Business Groups

1702: los demás azúcares, incl. la lactosa, maltosa, glucosa y fructosa levulosa químicamente puras, en estado sólido; jarabe de azúcar sin adición de aromatizante ni colorante; sucedáneos de la miel, incl. mezclados con miel natural; azúcar y melaza carameliza.

This study explores the introduction, spread, and implications of steam-powered machinery in the
Ottoman Empire during the 19th century—a critical period of attempted modernization amid mounting
political and economic pressures. Utilizing a historical-analytical methodology, the research draws
extensively on Ottoman archival records, foreign consular reports, and imperial edicts to examine how
steam engines were employed across transportation, agriculture, textile manufacturing, and
metallurgy. The findings show that while the Ottoman Empire could not fully industrialize, it
recognized the transformative power of steam and made targeted efforts to incorporate it. Steam
engines were introduced via foreign investment, state-sponsored factories, and private enterprises.
Railroads and steamships improved internal connectivity and trade, while steam-powered looms and
mills boosted production in key urban centers such as Istanbul, Izmir, and Bursa. However, high
import costs, lack of technical expertise, and political instability limited long-term sustainability.
Despite these constraints, steam power functioned as both a symbol and tool of imperial
modernization, reflecting the Empire’s desire to align with European industrial norms while retaining
autonomy. This study offers new insight into how the Ottoman Empire engaged with global industrial
trends—not through wholesale transformation, but via selective adaptation shaped by internal
dynamics and geopolitical realities.

This paper is aimed at finding an explanation for fluctuation in Indonesian CDS spread during the period from January 2007 to July 2010. The analysis focuses on macroeconomic variables and market sentiment. For the purpose of selecting the variables and revealing relationships among them, the Symmetric Diagonal VECH GARCH model and the Granger causality test are conducted. The final model proposes that Indonesian credit risk fluctuation can be explained by variability of exchange rates and global market sentiment. It also suggests that financial shock from the developed countries was transmitted to the Indonesian economy in a direct way, resulting in changes to market sentiment, rather than from trade channels.

La historia que narra Sebastián Edwards en The Chile Project tiene raíces geopolíticas y académicas que anteceden a la dictadura de Augusto Pinochet. En los primeros años de la Guerra Fría, Estados Unidos impulsó una estrategia diplomática y académica para contener la expansión del comunismo en América Latina. Una de estas iniciativas fue formar a jóvenes economistas latinoamericanos en universidades estadounidenses, con la expectativa de que al regresar contribuyeran a construir economías ‘democráticas y amigables con el mercado’ (market friendly).
En 1954, la Universidad de Chicago propuso un convenio de formación a la Universidad de Chile, entonces el centro académico más prestigioso del país. Sus economistas, sin embargo, influenciados por la Comisión Económica para América Latina y el Caribe (CEPAL) y el estructuralismo latinoamericano, rechazaron la propuesta. Fue la Pontificia Universidad Católica de Chile (PUC) la que, en 1956, aceptó el convenio, que incluía becas completas para estudios de posgrado en Chicago, con el compromiso de que los becarios regresaran como profesores a su escuela de economía. Así nacieron los Chicago Boys, quienes décadas después jugarían un rol clave en la transformación del modelo económico chileno.

Downloadable! ABSTRACT This paper identifies some orthodox trends in national research on this subject and a set of heterodox approaches used by Anglo-Saxon researchers based on the review of secondary sources such as books, articles, and graduation projects for the purpose ...

