Family Values or Crony Capitalism?

  title={Family Values or Crony Capitalism?},
  author={Harold James},
  journal={Capitalism and Society},
  • H. James
  • Published 12 June 2008
  • History, Economics
  • Capitalism and Society
Family firms are very prominent in many parts of the world, including in many of the most dynamic emerging markets. They are often thought to be associated with poor corporate and political governance. This article examines the debate about their durability and efficiency, using material drawn from the long experience of continental Europe and sketches out an ideal type of the family, in which there is a historical experience of entrepreneurship, a brand, and a network built around family… 
Impact of informal institutions on the prevalence, strategy, and performance of family firms: A meta-analysis
Family-controlled firms (FCFs)’ prevalence, strategies, and performance differ across countries. We explain these differences through the lens of informal institutions, suggesting that different
The convergence of the British and French models of capitalism
Despite political support and reiterated calls for re-industrialization, the German model (defined as a strong industry backed by the banking sector; greater cooperation between trade unions, the
Family entrepreneurial orientation as a driver of longevity in family firms: a historic analysis of the ennobled Trenor family and Trenor y Cía
Abstract This study uses family entrepreneurial orientation to explain longevity and trans-generational value creation in Trenor y Cía., a Spanish family firm that remained in business for over three
The Laws of Globalization and Business Applications
The Laws of Globalization and Business Applications employs a variety of empirical methodologies to establish two broad regularities that apply to international activity at the firm, industry, and
The main aim of this research is to investigate the influence the institutional environment has on the difference in performance between Italian family firms run by a family member and firms run by a
Corporate governance and firm value during a financial crisis
The main purpose of this paper is to evaluate the effects of management ownership and other corporate governance variables on Hong Kong firms’ stock performance following the onset of the Asian
L’entreprise familiale est-elle corrompue ?
Is family business corrupt? Since the Enron and WorldCom cases, there has been a growing interest in corruption in the corporate world. A large number of studies having demonstrated that Family
Firm Profits and Government Activity: An Empirical Investigation
Recent studies suggest that firm profits have risen to a level far above than what would have been earned in a competitive economy. It has been hypothesized that these profits, generated by market
The Saudi monarchy and economic familism in an era of business environment reforms
In recent years, Saudi Arabia has strengthened its regulatory and financial institutions and adopted many reforms concerning its business environment. Yet, Saudi Arabia seems an unlikely country to
The Saudi monarchy and economic familism in an era of business environment reforms
In recent years, Saudi Arabia has strengthened its regulatory and financial institutions and adopted many reforms concerning its business environment. Yet, Saudi Arabia seems an unlikely country to


The History of Family Business, 1850–2000
In this 2002 textbook, Andrea Colli gives a historical and comparative perspective on family business, examining through time the different relationships within family businesses and among family
Corporate Governance, Economic Entrenchment and Growth
Around the world, large corporations usually have controlling owners, who are usually very wealthy families. Outside the U.S. and the U.K., pyramidal control structures, cross shareholding and super
Policy Shocks, Market Intermediaries, and Corporate Strategy: 'The Evolution of Business Groups in Chile and India'
Numerous countries have undergone rapid transitions in their economic environments. Yet, little is known about firms' responses to such transitions. We use field-collected data to study the evolution
Inherited Wealth, Corporate Control and Economic Growth: the Canadian Disease
Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar
Institutions as the Fundamental Cause of Long-Run Growth
This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical
Investor Protection and Corporate Governance
Recent research has documented large differences among countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the
French Entrepreneurship and Industrial Growth in the Nineteenth Century
  • D. Landes
  • Economics, History
    The Journal of Economic History
  • 1949
The study of French enterprise and entrepreneurship is rewarding for two major reasons. In the first place, anything that will help explain the present weakness of French industry and commerce throws
Crony Capitalism and Economic Growth in Latin America: Theory and Evidence
Crony capitalism systems-in which those close to political policymakers receive favors allowing them to earn returns far above market value-are a fundamental feature of the economies of Latin
The Ultimate Ownership of Western European Corporations
We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European countries. Typically firms are widely held (36.93%) or family controlled (44.29%). Widely held firms are
Cronyism and Capital Controls: Evidence from Malaysia
The initial impact of the Asian financial crisis in Malaysia reduced the expected value of government subsidies to politically favored firms. Of the estimated $60 billion loss in market value for