Business Groups in East Asia: Financial Crisis, Restructuring, and New Growth

Hardcover | June 20, 2006

EditorSea-Jin Chang

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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 ofthese 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, thestate, 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 restrictionson 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, businessgroups 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 practitionersworking within the region.

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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 ofthese firms were affiliated with the business ...

Sea-Jin Chang is a Professor of Business Administration at Korea University. Prior to his return to Korea, he used to be a faculty member at the Stern School of Business of the New York University. He had visiting appointments at Stanford University, INSEAD and London Business School. His research has been published in journals such ...

other books by Sea-Jin Chang

Format:HardcoverDimensions:288 pages, 9.21 × 6.14 × 0.94 inPublished:June 20, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199287341

ISBN - 13:9780199287345

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Table of Contents

1. Sea-Jin Chang: Introduction: Business Groups in East AsiaPart I: Japan and Former NICs (newly industrialized countries)2. Christina Ahmadjian: Japanese Business Groups: Continuity in the Face of Change3. Sea-Jin Chang: Korean Business Groups: The Financial Crisis and the Restructuring of Chaebols4. Chi-Nien Chung and Ishtiaq Mahmood: Taiwanese Business Groups: Steady Growth in Institutional Transition5. Lai Si Tsui-Auch: Singaporean Business Groups: The Role of the State and Capital in Singapore Inc.Part II: Emerging Market Countries6. Edmund Terence Gomez: Malaysian Business groups: The State and Capital Development in the Post-Currency Crisis Period7. Piruna Polsiri and Yupana Wiwattanankangtang: Thai Business Groups: Crisis and Restructuring8. Alberto Hanani: Indonesian Business Groups: The Crisis in ProgressPart III: New Horizons for Business Groups in East Asia9. Donghoon Hahn and Kuen Lee: Chinese Business Groups: Their Origins and Developments10. Sea-Jin Chang: Conclusion: The Future of Business Groups in East Asia