A Multilevel Analysis of the Performance Implications of Excess Control in Business Groups
References
- (2007) A Faustian bargain? The growth of management and its relationship with related disciplines. Acad. Management J. 50(6):1304–1322.Crossref, Google Scholar
- (1991) Multiple Regression: Testing and Interpreting Interactions (Sage Publications, Thousand Oaks, CA).Google Scholar
- (2006) A theory of pyramidal ownership and family business groups. J. Finance 61(6):2637–2680.Crossref, Google Scholar
- (2003) Founding-family ownership, corporate diversification, and firm leverage. J. Law Econom. 46(2):653–684.Crossref, Google Scholar
- (1994) The role of the main bank in the corporate governance structure in Japan. Aoki M, Patrick H, eds. Japanese Main Bank System (Oxford University Press, Oxford, UK), 109–141.Google Scholar
- (2007) The development of organizational social capital: Attributes of family firms. J. Management Stud. 44(1):73–95.Crossref, Google Scholar
- (2007) Excess control and the risk of corporate expropriation: Canadian evidence. Canadian J. Admin. Sci. 24(2):94–106.Crossref, Google Scholar
- (2002) Tunneling or value added? Evidence from mergers by Korean business groups. J. Finance 57(6): 2695–2740.Crossref, Google Scholar
- (1994) The governance structure of the Japanese financial keiretsu. J. Financial Econom. 36(2):259–284.Crossref, Google Scholar
- (2012) Socioemotional wealth in family firms theoretical dimensions, assessment approaches, and agenda for future research. Family Bus. Rev. 25(3):258–279.Crossref, Google Scholar
- (2006) The role of family in family firms. J. Econom. Perspect. 20(2):73–96.Crossref, Google Scholar
- (2002) Ferreting out tunneling: An application to Indian business groups. Quart. J. Econom. 117(1): 121–148.Crossref, Google Scholar
- (2008) Mixing family with business: A study of Thai business groups and the families behind them. J. Financial Econom. 88(3):466–498.Crossref, Google Scholar
- (2008) Corporate governance and firm performance. J. Corporate Finance 14(3):257–273.Crossref, Google Scholar
- (2003) Family firms. J. Finance 58(5): 2167–2201.Crossref, Google Scholar
- (2002) The co-evolution of institutional environments and organizational strategies: The rise of family business groups in the ASEAN region. Organ. Stud. 23(1):1–29.Crossref, Google Scholar
- (2011) Business group affiliation, performance, context, and strategy: A meta-analysis. Acad. Management J. 54(3):437–460.Crossref, Google Scholar
- (2003) Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Acad. Management J. 46(2): 238–253.Crossref, Google Scholar
- (2007) Family ownership and performance in Korean conglomerates. Pacific-Basin Finance J. 15(4):329–352.Crossref, Google Scholar
- (2000) Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Acad. Management J. 43(3):429–448.Crossref, Google Scholar
- (2009) Corporate ownership structure and innovation: Evidence from Taiwan’s electronics industry. J. Accounting, Auditing Finance 24(1):145–175.Crossref, Google Scholar
- (2015) Business groups in developing capital markets: Towards a complementarity perspective. Strategic Management J. 36(9):1277–1296.Crossref, Google Scholar
- (2001) Markets, culture and institutions: The emergence of large business groups in Taiwan, 1950s–1970s. J. Management Stud. 38(5):719–745.Crossref, Google Scholar
- (2012) Ownership structure, family leadership, and performance of affiliate firms in large family business groups. Asia Pacific J. Management 29(2):303–329.Crossref, Google Scholar
- (2000) The separation of ownership and control in East Asian corporations. J. Financial Econom. 58(1–2): 81–112.Crossref, Google Scholar
- (2006) The benefits and costs of group affiliation: Evidence from East Asia. Emerging Markets Rev. 7(1): 1–26.Crossref, Google Scholar
- (2002) Disentangling the incentive and entrenchment effects of large shareholdings. J. Finance 57(6):2741–2771.Crossref, Google Scholar
- (1988) Statistical Power Analysis for the Behavioral Sciences (Lawrence Erlbaum Associates, Hillsdale, NJ).Google Scholar
- (1983) The effect of shareholding dispersion on the degree of control in British companies: Theory and measurement. Econom. J. 93(370):351–369.Google Scholar
- (2006) Business groups and their types. Asia Pacific J. Management 23(4):419–437.Crossref, Google Scholar
- (1998) Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management J. 19(3):269–290.Crossref, Google Scholar
- (1997) Toward a stewardship theory of management. Acad. Management Rev. 22(1):20–47.Crossref, Google Scholar