The study fills a gap in empirical research on how organizations alter their evolutionary path by untangling the self-reinforcing learning effects and unlearn their Truth: the assumptions and beliefs concerning their collective reality that are held so deeply that these may only manifest in behaviors. While extant research examins the status quo as an inertial construct, this study conceptualizes the status quo as an inherently inertial and productive party to change. The enqiry applies an action perspective and examines the microprocesses of agents in their routine interactions with the status quo. These questions are answered: What kind of microprocesses do organization members engage in to visualize the aspects of Truth that no longer support growth? Through what kind of processes does the status quo allow change and integrate segments of alternate realities in its knowledge? The findings substantiate that 1) cataclysmic external shocks are not enough to induce updates to Truth; 2) leadership and organizational members' visibility into alternate pools of knowledge does not lead to the recognition of these as viable choices of thought and action; 3) integration of alternative knowledge into Truth is possible when these conditions are aligned: agents are supported with institutionalized organizational resources in solving the emotional-cognitive impasse and, in escalating the issue for decision-making and execution; the external pressure is high and, agents' intense emotions are triggered. A vertical business group of Japan's shipping industry provides the case, which supplies insights to all organizations undergoing radical changes.

TEZ9970Tez (Yüksek Lisans) -- Çukurova Üniversitesi, Adana, 2015.Kaynakça (s. 61-63) var.xii, 64 s. : tablo ; 29 cm.İşletme grupları gelişen piyasaların yaygın örgütsel formudur. Bununla birlikte, bu örgütsel formun nasıl geliştiğin yeterince açık değildir. İşletme grupların belirli bir süreçte hangi yönde ve ne derecede çeşitlendiğini açıklayan, işletme gruplarının çeşitlenme stratejisinin uygulanması açısından benzerliklerini ve farklılıklarını ortaya koyan çalışmalar oldukça sınırlıdır. Bu çalışmada, Türkiye'deki işletme gruplarının iş çeşitlendirme stratejilerinin 2004-2014 döneminde hangi yöndeve ne derecede uyguladıklarını, iş çeşitlendirme stratejisi açısından birbirlerinden ayrışıp ayrışmadıklarının tespit edilmesi amaçlanmıştır. Bu çalışmada daha önce işletme grupları üzerine yapılan araştırmalarından farklı olarak işletme gruplarının iş çeşitlendirme derecesini belirlemek amacıyla Varadarjan ve Ramanujan’ın (1987) geliştirdiği matris kullanılmıştır. Araştırmanın sonuçl...

During the second half of the 19th century, a new global market for wheat came to the fore. Ever since, scarce and perishable food has been transformed into a modern global commodity, millions of tons of which is sold, bought, and transported across the oceans, providing the "daily bread" for a fast-growing world population. This book explores the historical origin of the global wheat market, offering an actor-centred view of the history of this new global commodity. The contributions to this volume demonstrate that the development of the global wheat trade through the late 19th and early 20th centuries has not only impacted the world food regime, it also led to the dissemination of new economic institutions. Countless technological innovations, such as elevators or telegraphic lines, have paved the way to the creation of new financial tools for trade, such as futures and grain exchanges, which transformed the market. The book also examines new global actors, such as Cargill, Louis-Dreyfus, or Bunge y Born, who took advantage of the new opportunities provided by the interlinked and globalized world grain trade. For the first time in history, the price of a single commodity which was crucial for human life ended up being decided in the areas of production by the producers and started to be fixed further afield, in specific and anonymous trading places. The book will be of great interest to historians of economics, business, trade, agriculture, globalization, and commodities.

This article explores the resurgence of Ligurian maritime activity in the Black Sea during the early nineteenth century after a four-century absence, driven by the lucrative Black Sea grain trade and coinciding with Genoa's transition from French to Sardinian rule. Following the Vienna Congress, Ligurian vessels, primarily from small coastal communities, began frequenting Black Sea ports to transport grain to Genoa, Livorno and Marseilles. These efforts were supported by Savoy's trade policies and Sardinian consuls in the region, leading to a peak in Ligurian shipping activity in the 1860s, before it declined due to competition from foreign steamships. The article emphasizes the crucial role of institutional and state support in establishing this trade, and examines how interactions with national and foreign merchants shaped its development. It is structured around Savoy's trade policies, the Ligurian presence during the Age of Sail, and the emergence of a niche Italian steam-shipping fleet.

