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Business Groups in the WestOrigins, Evolution, and Resilience$
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Asli M. Colpan and Takashi Hikino

Print publication date: 2018

Print ISBN-13: 9780198717973

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198717973.001.0001

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Politics, Institutions, and Diversified Business Groups

Politics, Institutions, and Diversified Business Groups

Comparisons Across Developed Countries

(p.70) Chapter 3 Politics, Institutions, and Diversified Business Groups
Business Groups in the West

Ben Ross Schneider

Asli M. Colpan

Weihuang Wong

Oxford University Press

This chapter examines the effects of national level politics and institutions on the long-term evolution of diversified business groups. A central goal of this chapter is to connect the analysis of business groups to broader debates on the political economy of advanced capitalism, especially varieties of capitalism, power resource theory, legal families, and entrenchment. States (through regulations) and firms (via their corporate practices, especially concentrated ownership and cross-ownership) across much of continental Europe and Japan protected business groups by forestalling takeovers, while capital markets in liberal economies encouraged the formation of new kinds of business groups (especially private equity) by facilitating takeovers. Brief summaries of the evolution of business groups over the past century in Sweden and the United States illustrate these different dynamics in coordinated and liberal economies.

Keywords:   politics, institutions, developed countries, business groups, varieties of capitalism, power resource theory, legal tradition

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