- (2003) International corporate governance. J. Financial Quant. Anal. 38(1):1–36.Crossref, Google Scholar
- (2005) Ultimate corporate ownership structures and capital structures: Evidence from East Asian economies. Corporate Governance: Internat. Rev. 13(1):60–71.Crossref, Google Scholar
- (2002) Alternatives to difference scores: Polynomial regression and response surface methodology. Drasgow F, Schmitt NW, eds. Advances in Measurement and Data Analysis (Jossey-Bass, San Francisco), 350–400.Google Scholar
- (2007) Centering predictor variables in cross-sectional multilevel models: A new look at an old issue. Psych. Methods 12(2):121–138.Crossref, Google Scholar
- (2002) The ultimate ownership of Western European corporations. J. Financial Econom. 65(3):365–395.Crossref, Google Scholar
- (2001) Dividends and expropriation. Amer. Econom. Rev. 91(1):54–78.Crossref, Google Scholar
- (2012) Publishing in AMJ-Part 6: Discussing the implications. Acad. Management J. 55(2):256–260.Crossref, Google Scholar
- (2006) Controlling shareholders and corporate governance: Complicating the comparative taxonomy. Harvard Law Rev. 119(6): 1641–1679.Google Scholar
- (2007) Controlling family shareholders in developing countries: Anchoring relational exchange. Stanford Law Rev. 60(2):633–656.Google Scholar
- (2003) Controlling controlling shareholders. University Pennsylvania Law Rev. 152(2):785–843.Crossref, Google Scholar
- (2011) Economically benevolent dictators: Lessons for developing democracies. Amer. J. Comparative Law 59(1): 227–288.Crossref, Google Scholar
- (2013) Constraints on private benefits of control: Ex ante control mechanisms versus ex post transaction review. J. Institutional Theoretical Econom. 169(1):160–183.Crossref, Google Scholar
- (2007) Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Admin. Sci. Quart. 52(1):106–137.Crossref, Google Scholar
- (1995) Coase revisited: Business groups in the modern economy. Indust. Corporate Change 4(1):93–130.Crossref, Google Scholar
- (2000) Business groups in emerging economies: A resource-based view. Acad. Management J. 43(3):362–380.Crossref, Google Scholar
- (2008) New directions in corporate governance research. Organ. Sci. 19(3):381–385.Link, Google Scholar
- (2001) Network, interlocking directors and strategy: Toward a theoretical framework. Asia Pacific J. Management 18(2):137–160.Crossref, Google Scholar
- (1998) Centering decisions in hierarchical linear models: Implications for research in organizations. J. Management 24(5):623–641.Google Scholar
- (1982) Aggregation bias in estimates of perceptual agreement. J. Appl. Psych. 67(2):219–229.Crossref, Google Scholar
- (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econom. 3(4):305–360.Crossref, Google Scholar
- (2011) Are family ownership and control in large firms good, bad, or irrelevant? Asia Pacific J. Management 28(1):15–39.Crossref, Google Scholar
- (2003) Corporate governance and firm profitability: Evidence from Korea before the economic crisis. J. Financial Econom. 68(2): 287–322.Crossref, Google Scholar
- (2012) Extending the socioemotional wealth perspective: A look at the dark side. Entrepreneurship Theory Practice 36(6):1175–1182.Crossref, Google Scholar
- (2000a) The future of business groups in emerging markets: Long-run evidence from Chile. Acad. Management J. 43(3):268–285.Crossref, Google Scholar
- (2000b) Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. J. Finance 55(2):867–891.Crossref, Google Scholar
- (2001) Estimating the performance effects of business groups in emerging markets. Strategic Management J. 22(1): 45–74.Crossref, Google Scholar
- (2007) Business groups in emerging markets: Paragons or parasites? J. Econom. Literature 45(2):331–372.Crossref, Google Scholar
- (2003) Interlocking ownership in the Korean chaebol. Corporate Governance: Internat. Rev. 11(2):132–142.Crossref, Google Scholar
- (2000) Multilevel Theory, Research, and Methods in Organizations: Foundations, Extensions, and New Directions (Jossey-Bass, San Francisco).Google Scholar
- (1999) Corporate ownership around the world. J. Finance 54(2):471–517.Crossref, Google Scholar
- (2002) Investor protection and corporate valuation. J. Finance 57(3):1147–1170.Crossref, Google Scholar
- (2013) The business group as an information resource: An investigation of business group affiliation in the Indian software services industry. Acad. Management J. 56(5):1487–1509.Crossref, Google Scholar
