| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28069 |
| 来源ID | Working Paper 28069 |
| Corporate Governance, Business Group Governance and Economic Development Traps | |
| Luis Dau; Randall Morck; Bernard Yeung | |
| 发表日期 | 2020-11-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Every firm in a developed economy relies on the mere existence of countless other firms to keep prices competitive up and down all supply chains. Without this network externality, no firm forms; and without many firms, no network forms; locking in a low-income trap. Business group governance supersedes corporate governance in most developing economies and in the rapid catch-up development phases of most high-income economies by hierarchically coordinating firms in multiple industries, internalizing this network externality. High-income economies grow via creative destruction - creative firms imposing a negative externality upon firms they destroy or disrupt, but a larger positive innovation-related externality upon the whole economy. Business groups avoid creative self-destruction, innovation by one group firm that disrupts another. Corporate governance supersedes business group governance in high-income economies to facilitate productivity growth. If business group governance does not retreat, productivity growth is impaired and a middle-income trap can result. |
| 主题 | Other ; History of Economic Thought ; Financial Economics ; Corporate Finance ; History ; Financial History ; Development and Growth ; Development ; Economic Systems |
| URL | https://www.nber.org/papers/w28069 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585741 |
| 推荐引用方式 GB/T 7714 | Luis Dau,Randall Morck,Bernard Yeung. Corporate Governance, Business Group Governance and Economic Development Traps. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28069.pdf（995KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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