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The Riddle of the Great Pyramids

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  • Randall Morck

Abstract

Large pyramidal family controlled business groups are the predominant form of business organization outside America, Britain, Germany, and Japan. Large pyramidal groups comprising dozens, even hundreds, or listed and unlisted firms place the governance of large swathes of many countries' big business sectors in the hands of a few of their wealthiest families. These structures plausibly substitute for weak market institutions in economies undergoing rapid early-stage industrialization. They may also substitute for weak governments in coordinating Big Push growth programs to establish numerous interdependent simultaneously. However, no such role is evident in developed or in slowly growing developing economies, where such structures appear prone to agency problems and political rent-seeking. If sufficiently large, they may also add to economy volatility by rendering the risk of misgovernance systematic, rather than firm-specific.

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  • Randall Morck, 2009. "The Riddle of the Great Pyramids," NBER Working Papers 14858, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:14858
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    Cited by:

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    3. Raveendra Chittoor & Prashant Kale & Phanish Puranam, 2015. "Business groups in developing capital markets: Towards a complementarity perspective," Strategic Management Journal, Wiley Blackwell, vol. 36(9), pages 1277-1296, September.
    4. Lee, Ji-Hwan & Gaur, Ajai S., 2013. "Managing multi-business firms: A comparison between Korean chaebols and diversified U.S. firms," Journal of World Business, Elsevier, vol. 48(4), pages 443-454.
    5. Masanori Orihara, 2016. "Corporate tax asymmetries and R&D: Evidence from a tax reform for business groups in Japan," Discussion papers ron273, Policy Research Institute, Ministry of Finance Japan.
    6. Evžen Kočenda & Jan Hanousek, 2012. "State ownership and control in the Czech Republic," Economic Change and Restructuring, Springer, vol. 45(3), pages 157-191, August.
    7. Geoffrey G. Jones, 2015. "Business Groups Exist in Developed Markets Also: Britain Since 1850," Harvard Business School Working Papers 16-066, Harvard Business School.

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    • G3 - Financial Economics - - Corporate Finance and Governance
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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