42
largest economic agents Table 2.332–7
largest private economic agents Table 2.439–40
Lee, Keun31, 211, 210, 219, 227, 229
Lee, I.172, 588
Leff, Nathaniel20, 41, 174, 297, 299, 633, 745
Lefort, Fernando389, 397, 401, 404, 407, 413, 708
Leibenstein, Harvey632
Leumi groups468, 469
Levayev, Lev470
Lewis, P.H.757
LG Electronics158, 673
Li, M. et al.313
Li, Z.228
LIDER415
(p. 792) Liberty Life555
Liljeblom, E.540
limited‐access orders643
Lincoln, James R.6, 20, 136, 138, 140, 143–6, 176, 651, 737
Lin Yuan group680
Lite‐On205
Little, Royal28
Litton Industries28
Lomnitz, L.451
London Stock Exchange Takeover Rule of  1968 45, 552, 619
longevity of groups8, 38–40, 596, 660 see also viability of groups
Lonrho72, 73–4
Lopez‐de‐Silanes, F.586, 587, 589
Lorenzoni, G.684
Lorsch, J.W.671
LTV28
Lu, J.W.218 n.
Lucky‐Goldstar (LG) group8, 41, 158, 166, 202, 612, 635
Lüders, R.390
Luksic group391–2, 407, 416–7, 663
Luo, X.198, 199, 704, 707, 711–2
Ma, Xufei218, 724, 727
Mabe group426, 432, 439, 444
MacIver, E.694
Maddison, Angus49
McDonalds502
Macri664
Mahindra and Mahindra313
Mahmood, Ishtiaq P.183, 192, 200, 204, 706, 770–1
Majluf, N.672
Maksimovic, V.596
Maman, D.467–8, 591, 680
managerial enterprises5, 7, 20, 23, 55, 632–3
managing agency system82, 296
market imperfections and failure7, 22, 25, 41, 48–57, 87–8, 583–4, 608, 630, 666, 719, 723, 745, 751, 760, 771, 776, 780
market‐supporting institutions163, 165, 174–6, 596, 632, 636–41, 643–45
Marks & Spencer503
Matarazzo369
Matte group392, 412, 664
Matsusaka, J.312
Matsushita Electric Industrial107, 128, 130, 138, 140, 150–1
Maurer, N.586, 595, 596
Maury, B.540
Mayer, M.461, 619–20, 710
Mazda Automobile143, 145
MDM538
Means, Gardiner21, 28, 30, 54, 586, 618
Mechel539
Meckling, William45, 621
Medici Bank48, 52
Mega Financial Holding189
Mehta, M.J.297
Mehta, M.M.295
Mehta, P.588
Mesquita, Luiz328, 344, 346, 664, 708
Meiji Japan46, 101, 129, 611–2, 643
MERCOSUR326, 332, 362, 383
Mexico, business groups424–54, 662
adaptation to economic conditions438–9
banking regulations657
Consejo Mexicano de Hombres de Negocios (CMHN)658–9
consolidation432–3
control structure445–6
Fig. 15.3445
debt crisis  1982 425, 433
debts434, 438
definition11
emergence424–5, 431–2
finance443–4
foreign investment433
Foreign Investment Law432, 433
globalization439–42
government assistance436
import substitution industrialization (ISI)424
liberalization433–4
mergers and acquisitions444
Mexicanization432
overseas investment442–3
Table 15.3440–1
ownership446–8
family ownership708–9
management449–52
Fig. 15.4451
Table 15.5450
shareholding Table 15.4447
unification of votes448–9
persistence660
political power593
privatization433–4, 438
rise and fall434–8
Alfa434–6
Fig. 15.1435
Carso436–8
Fig. 15.2437
securities brokerage439
strategic alliances444–5
(p. 793) twenty largest groups425–31
principal activities Table 15.2430
Table 15.1427–9
Microsoft639
Miike Mining101
Millhouse Capital533
Minton, B.A.143
Mitchell, S.J.55
Mitchell, Will192, 200, 770, 771
Mitsubishi group6, 19, 98, 101, 103–4, 113, 115–7, 129, 137–8, 143, 611
Mitsubishi Electric143
Mitsubishi Heavy Industry Company116, 124 n., 130
Mitsubishi Mining116, 118
Mitsubishi Shipbuilding113, 118
Mitsui group6, 98, 101, 104, 108, 113, 115–7, 117, 129, 137, 143
Mitsui Bank101, 143, 146
Mitsui Chemical147, 256
Mitsui Gomei104, 108
Mitsui Mining115, 124
Mitsukoshi Department Store143
Miyajima, Hideaki104, 110, 111, 118–20, 128
Miwa, Y.130, 138, 145
