By Randall K. Morck
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Additional info for A History of Corporate Governance around the World: Family Business Groups to Professional Managers
In other words, large family business groups may represent eﬀective ways of organizing enterprises that survive the rigors of economic selection. Khanna and Palepu (chap. 5) stress this naturally cooperative behavior as the glue that holds family groups together and the hard-earned reputations of certain families for their relative success. But they also show that family business groups rise and fall in India, and other chapters identify analogous change elsewhere. Schumpeter (1951) makes a similar observation about European family enterprises.
P. Morgan. Both to obtain the beneﬁts of diversiﬁcation and to relieve their pummeling by the progressive press, many wealthy families sold majorities of their ﬁrms’ shares into the stock markets. Of course, most of these families at ﬁrst retained control through voting trusts, staggered boards, larger and more complicated pyramidal holding companies with multiple classes of stock, and other entrenchment devices. But progressive politicians were on a roll, and they pressed antitrust regulators into service.
1997a, 1999) conclude that diﬀuse ownership and shareholder capitalism require solid legal protection of public shareholders’ property rights in their investments. Several of the chapters in this volume beg to diﬀer. ” Fohlin argues that her chapter “casts doubt on the notion that civil law traditions per se consistently undermine market functioning” because German stock markets ebbed and rose at various points, while its legal system changed little. She also fails to ﬁnd any temporal correlation between changes in shareholder protection and ownership diﬀusion.
A History of Corporate Governance around the World: Family Business Groups to Professional Managers by Randall K. Morck