List of Tables

Stylized characteristics of the three major categories of business groups 17

Stylized characteristics of comparable organization models 24

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

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

Multi‐regional business groups by 1914 71

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

John Swire & Son group, c.1914 79

Harrisons & Crosfield group, c.1914 81

Jardine Matheson group, c.1938 83

Evolution of business groups in Japan 102

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

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

Diversification of business groups in Japan, 1890–1937 112

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

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

The top thirty business groups in Korea, 2006 160

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

Leading Korean multinational firms, 2003 170

Top thirty Taiwanese business groups, 1973 183

Top thirty Taiwanese business groups, 2006 187

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

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

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

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

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

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

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

Chinese firms in Fortune's Global 500, 2006 214

Largest business groups in China, 2006 215

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

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

Distribution by types of parent companies, 2007 223

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

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

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

Trends and degree of diversification 230

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

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

Comparison of business groups with non‐business groups 233

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

Largest forty business groups in Thailand, 1979–2000 244

Largest forty business groups in Thailand and their business lines, 2000 248

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

Ownership of commercial banks, 2008 262

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

Principal activities of the Singaporean business groups, 2006 273

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

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

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

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

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

Top ten business groups in India, 2006 302

Evolution of top twenty business groups, 1969–2006 304

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

Board characteristics of 500 large Indian companies, 2003 310

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

Business groups in Argentina: Preliminary profile 327

Business groups in Argentina: Origins 330

Business groups in Argentina: Ownership 335

Business groups in Argentina: Publicly traded companies 335

Business groups in Argentina: Active family involvement 336

Business groups in Argentina: Overlapping generations in family businesses 336

Business groups in Argentina: Governance—board composition 337

Business groups in Argentina: Governance—interlocking directorates 337

Business groups in Argentina: Organizational structure 337

Business groups in Argentina: Dynamics of business diversification 340

The largest economic units in Brazil, 2007 355

Brazilian business groups’ companies listed on Bovespa, 2007 364

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

Identity of the largest ultimate shareholders, 1997–2002 376

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

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

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

Importance of Chilean conglomerates, 1990–2002 396

Pyramidal schemes, 1990–2004 399

Ownership and control structure of Chilean conglomerates, 2002 400

Board composition, 1994–2003 402

Independent board members, 2000–3 403

Control structure of Chilean conglomerates, 1990–2002 405

Capital structure of Chilean conglomerates, 1990–2002 406

Sectors of economic activity of main Chilean business groups 408

The twenty largest business groups in Mexico, 2006 427

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

Overseas activities of principal subsidiaries of business groups, 2006 440

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

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

Distribution of business groups affiliated firms by industry, 1966 465

History of the Israeli business groups 471

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

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

The fifty largest economic players in Turkey, 2005 491

Significance levels of Turkish economic players, 2005 495

Competitive capabilities of the largest business groups, 2007 497

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

Internationalization of Turkish business groups, 2007 506

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

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

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

Board composition at Koç Holding, 1981–2005 518

Top management composition at Koç Holding, 1981–2005 519

Russian oligarchs, 2003 529

Sectoral structure of selected Russian business groups, 2008 537

Sectoral structure of the Basic Element business group 538

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

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

The main “black oligarchs”, 2007 563

Group affiliation around the world 577

Group heterogeneity around the world 578

Research questions on the governance of business groups 685

Strategy and diversification in business groups 728

Capability development in business groups 734

Transition in electronics: From OEM to ODM to OBM 767