By Randall K. Morck
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10 However, Japanese business groups, as Morck and Nakamura show in chapter 7, have a history starkly diﬀerent from groups elsewhere. Most important, large horizontal Japanese keiretsu are controlled by managers, not wealthy families. 9. See Bae, Kang, and Kim (2002), Bebchuk, Kraakman, and Triantis (2000), Barca and Becht (2001), Bertrand, Mehta, and Mullainathan (2002), Claessens, Djankov, and Lang (2000), Claessens et al. (2002), Daniels, Morck, and Stangeland (1995), Faccio and Lang (2003), Faccio, Lang, and Young (2001), Faccio (2002), Ghemawat and Khanna (1998, 2000), Granovetter (in press), Khanna and Palepu (2000), Morck et al.
14 They ﬁnd that in the 1990s countries with stronger shareholder protection were characterized by larger stock markets and more diﬀusely held large corporations, and that these countries tend to have legal systems derived from British common law. The common-law countries in ﬁgure 1 are Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the United Kingdom, and the United States, and they clearly do have more widely held large ﬁrms than 12. See La Porta, López-de-Silanes, and Shleifer (2003).
2000, 2004b), and others. 10. , Aoki (1988), Hoshi, Kashyap, and Scharfstein (1991), and especially Nakatani (1984). 34 Randall K. Morck and Lloyd Steier Humans’ tendency to organize activities along patterns of kinship may be biologically innate, as Axelrod and Hamilton (1981) suggest. But this organizing propensity continues long after the biological necessity is removed, and often extends to economic activity. Family and kinship groupings are likely the oldest and most pervasive forms of group behavior.