El grupo económico Madanes es desde hace décadas el único productor de aluminio primario de Argentina. A inicios de los años noventa la profunda inestabilidad económica local, el giro aperturista de la política económica, la situación del mercado mundial y la posibilidad de que se acabara el subsidio estatal en materia energética plantearon importantes desafíos para la organización. Sin embargo, a diferencia de la mayoría de los grupos productores de insumos industriales de uso difundido, que a lo largo de la década terminaron vendiendo sus empresas al capital extranjero, Madanes logró consolidarse en el nuevo escenario y transformarse en una de los principales exportadores de manufacturas de origen industrial de Argentina. La hipótesis del artículo sostiene que su éxito se basó en haber apostado a independizarse de la coyuntura interna a través de las exportaciones y a crecer mediante la integración vertical, la diversificación por producto y mercado y la concentración de negocios ...

El objetivo de este trabajo es analizar las estrategias y reconstruir los desempeños de los grupos económicos argentinos durante la década de 1990 desde una perspectiva tributaria de la sociología económica a efectos de explicar la retracción de esta fracción empresaria durante el período. La evidencia empírica permite afirmar que: a) se implementaron diversas y cambiantes estrategias a lo largo de la década; b) estas estrategias dependieron de factores económicoestructurales (tipo de inserción sectorial, grado de vinculación con el Estado, inserción exportadora, grado de endeudamiento, organización de la propiedad) e ideológico-organizacionales (concepciones sobre el mercado y duración de las reformas, dinámicas organizacionales); c) las estrategias implicaron heterogéneos derroteros para los grupos; y d) tomados en conjunto, los grupos perdieron peso en la estructura económica y modificaron sustancialmente su perfil en comparación con las décadas precedentes. Palabras clave: estrategias empresarias, grupos económicos argentinos, reformas estructurales.

This study aims to explore Vehbi Koç's years as a businessman in Ankara, which took over the position of political and economic centre from Istanbul with the proclamation of the Republic, and his entrepreneurial adventure oscillating between Ankara and Istanbul. As an entrepreneur who saw opportunities, Vehbi Koç's development of his economic activities and his transition from a tradesman to a merchant played an important role in Ankara's taking over the title of capital from Istanbul; however, Koç gradually shifted his business from Ankara to Istanbul, which began to lose its economic centrality after the economic depression of 1929. In this context, this study aims to reveal the untouched and unexamined aspects of Vehbi Koç's entrepreneurial journey between the two cities by focusing on the various activities of Vehbi Koç, who started his entrepreneurial activities in Ankara and moved to Istanbul to pursue new ventures by taking advantage of the opportunities offered by this city through the Ankara-Istanbul dichotomy, which became especially evident with the proclamation of the Republic and Ankara's becoming the new capital.

Bu arastirmanin amaci, is dunyasinin faaliyet ve yatirimlarinda aktif bir rol oynayan sivil toplum kuruluslarindan is orgutlerinin is ahlaki konusuna iliskin yaklasim ve uygulamalarini degerlendirmektir. Calismanin yontemi nitel arastirma tasarimlarindan ornek olay yontemine dayanmaktadir. Calisma kapsaminda Turkiye’deki buyuk olcekli bir is orgutlenmesi olan Turkiye Isadamlari ve Sanayicileri Konfederasyonu (TUSKON) ornek birim olarak secilmistir. Calismada veri toplama araci olarak dokuman incelemesi teknigi tercih edilmistir. Dokuman incelemesi kapsaminda arastirmanin verileri kurulusun web sitesinde yayinladigi bilgiler, yayinladigi raporlar ve ust kademe yoneticilerinin basina verdigi demecler ve kurulusla ilgili yapilan basin haberlerine ulasilarak elde edilmis ve icerik analizine tabi tutulmustur. Calisma sonucunda kurulusun is ahlaki konusuna yonelik yaklasimi 8 boyutta ele alinmistir. Ulasilan bulgular kurulusun uluslararasi rekabet, kuresellesme ve ekonomik kalkinma boyutl...