Mizuho Bank147
monopoly power578, 585, 593–4
Monterrey662
Morck, Randall30, 45–6, 54, 57, 117, 143, 587, 680, 688, 705, 710, 726
Morikawa, H.100, 108, 111
Mullainathan, S.299, 535, 541, 588
multi‐regional groups Table 3.171
multi‐unit enterprises23, 27–9, 640
multidivisional structure (M‐form)16, 20, 23–8, 30, 59, 68, 309, 521, 680–2, 686–8, 754, 765
multinational activities47, 721–2, 727–31, 750
multinational corporations (MNCs)49, 52–3, 90, 242, 267, 275, 277, 332, 360, 415, 656–60, 747, 767, 801, 803, 807
Munger, Charles T.29
Murphy, K.M. et al.635
Musacchio, A.592
Naboa family604
Nagaoka, S.144
Nagasaki Shipyard101
Nakamura, Masao45, 54, 108, 115, 143, 145, 644
Nakatani, I.144
Nanya Technology Corporation202
Naranjo, A.580
national economic development49–50, 778–9
Naugatuck Valley641
Nelson, R.R.639
Nergis group515
networks see business networks
Neubauer, F.F.671
New Deal54, 618–9
New Empirical Organization (NEIO)594
New Institutional Economics629–30
Niger Company77
Nigeria: UAC business in78
Nippon Chisso104, 106, 114, 123
Nippon Flour Mills124
Nippon Mining111, 113, 117
Nippon Sangyo see Nissan group
Nippon Soda106
Nippon Steel130, 138, 146, 413
Nissan group99, 100, 104, 106–7, 111, 113–4, 117, 130, 136–8, 149–50, 243
Noguchi, Shitagau123
Noro, Y.144
North, Douglass630, 642–3
Odebrecht362–3, 369, 379–80, 382–3
OECD49, 548, 688, 802
Ofek, E.312
Ofer group469, 470
Oi369, 373
Okamuro, H.145
Okazaki, T.98, 120
Oldsmobile26
Oligarchssee Russia business groups
Ollivant77
Oneworld Alliance19
open‐access orders642–3
Oppenheimer family549–50, 556–8
Optus279
Orbay, H.711, 604, 621
organization models17–30, 61
original equipment manufacture (OEM)507, 755, 767–70, 774, 775, 779
origins of business groups49, 578, 595
Oversea‐Chinese Banking Corporation (OCBC)269, 284
cross‐ownership Fig. 10.2284
own brand manufacture (OBM)769–70
own design manufacture (ODM)767, 769
ownership and control20–22, 44–47, 53–55, 57–58, 60–62, 586–90, 604–608, 613–5, 651 see also individual nations
P&O Steam Navigation Company84
Page, K.L.20
Palepu, K.89, 190, 301, 404, 581, 583–4, 592, 764–5
(p. 794) Panasonic150, 202
Paredes, R.392, 672
Park, Chung Hee (General)42, 159, 591, 754, 756, 776
Park, S.W.171
Pascale, R.T.143
Paulmann group407, 415
Peng, M.W.312 n., 581
Penrose, Edith634, 635
Per Capita GDP  1820–2006 3
Table 1.13
Pempel, T.J.138
Perez Companc group348, 664
Pérez‐Lizaur, M.451
performance
and product diversification722–3
Perón, Juan Domingo (General)757
Perotti, E.C.582
Petkim489
Petrobras369, 373–4, 379–85
Petroleum Authority of Thailand239
Phillips, G.596
Piramal, G.295
Piriyarangsan, S.242
Podolny, J.M.20
political advantages of business groups658–61
political institutions and business groups636, 640–1, 723
political intimacy, degrees of652–3, 661–5
and collapse of groups664–5
political investments659
Polsiri, P.587
Ponte, S. et al.555
Pontiac26
Porter, M.E.264
Posco group158, 173
Postali, Fernando A.S.658, 708, 709, 711
Powell, W.W.19, 20, 194–5
Pradhan, J.P.314
Pratt Brothers115
Premier205
President Food group188, 258
presidents’ council128–30, 142, 146
PRESTO card415
professionalization7, 698–704, 706, 708–12
Pritzker family50
pyramidal structure5, 16, 17, 20–2, 44–47, 586–89, 602–22
advantage in emerging economies608–10
‘Big Push’7, 46–7, 115, 360, 592, 611–3, 620, 635, 636
control by shareholders44–6, 57–8
and corporations606–7
family control609–10
“Great Pyramids” Fig. 21.1605
as ‘natural state’642–3
