1.1 Levels of per capita GDP in late and early industrializing economies,1820–2006 (1990 international Geary-Khamis dollars) 3

2.1 Stylized characteristics of the three major categories of business groups 17

2.2 Stylized characteristics of comparable organization models 24

2.3 The largest economic players in late‐industrializing countries (except Japan), 2007 32

2.4 The largest private industrial economic agents in late‐industrializing countries (except Japan), 1987–2007 39

3.1 Multi‐regional business groups by 1914 71

3.2 Typology of the business groups around British trading companies, c.1870s–c.1970s 76

3.3 John Swire & Son group, c.1914 79

3.4 Harrisons & Crosfield group, c.1914 81

3.5 Jardine Matheson group, c.1938 83

4.1 Evolution of business groups in Japan 102

4.2 The proportion of group firms among the largest 100 industrial firms in Japan, 1921–42 105

4.3 Ownership structure and capital composition of business groups in Japan, 1921–37 109

4.4 Diversification of business groups in Japan, 1890–1937 112

4.5 Performance indexes and business groups in Japan, 1921–37 121

5.1 Member companies of presidents’ councils (shacho‐kai) of six major horizontal keiretsu groups in Japan, 1993 131

6.1 The top thirty business groups in Korea, 2006 160

6.2 Goals and achievements of the five‐year economic development plans, 1962–81 162

6.3 Leading Korean multinational firms, 2003 170

(p. xiv) 7.1A Top thirty Taiwanese business groups, 1973 183

7.1B Top thirty Taiwanese business groups, 2006 187

7.2 Economic significance of the top 100 Taiwanese business groups, 1973–2006 188

7.3 Industrial diversification of the top 100 Taiwanese business groups, 1981–2004 191

7.4 Internationalization of the top 100 Taiwanese business groups, 1981–2002 193

7.5 Characteristics of the inner circle of the top 100 Taiwanese business groups, 1981–98 198

7.6 Top thirty most innovative Taiwanese groups based on domestic patent applications, 2005 201

7.7 Input, output, and capability of forty-eight listed group affiliates in Taiwan, 1990–8 205

8.1 Basic statistics of business groups in China, 1998–2007 212

8.2 Chinese firms in Fortune's Global 500, 2006 214

8.3 Largest business groups in China, 2006 215

8.4 China's top 500 business groups by sector, 2006 217

8.5 Distribution by the levels of state units in charge, 2007 221

8.6 Distribution by types of parent companies, 2007 223

8.7 Main economic indicators of top 500 groups by types of parent companies, 2005 225

8.8 Average size of top 500 groups by the ownership types, 2006 226

8.9 Research and development expenditure of business groups, 2001–5 228

8.10 Trends and degree of diversification 230

8.11 Growth performance of top 500 business groups (yearly growth in %),2002–6 232

8.12 Economic efficiency of China's top 500 business groups, 2002–6 232

8.13 Comparison of business groups with non‐business groups 233

9.1 Top 100 companies in Thailand by total sales and capital ownership, 1979–2004 239

9.2 Largest forty business groups in Thailand, 1979–2000 244

(p. xv) 9.3 Largest forty business groups in Thailand and their business lines, 2000 248

9.4 Directorship of the Chirathivat family in the Central Department Store group, 2003 254

9.5 Ownership of commercial banks, 2008 262

10.1 Basic information on the largest business groups in Singapore, 2006 269

10.2 Principal activities of the Singaporean business groups, 2006 273

10.3 Percentage of subsidiaries of business groups that operated outside Asia out of the total number of subsidiaries, 1997 and 2006 278

10.4 Equity holding in the business group's core company by the largest block shareholder, 1997 and 2006 280

10.5 Percentage of outside directors on the board of the core companies of the business groups, 1997 and 2006 281

10.6 Identities of board chair/president, CEOs/managing directors in government‐linked corporations, 1997 and 2006 282

10.7 Relationships of board chair/president, CEOs/managing directors to the controling families of the private business groups, 1997 and 2006 287