Considering the fact that consumers are exposed to a lot of goods and services from different suppliers, advertisement is one of the most powerful ways to echo the voice of the firms in such environments. Since advertising is an expensive activity and has a burden on companies’ budgets, managers and shareholders always like to know if it has a rational and significant output regarding their investment and expenditures (they like to know if it has a significant return on investment). This paper, seeking to answer this question of managers and shareholders, has investigated the effect of advertising costs on the financial performance of the firms listed in Tehran Stock Exchange. We used data of 88 firms from 2010-2015 and multivariate regression to analyze this data. Q Tobin is used to measure brand equity. Results show that brand equity has a mediating role in the relationship between advertising costs and financial performance.

Este artigo apresenta um framework que integra dois modelos de análise relacional: a análise de redes sociais de políticas públicas e a construção de representação geométrica dos espaços sociais de agentes de políticas públicas, utilizando a técnica estatística da análise de correspondências múltiplas (ACM). O objetivo principal deste estudo é compreender a política externa em suas diversas fases, fundamentando-se nas características específicas dessa área enquanto política pública. A política externa, em regra, enfrenta maiores constrangimentos, devido à sua conexão direta com o ambiente externo, por um lado, e às dinâmicas domésticas de competição, coordenação ou cooperação entre entidades com capacidades assimétricas, por outro. A internacionalização das políticas públicas amplia o caráter transversal da política externa; a falta de institucionalização de canais de participação e contestação, aliada a restrições à informação, transforma essa política pública em um fenômeno singular. A abordagem proposta busca superar desafios teóricos e empíricos, tentando compreender características sociais dos agentes na política externa e oferecendo maneira alternativa para avaliar o ciclo da política externa, marcado por confidencialidade, dispersão de agentes e baixa institucionalização da participação dos interesses organizados. O artigo detalha as questões centrais das análises de redes sociais e espaços sociais, apresenta o framework de análise proposto e discute suas possíveis aplicações em estudos de política externa, concluindo com considerações sobre suas contribuições para a análise de política externa (APE) e análise de políticas públicas (APP).

The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated firms in Pakistan. The research uses the excess-value as a performance measure by employing a chop-shop approach in treatment effects regression model (TERM). The results reveal that lower level and higher level inside shareholding negatively associated with firms’ value. However, it positively relates at a moderate level. Also, inside shareholding-value relationship differs significantly for group-affiliated firms and non-group-affiliated firms. Firms with inside shareholding at lower level appear to more visible in business groups, and these firms show adverse firms’ value consistent with divergence of interest effect. Nevertheless, inside ownership firms at a higher level, namely standalone firms, negatively affect firm value with entrenchment effect. The findings also confirm non-linearity in inside shareholding-firm value relationships.

In this paper, we examine the determinants of internal or intragroup debt financing and its relationship with other debt funding alternatives, especially external debt. We perform a panel data analysis with a sample of 787 non-financial Spanish companies actively financing their operations with intragroup debt during the six-year period between 2013 and 2018. Our results show that intragroup debt positively depends on size and assets tangibility, but it is negatively related to profitability, age, and growth. We also find that greater intragroup debt funding substitutes a reduction in external debt of as much as a quarter. Furthermore, we identify a hierarchy of preferences in the selection of different financing pathways, with intragroup debt much supporting the pecking order theory than external debt.

Unrealized potential of entrepreneurial activities in developing countries has often been attributed to missing formal market-based institutions. In new institutional economics, the concept of 'voids' is suggested to describe the absence of market-based institutions. In reality, however, 'institutional fabrics' are always and necessarily complex and rich in institutions. No societal sphere is institutionally void. In this article, we contribute to existing literature on entrepreneurship and institutional economics by presenting a framework for studying the richness and complexities of institutional fabrics, as well as ways in which entrepreneurs respond to institutions. Distinguishing four types of institutions relevant for entrepreneurs, we analyze case study data from Ethiopia, and discuss how 'tensions' between potentially incompatible institutions result in behavioral frictions. Some entrepreneurs play the complex institutional environment and benefit from the tensions in it, whereas others may drown into the institutional 'swamp' they face. Policy makers should acknowledge that institutions not only result from formal policy making and that in many cases a diverse set of institutions is needed to facilitate market exchange and solve constraining tensions. The diversity that results from initiatives of institutional entrepreneurs may create a more effective institutional environment for development.