- (2011) Stewardship or agency? A social embeddedness reconciliation of conduct and performance in public family businesses. Organ. Sci. 22(3):704–721.Link, Google Scholar
- (2011) Emotions and new venture judgment in China. Asia Pacific J. Management 28(2):277–298.Crossref, Google Scholar
- (2014) Professionalization of family business and performance effect. Family Bus. Rev. 27(4):346–364.Crossref, Google Scholar
- (2003) Equity ownership and firm value in emerging markets. J. Financial Quant. Anal. 38(1):159–184.Crossref, Google Scholar
- (2013) Family firm governance, strategic conformity, and performance: Institutional vs. strategic perspectives. Organ. Sci. 24(1):189–209.Link, Google Scholar
- (2007) A History of Corporate Governance around the World: Family Business Groups to Professional Managers (University of Chicago Press, Chicago).Google Scholar
- (2003) Agency problems in large family business groups. Entrepreneurship Theory Practice 27(4):367–382.Crossref, Google Scholar
- (2005) Corporate governance, economic entrenchment, and growth. J. Econom. Literature 43(3):655–720.Crossref, Google Scholar
- (2000) Inherited wealth, corporate control and economic growth: The Canadian disease? Morck RK, ed. Concentrated Corporate Ownership (University of Chicago Press, Chicago), 319–371.Crossref, Google Scholar
- (1997) The Economic Organization of East Asian Capitalism (Sage Publications, Thousand Oaks, CA).Google Scholar
- (2014) Structural power equality between family and non-family TMT members and the performance of family firms. Acad. Management J. 57(6):1624–1649.Crossref, Google Scholar
- (2008) Toward a theory of familiness: A social capital perspective. Entrepreneurship Theory Practice 32(6):949–969.Crossref, Google Scholar
- (1987) The Comparative Method: Moving Beyond Qualitative and Quantitative Strategies (University of California Press, Berkeley).Google Scholar
- (2002) Hierarchical Linear Models: Applications and Data Analysis Methods (Sage Publications, Thousand Oaks, CA).Google Scholar
- (2011) Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs. J. Bus. Venturing 26(4):441–457.Crossref, Google Scholar
- (2015) Is non-family social capital also (or especially) important for family firm performance? Human Relations 68(11):1713–1743.Crossref, Google Scholar
- (2003) Exploring the agency consequences of ownership dispersion among the directors of private family firms. Acad. Management J. 46(2):179–194.Crossref, Google Scholar
- (1997) Strategic management of the family business: Past research and future challenges. Family Bus. Rev. 10(1):1–35.Crossref, Google Scholar
- (2009) Excess control rights and debt maturity structure in family-controlled firms. Corporate Governance: Internat. Rev. 17(5):611–628.Crossref, Google Scholar
- (2012) Why can’t a family business be more like a nonfamily business? Modes of professionalization in family firms. Family Bus. Rev. 25(1):58–86.Crossref, Google Scholar
- (2003) Control and collaboration: Paradoxes of governance. Acad. Management Rev. 28(3):397–415.Crossref, Google Scholar
- (2006) How do family ownership, control, and management affect firm values? J. Financial Econom. 80(2):385–417.Crossref, Google Scholar
- (2012) An introduction to hierarchical linear modeling. Tutorials Quant. Methods Psych. 8(1):52–69.Crossref, Google Scholar
- (2013) The Oxford Handbook of Corporate Governance (Oxford University Press, Oxford, UK).Crossref, Google Scholar
- (2013) Mapping the field of family business research: Past trends and future directions. Internat. Entrepreneurship Management J. 11(1):113–132.Crossref, Google Scholar
- (2005) Do controlling shareholders enhance corporate value? Corporate Governance: Internat. Rev. 13(2):313–325.Crossref, Google Scholar
- (2001) Family control and corporate governance: Evidence from Taiwan. Internat. Rev. Finance 2(1-2):21–48.Crossref, Google Scholar
- (2005) Understanding business group performance in an emerging economy: Acquiring resources and capabilities in order to prosper. J. Management Stud. 42(1):183–206.Crossref, Google Scholar
- (2007) Business groups: An integrated model to focus future research. J. Management Stud. 44(8):1551–1579.Crossref, Google Scholar
- (2008) Corporate governance in emerging economies: A review of the principal–principal perspective. J. Management Stud. 45(1):196–220.Crossref, Google Scholar
- (2009) The performance of group-affiliated firms during institutional transition: A longitudinal study of Indian firms. Corporate Governance: Internat. Rev. 17(4):510–523.Crossref, Google Scholar

