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Business Groups in East Asia
Financial Crisis, Restructuring, and New Growth
Edited by Sea-Jin Chang
280 pages
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50 tables; 26 figures
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234x156mm
978-0-19-928734-5
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Hardback
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02 March 2006
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This item is printed to order. Items which are printed to order are normally despatched and charged within 5-10 days.
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- A distinguished group of experts examine the affect of the 1997 Asian Crisis on the business groups of the region, and their subsequent restructuring
- Chapters focus on individual countires, presenting important up-to-date data
- Coherent structure and consistent structure to each chapter allow comparison of the data and analysis
The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering.
This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East
Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence.
Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further
strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth.
Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the
region.Readership: Academics, researchers, and advanced students of East Asian business, economics, and society; and business practitioners working within the region.
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Edited by Sea-Jin Chang, Professor of Business Administration, Korea University Contributors:
Christina Ahmadjian , Professor of Management, Hitotsubashi University Graduate School of International Corporate Strategy, Tokyo,
Chi-Nien Chung, Assistant Professor, Department of Management and Organization, NUS Business School, National University of Singapore,
Sea-Jin Chang, Professor of Business Administration, Korea University,
Edmund Terence Gomez, Associate Professor, Faculty of Economics & Administration, University of Malaya,
Donghoon Hahn, Professor of International Studies, Catholic University of
Korea,
Alberto Daniel Hanani, Senior Faculty, University of Indonesia,
Keun Lee, Professor of Economics, Seoul National University
Ishtiaq Pasha Mahmood, Assistant Professor, NUS Business School,
Piruna Polsiri, Lecturer, Department of Finance, Dhurakijpundit University, Thailand,
Lai Si Tsui-Auch, Associate Professor, Nanyang Business School, Nanyang Technological University of Singapore,
Yupana Wiwattanakantang, Associate Professor at the Center for Economic Institutions (CEI), Institute of Economic Research, Hitotsubashi University, Japan,
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1: Sea-Jin Chang: Introduction: Business Groups in East Asia
Part I: Japan and Former NICs (newly industrialized countries)
2: Christina Ahmadjian: Japanese Business Groups: Continuity in the Face of Change
3: Sea-Jin Chang: Korean Business Groups: The Financial Crisis and the Restructuring of Chaebols
4: Chi-Nien Chung and Ishtiaq Mahmood: Taiwanese Business Groups: Steady Growth in Institutional Transition
5: Lai Si Tsui-Auch: Singaporean Business Groups: The Role of the State and Capital in Singapore Inc.
Part II: Emerging Market Countries
6: Edmund Terence Gomez: Malaysian Business groups: The State and Capital Development in the Post-Currency Crisis Period
7: Piruna Polsiri and Yupana Wiwattanankangtang: Thai Business Groups: Crisis and Restructuring
8: Alberto Hanani: Indonesian Business Groups: The Crisis in Progress
Part III: New Horizons for Business Groups in East Asia
9: Donghoon Hahn and Kuen Lee: Chinese Business Groups: Their Origins and Developments
10: Sea-Jin Chang: Conclusion: The Future of Business Groups in East Asia
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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