ownership and separate control614, 617
and persistence of groups616–17, 644–5
and anti‐pyramid reforms661
reasons for44–7, 53–5
risk‐sreading609
and state‐planning610–1
strength in developing economies610
stylized group Fig. 21.3607
Quandt family49
Quanta Computer186
Quiñenco417
Quiroga, Juan614, 664, 697, 708
Rachinsky, A.533, 534, 539, 541
Raff, D.M.G.637
Rajan, R.106, 543, 618
Ramaswamy, K. et al.721
Ramseyer, J. M.138, 145
RBB560–1
regulation and liberalization7–8
Reliance group306–7, 313
Rembrandt group560–3
restructuring Figs. 19.2, 19.3562
Remgro560–1
Remington Arms26
Renova group536
rent seeking42, 75, 124, 541, 578, 591, 616, 661, 666, 765, 780
research, strategy‐related735–7
approaches725–6
Fig. 26.1726
comparison approaches725–7
questions737–39
resource‐based view56–7, 744–60, 765
asymmetric conditions747–50
evolutionary model752–4
Fig. 27.2753
limits to resource access746–7
symmetric conditions750–2
Rhodes, Cecil548, 556
Richardson, George634
risk sharing41, 58, 117, 122, 137, 143, 145, 150, 384, 583, 588, 595
Rivkin, J.41, 88, 185, 671, 725
Rodionov, D.526, 528, 534, 540
Rohlen, T.143
Roosevelt, Franklin D.26, 45, 584, 594, 618, 660–1
Rosenstein‐Rodan, Paul46, 610–2 635, 636
(p. 795) Rostow, W.W.101 n.
Rothschild family48
Rubber Plantations Investment Trust80
Rumelt, R.342, 721
Rupert, Anton559–60
Russia, business groups526–43
competitiveness539–2
definition11
diversification542–3
government control42–3, 526
lobbies540
mimetic behavior675
oil companies532–3
oligarchs Table 18.1529–31
ownership534–6
and management536
performance of private and state businesses543
political intimacy661–2
political risks and evolution of groups532–4
privatization527–8, 532
voucher privatization527–8
state‐owned companies534
steelmakers532
structure536–39
Table 18.2537
Table. 18.3538
wealth of billionaires540–1
total wealth of Fig. 18.1541
World Trade Organization (WTO)539
definition of business groups11
government and business groups42–3
SAB553, 555, 557
Sabancı group27, 489, 502, 504–5, 515, 521
Şahinler group504, 515
Sakura Bank146–7
Salinas438, 662, 665
Samsung group44, 87, 158–9, 171, 502, 588, 653, 655, 673, 766–8
ownership (Fig. 6.2)172
Samsung Electronics158, 171, 173, 755
Sánchez, J.392
Sanders, W.G.689
Sangyong group38
Sanko group489, 504
Sanlam group549, 551, 559–60
Santander383, 391, 416
Santín, R432
Sanwa group129, 136, 150
Sarkar, Jayati307, 209, 609, 610, 708, 709
SASOL551
Sarbanes Oxley Act671
Schaede, U.146
Scharfstein, D.145
Schneider, Ben Ross18, 42, 384, 617, 655, 659, 720, 733
Scotland88
Scott, J.698
Sears Finance Corp.26
Sears, Roebuck26, 505
Shacho‐kaisee presidents’ council
Shanghai Baosteel group220
Shanghai Meishan group220
Shanghai Metallurgical Holding group220
Sharma, T.595
Sheard, P.145
Shell558, 759
Shibagaki, K.98
Shikun U‐Pituach468
Shimotani, Masahiro6, 107, 128, 619, 651, 737
Shin Corp.279
Shin, H.‐H.176, 582
Shiseido128
Shivdasani, A.143
Shleifer, A.87, 118, 479, 540, 587, 589
Shortell, S.M.687
SIA274, 276, 278–9, 288
Siam Cement Group (SCG)238, 241, 246
Siam Commercial Bank Co.241
Siam Steel Pipe246
Silicon Valley19
Silva, E.672
Silva, F. et al.709, 713
similarity and complementarities634–5
Singapore, business groups267–91
Asian financial crisis 1997267–8
characteristics268–74
Table 10.1269–70
Chinese family groups271, 274
cross‐ownership within OCBC Fig. 10.2284
definition10
economic restructuring276
equity holding Table 10.4280
family‐controlled groups282–8, 290–1
changes in ownership286–7
