This study documents how group trademarks, comprising the business group’s name and logo, can be used for the benefit of controlling families at the...
A trademark is a type of intellectual property comprising a recognizable word, phrase, symbol, and/or design that distinguishes products or...Read more
Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks,...Read more
In public equity markets around the world, corporations pursue distinctly different approaches to funding investment opportunities with external...Read more
This study investigates the association between business groups’ influence and the capital allocation efficiency of firms outside the business group. We use a sample of Korean firms (1987 to 2010) to compute an annual index of the collective strength and dominance of large business groups (LBGs) per industry. We discover that this index is negatively associated with non-LBG firms’ industry-level capital allocation efficiency during a period characterized by underdeveloped financial markets and weak investor protection.