11.1 Top ten business groups in India, 2006 302

11.2 Evolution of top twenty business groups, 1969–2006 304

11.3 Promoter ownership by type in major group affiliates, March 2007 308

11.4 Board characteristics of 500 large Indian companies, 2003 310

11.5 Share of the industry accounting for the largest proportion of group assets in the top ten business groups, 1991–2006 (%) 313

12.1 Business groups in Argentina: Preliminary profile 327

12.2 Business groups in Argentina: Origins 330

12.3 Business groups in Argentina: Ownership 335

12.4 Business groups in Argentina: Publicly traded companies 335

12.5 Business groups in Argentina: Active family involvement 336

12.6 Business groups in Argentina: Overlapping generations in family businesses 336

12.7 Business groups in Argentina: Governance—board composition 337

12.8 Business groups in Argentina: Governance—interlocking directorates 337

12.9 Business groups in Argentina: Organizational structure 337

(p. xvi) 12.10 Business groups in Argentina: Dynamics of business diversification 340

13.1 The largest economic units in Brazil, 2007 355

13.2 Brazilian business groups’ companies listed on Bovespa, 2007 364

13.3 Top twenty largest private business groups, 1978, 1988, 1998, and 2005 370

13.4 Identity of the largest ultimate shareholders, 1997–2002 376

13.5 Cash‐flow rights, voting rights, and discrepancies between rights, public companies, and listed firms, 1997–2002 376

13.6 Controlling shareholders’ participation in the management and boards of directors of business groups’ publicly traded companies, 2007 377

14.1 Main features of the twenty‐five largest business groups in Chile, 2007 393

14.2 Importance of Chilean conglomerates, 1990–2002 396

14.3 Pyramidal schemes, 1990–2004 399

14.4 Ownership and control structure of Chilean conglomerates, 2002 400

14.5 Board composition, 1994–2003 402

14.6 Independent board members, 2000–3 403

14.7 Control structure of Chilean conglomerates, 1990–2002 405

14.8 Capital structure of Chilean conglomerates, 1990–2002 406

14.9 Sectors of economic activity of main Chilean business groups 408

15.1 The twenty largest business groups in Mexico, 2006 427

15.2 Principal activities of the twenty largest Mexican business groups, 2006 430

15.3 Overseas activities of principal subsidiaries of business groups, 2006 440

15.4 Shareholding in principal listed companies of business groups by the largest block shareholder, 2006 447

15.5 Chairman and CEO of principal listed companies of business groups, 2006 450

16.1 Distribution of business groups affiliated firms by industry, 1966 465

16.2 History of the Israeli business groups 471

16.3 Sample statistics: Group‐affiliated vs. unaffiliated firms, 1995–2005 481

16.4 Group affiliation and performance regressions, quarterly data, 1995–2005 482

(p. xvii) 17.1 The fifty largest economic players in Turkey, 2005 491

17.2 Significance levels of Turkish economic players, 2005 495

17.3 Competitive capabilities of the largest business groups, 2007 497

17.4 Direction of industry diversification of the fifty largesteconomic players, 2005 500

17.5 Internationalization of Turkish business groups, 2007 506

17.6 The Koç group's growth strategy from the 1920s to 2007 508

17.7 Interlocking directorates at Beko Elektronik, Arçelik, and Koç Holding, 2007 513

17.8 Composition of the board of directors in the largest holding companies in Turkey, 2007 517

17.9 Board composition at Koç Holding, 1981–2005 518

17.10 Top management composition at Koç Holding, 1981–2005 519

18.1 Russian oligarchs, 2003 529

18.2 Sectoral structure of selected Russian business groups, 2008 537

18.3 Sectoral structure of the Basic Element business group 538

19.1 South Africa's largest business groups in the 1980s 550

19.2 Summary of control of JSE market capitalization (% of total),1986–2006 554

19.3 The main “black oligarchs”, 2007 563

20.1 Group affiliation around the world 577

20.2 Group heterogeneity around the world 578

24.1 Research questions on the governance of business groups 685

26.1 Strategy and diversification in business groups 728

26.2 Capability development in business groups 734

28.1 Transition in electronics: From OEM to ODM to OBM 767