emergence and growth till 1997282–3
interlocking directorate Fig. 10.3285
mergers and international diversification286
relationships of board chair/president, CEOs/managing directors Table 10.7287
government and family groups Fig. 10.1272
government‐linked groups276–82, 288–90
changes in ownership281
emergence and growth before  1997 276–7
identities of board chair/president, CEOs/managing directors Table 10.6282
(p. 796) mergers and acquisitions277–80
investment from Hong Kong268
percentage of outside directors Table 10.5281
principal activities Table 10.2273
re‐regulation after  1997 275–6
state‐led development till 1997274–5
subsidiaries operating outside Asia
Table 10.3278
technological innovation775
Wuxi‐Singapore Industrial Park277
Singer Sewing Machine603–4, 631 n.
SingTel274, 276, 278–82, 289
Sinopec213
Sistema535–6, 540
SkyTeam Alliance19
Sleuwagen, L.684
Smith, Adam: The Wealth of Nations633–4
Smith‐Doerr, L.20
social setting of business groups679
Sodimac414–5
sogo‐shosha130, 169
Solari‐Del415
Soldati349, 664
Solel Boneh464
Soltam467
Sonin, K.543
Sony148, 158, 202
Soriana432
South Africa
business groups547–67
apartheid549, 552
Black Economic Empowerment (BEE)552, 562–5
Table 19.3563–4
business environment since  1994 551–3, 567
business history548–51
Central Selling Organization549, 557
characteristics of big groups553, 555
continuity and change
Anglo American556–8
structure Fig. 19.1557
Rembrandt559–2
restructuring Figs. 19.2, 19.3561
control of JSE market capitalization
Table 19.2554
definition11
diversification551
Industrial Development Corporation549
largest groups Table 19.1550
mining industries548–51
poor Africaners559
South Korea, chaebol2, 127, 157–77, 582, 612, 641, 653
Asian financial crisis165–6, 176
definition 10,603
development755–8
diversification166–9, 583, 584, 725
Fig. 6.1168
export‐led growth169
and external markets174–5
family ownership171–3, 700
foreign ownership173
genesis of159, 162
globalization169–171
governance688–690
government policies41, 657, 755, 756, 768, 775
and growth of Korean economy157–8, 169, 174
Table 6.2162
leading multinationals Table 6.3170
liberalization163–5, 175
political intimacy755–6
political power594
pyramidal structure587
recruitment162–3
source of market imperfection175
technological innovation767, 773–4, 775
top groups Table 6.1160–1
Spain: economic development759–60
stage of production634
Standard Oil Co.26, 507
Star Alliance19
State Grid Corporation (China)213
structures of groups, archetypal
diversified Fig. 2.221
pyramidal Fig. 2.322
Su, Y.‐H.197
Suehiro, Akira237, 238, 241, 253, 259, 261, 700, 707
Sumitomo group98, 101, 103, 104, 115, 129, 136, 140, 143, 611, 643
Sumitomo Bank143, 147
Sumitomo Chemical147
Sumitomo Fertilizer110
Sumitomo Goshi108, 110
Suter75
Suzuki group104, 119
Suzuki Gomei106, 119
Suzuki Shoten104, 106, 117
Sweden49, 51, 58, 589, 604, 614–6, 644, 656–7, 665
Swift634, 635
Swire & Sons74, 78, 84
Table 3.379
Swire‐Pacific53
Tadiran467
Taikoo Dockyard and Engineering Company78
Taikoo Sugar Refinery78
Tainan Spinning group184
Taiwan, business groups180–206, 643
(p. 797) advertising intensity Fig. 7.5204
CCIS185
definition of business groups10
diversification189–90, 192, 725
entropy measure190
and political connections192
Table 7.3191
future of groups205–6
growth of groups186–9
Industrial Research Institute (ITRI)182
industrialization 1950s–1970s181–2, 184
original equipment manufacturers (OEMs)182
