
Contents
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2.1 Introduction 2.1 Introduction
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2.2 Diversified Business Groups Within the Chandlerian Framework 2.2 Diversified Business Groups Within the Chandlerian Framework
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2.2.1 Diversified Business Groups in the Chandlerian Historical Interpretation 2.2.1 Diversified Business Groups in the Chandlerian Historical Interpretation
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2.2.2 Multiplicity of Large Enterprises in Competitive Mature Markets 2.2.2 Multiplicity of Large Enterprises in Competitive Mature Markets
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2.3 The Historical Rise of Diversified Business Groups, from the Late Nineteenth Century to the 1910s 2.3 The Historical Rise of Diversified Business Groups, from the Late Nineteenth Century to the 1910s
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2.4 The Transformation of Business Groups in the Interwar Period 2.4 The Transformation of Business Groups in the Interwar Period
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2.5 The Rise, Fall, and Resurgence of Diversified Business Groups, from the 1950s to the Present 2.5 The Rise, Fall, and Resurgence of Diversified Business Groups, from the 1950s to the Present
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2.5.1 The Rise of Diversified Business Groups, from the 1950s to 1970s 2.5.1 The Rise of Diversified Business Groups, from the 1950s to 1970s
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2.5.2 The Fall of Diversified Business Groups, the 1980s and Afterwards 2.5.2 The Fall of Diversified Business Groups, the 1980s and Afterwards
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2.5.3 The Resurgence of Diversified Business Groups, the 1980s and Thereafter 2.5.3 The Resurgence of Diversified Business Groups, the 1980s and Thereafter
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2.6 What Explains the Varied Evolutionary Dynamics of Diversified Business Groups over Time? 2.6 What Explains the Varied Evolutionary Dynamics of Diversified Business Groups over Time?
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2.6.1 Business Groups as a Reorganizing versus Generating Device in Developmental Perspectives 2.6.1 Business Groups as a Reorganizing versus Generating Device in Developmental Perspectives
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2.6.2 Factors that Shape the Evolution of Diversified Business Groups 2.6.2 Factors that Shape the Evolution of Diversified Business Groups
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2.6.2.1 Exogenous Factors 2.6.2.1 Exogenous Factors
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2.6.2.1.1 Historical Context as a Precondition 2.6.2.1.1 Historical Context as a Precondition
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2.6.2.1.2 Politics, Political Institutions, and Regulatory Frameworks 2.6.2.1.2 Politics, Political Institutions, and Regulatory Frameworks
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2.6.2.1.3 The Idiosyncrasy of Capital Markets and Management Fads 2.6.2.1.3 The Idiosyncrasy of Capital Markets and Management Fads
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2.6.2.2 Endogenous Factors 2.6.2.2 Endogenous Factors
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2.6.2.2.1 Ownership Structure and Shareholder Ideology 2.6.2.2.1 Ownership Structure and Shareholder Ideology
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2.6.2.2.2 Resources, Capabilities, and Administrative Mechanisms 2.6.2.2.2 Resources, Capabilities, and Administrative Mechanisms
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2.7 Conclusion 2.7 Conclusion
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Acknowledgments Acknowledgments
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Appendix The role and significance of diversified business groups in the Western economies Appendix The role and significance of diversified business groups in the Western economies
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2 The Evolutionary Dynamics of Diversified Business Groups in the West: History and Theory
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Published:February 2018
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Abstract
This chapter examines the historical origins, evolutionary paths, and long-term resilience of diversified business groups in the economies of Western Europe, North America, and Oceania from the nineteenth century to the present. In examining the developmental dynamics of diversified business groups in those economies, it aims to propose a new interpretation of the long-term evolution of large business enterprises in different market and institutional settings. The chapter suggests that diversified business groups are not simply transitional and second-best organizations that worked well only at the early phase of modern economic growth and will not necessarily become an obstacle for dynamic industrial development as the economies mature. Instead, as the business groups flexibly co-evolve with changing market and institutional environments, they can stay on as a viable model for business organizations even in developed markets.
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