innovation capabilities199–205
patenting Fig. 7.3200
thirty most innovative Table 7.6201
innovation/marketing/manufacturing capability Table 7.7205
internationalization193–4
Table 7.4193
investment in China193–4
liberalization184–5
ownership
family ownership700
ownership structure194–9
family ownership197–8, 206
Table 7.5198
Fig. 7.1,7. 2 195, 197
privatization184
relocation to China204, 206
Standard Industrial Classification (SIC)185
technological innovation767, 775, 778
top hundred business groups (Table 7.2)188
top thirty groups in  1973 (Table 7.1) 183, 187
Taiwan Semiconductor Manufacturing202
Fig. 7.4B203
Taiyo‐Kobe Bank146
Takashima Mines101
Takeishi, A.144
Tata group87, 88, 295, 306, 307, 309, 312, 314, 567, 583
Techint44, 346, 664
technological innovation752–4, 763–80
Asian groups766–70
capabilities764–6
catch‐up models Fig. 28.1773
and market development768–79
role of business groups in770–3
financial resources770
hindering innovation771
scientific labor770–1
role of government776–7
transition in electronics Table 28.1767
Teece, D.J.634, 637
Tegkor559–61
Teikoku Rayon104, 119
TEKEL488
Telebras362
Telefonica362, 391, 415
Telemar362, 373–4
Televisa426, 432, 448
Telrad467
Temasek Holdings Ltd268, 270–1, 275–9, 282, 288–9
Temin, P.637, 640
Teva474–5
Textron28
Thai Airways239
Thai CP groupsee CP group
Thai Dhanu Bank261
Thai Military Bank261
Thai Petrochemical Industry (TPI)246
Thailand, business groups237–64
agribusiness groups243
Asian financial crisis 1997: response258–63
Bowring Treaty240
characteristics238–40
Chinese businessmen and political leaders242
Chirathivat family252–3
Table 9.4254–5
corporate governance reform
financial sector260–1
listed companies261, 263
definition10
development
European and Chinese capitalists240–1
state‐led industrialization  1932–1957 241–2
private industrialization 1960–1970s242–3
economic boom and new groups 1980s–1997246
after the crisis247–8
diversification256–7
financial groups243
and immigration from China238, 239
industrial groups243
internationalization257–8
kongsi structure239
largest business groups Table 9.2244–5
largest business groups Table 9.3248–51
ownership239, 252–3
ownership of banks Table 9.5262
response to financial crisis
bankruptcy258–9
selection and concentration259–60
(p. 798) tie‐up with foreign capital260
shareholding239–40
stockmarket240
Thanachart Bank261
Thapar group314
“Third Italy”19, 744
3M28
Thomas, C.587
Thompson, J.D.198
Tian, L.227
TIB560–1
Tientsin Lighter Company78–9
Tirole, J.111
Tokugawa period129
Tomkins75
Toyo Rayon113
Toyota Motor130, 136–141, 149–51
trading companies67–91, 130, 169–71
transaction costs25, 41, 585–6, 629 n., 630–3, 637–8, 678, 723 see also Williamson, Oliver
Treisman, D.S.540
Trilon Financial614
Trilon Holdings614
Tripathi, D.295, 297
Tsui‐Auch, Lai Si595, 698, 700, 704, 706, 707, 711, 720
Turk, T.A.687
Turkey, business groups486–523
categories of groups502–3
competitiveness496–500
definition11
development of big business487–9
Muslims in private business488
state interventions489, 496
Tanzimat reform period488
diversification496–505
before and after liberalization503–5
Fig. 17.1498
Fig. 17.2499
Table 17.4501–2
family ownership708
institutionalization of corporate
governance515–6
international expansion505–7
Table 17.5506
Koç group507–10
board composition Table 17.9518
family control and holding company511–5
interlocking directorates at Beko, Arçelik and Koç Holding Table 17.7513
organizational structure Fig. 17.4514
pyramidal structure Fig. 17.3512
growth strategy Table 17.6508–9
top management composition
Table 17.10519
large‐enterprise economy490–5
largest economic agents Table 17.1491–4
liberalization503, 504, 522
management
boards of directors Table 17.8517
and family control516–20
recruitment515–16
organizational styles520–2
significance levels of economic agents
Table 17.2495
strategic evolution of Koç507–10
taxation513
Tuschke, A.C.689
Tyco International28
UAC67, 74, 77–8
Uekusa, M.142
United Kingdom51, 619
agency research673
British trading companies68–71, 68–91, 641
availability of capital70
and British capital markets74–5
commodity prices70
competencies85–7
contacts69–70
demise of73–5
diversification69–71, 71–3, 74
expansion of empire70
family ownership86
growth69–70
and host nations72–74
investments69
loose network form84–5
network form78–81
post‐war72–85
recruitment of staff87–8
shareholders72–3, 75
tea trading69
types of business groups75–7
Table 3.276
unitary form77–8
corporations606–7
cotton industry640
financial involvement586
pyramidal structures45
Unilever53, 74, 77
Unión Explosivos Río Tinto (UERT)759–60
Unisys755
United Africa Company (UAC)67, 74, 77–8
(p. 799) United Fruit48, 52
United Microelectronics202
United Microelectronics Corporation (UMC)202
Fig. 7.4A203
United Overseas Bank261, 286
UOB group261, 268, 274, 282, 286–7
United States of America51
agency research673
conglomerates27–29, 312, 576
corporations606–8, 637–8
diversification581, 583, 585
governance: ‘individualism’677–8
New Deal54, 619
nineteenth century growth68
personal computer industry639–40
Public Utilities Holding Companies Act618
pyramidal structures45, 53–5, 618–20, 660–1
railroad638
rise of multi‐unit enterprise22–27, 637–40
Sarbanes Oxley Act671
vertical integration638
Űsdiken, Behlül496, 511, 516 n., 703, 708, 709
Useem, M.309, 671
Usiminas362–3, 365, 372, 374, 379–82
Vanguard International Semiconductor202
Vargas, A.T.765
viability of groups7–8, 38–40, 720–1 see also longevity of groups
Vedanta Resources313
vertical integration166, 239, 271, 313, 342, 537, 539, 576, 578, 585–6, 636–8, 640, 643–4, 686 see also Williamson, Oliver
vertical structures
family management707–10
Vicunha362, 373, 379–80, 382
Villares663
Vishny, R.87, 118, 479
Vitro431, 442, 447
Volpin, P.535, 542, 680
Voorbrand Tobacco559
Voting rights see control rights
Votorantim369, 372, 374, 378–80, 382–3, 663
Wailerdsak, Natenapha239, 243, 259, 700, 707
Walker, E.397, 401, 404, 407
Wallenberg family49, 605, 618, 658
Wallis, J.J.642
Walmart444–5
Wang, X. et al.227
Weingast, B.R.642
Whitley, R.696, 698, 705, 706
Whittington, R.710
Wilkins, Mira70, 90
Williamson, Oliver1, 2, 19, 25, 27, 29–30, 142, 144, 585, 629, 631, 638, 721
Wintel639
Winter, S.G.639
Woidtke, T.197
Wolfenzon, Daniel21, 23, 174, 385, 587, 595, 596
Woo, W.T.229
World Bank688, 526, 533, 703
W.R. Grace and Co.48, 53
Xu, L.C.227
Yafeh, Yishay5, 42, 124, 329, 506, 542, 594, 655, 664, 674
Yaşar group489, 504
Yasuda Bank130
Yeh, Y.‐H.197
Yellow Truck and Coach Manufacturing26
Yeung, B.587, 680, 688, 771–2
Yeung, H. W.‐C.271, 275, 276, 279
Yıldırım‐Őktem, Ő.516, 703, 708, 709
Yiu, D.W. et al.671, 677–9, 680–4, 690
Yoshikawa, Toru613, 675, 704, 707, 711
Young, L.589
Yukos532–4, 664
Yukos Oil Company533
Yurtoglu, B.B.502, 511, 588, 621
Zajac, E.204,687
Zamarripa, G.586
Zattoni, A.680, 686
Zheng, W.200
Zhu, H.‐J.204
Zingales, L.106, 543, 618, 621
Ziraat Bankası488
Zorlu group489, 502–3, 504, 505