In this paper we study the organization of Global Value Chains on a sample of about 4,000 manufacturing parent companies operating more than 90,000 affiliates on a global scale, which chose to integrate at least once in the period 2004-2012. Assuming a technological sequence of production stages, a recent property rights framework (Antràs and Chor, 2013; Alfaro et al., 2015) predicts that a choice of vertical integration is crucially based on both the position of a supplier along the chain and on the relative size of demand elasticities faced by the final producer and the supplier. We positively test whether, if final demand is sufficiently elastic (inelastic), producers of final goods integrate production stages that are more proximate to (far from) the consumers. However, this is not valid for cases of midstream parents, i.e. for producers of intermediate inputs that can integrate either backward or forward along the chain. We document that midstream are at least as common as are downstream parent companies but that existing theory neglects them. In these cases, we find that demand elasticities do not play a significant role in integration choices. Interestingly, both midstream and downstream parents tend to integrate affiliates that are more proximate in segments of a supply chain. Our findings point to a role for technological determinants that may be as important as are contracting frictions in organizing Global Value Chains.

Beginning in the 1980s, conglomeration through formation of multi-brand holding-companies arose in France, however this firm organizational process was not replicated in Italy among top-tier billion-euro brands in its comparable in-size fashion industry. The traditional family-owned ‘fashion house’ was previously thought to be incompatible with scale economy networks, however this was disproved by the rise of Inditex in Spain, LVMH and Kering in France and Richemont in Switzerland. These conglomerates have continued to expand through M&A activity, turning into highly profitable luxury goods empires of great vitality to their respective economies, and turning their chairmen into some of the wealthiest individuals in the world. This study will take a multidisciplinary approach in analyzing a vast array of industry, banking, financial and nuanced cultural differences between Italy and France, and how this hindered conglomeration in Italy, while enabling it early-on with great success in France. Unlike most studies attributing the above fact solely to institutional factors within the fashion industry (e.g. spatial proximity, licensing traditions, divisional branches), this study asserts the most direct difference between the two was in M&A advisory and the financial markets; these two ‘outside’ variables facilitated the rise of LVMH and Kering. Nevertheless the institutional factor played a large role in this story, as did other industry factors such as those in textiles (large groups versus SMEs). This dissertation will seek to answer an important chapter in recent business history that has both piqued public curiosity while remaining underexplored in academia.

By facilitating wider communication networks and improving the performance of their affiliated businesses in complex environments, businesses can increase their competitiveness. Understanding the characteristics and diversity of business groups is necessary for developing and implementing them. In this study, we examined the question of how business groups can be classified. What criteria can be used to separate them? We conducted a qualitative analysis of the content of 48 scientific journals published between 1999 and 2020 and selected 215 articles based on purposive sampling during two stages of screening. As a result of the content analysis, three main themes were identified: "origins of group control and ownership", "groups' institutional origins", and "intergroup relations". Also, at the first subtheme level, six categories were identified: group control level, group ownership type, diversity of group relations, dependence and cooperation level, relationship structure, and institutional contexts. There are 12 subcategories included in the second-level subthemes. "origin of corporate governance", "type of group ownership", "type of institutional contexts", "intra-group diversification", "extra-group diversification", "internal cooperation", "formalization ratio", "length of relations", "external cooperation", "geographical area", "depth of cooperation", "group maturity level". Lastly, axis factors related to the diversity of business groups were used to develop a set of typologies.

This paper empirically examines the role of diversification in export markets on firm-level R&D activities taking account of the potential endogeneity in this relationship. We show that geographical sales diversification across different regions of the world induces UK firms to increase their R&D expenditures, as firms must innovate and develop new products to maintain a competitive edge over their rivals. This finding is robust to a battery of sensitivity checks. Furthermore, we find no evidence of reverse causality between R&D and sales diversification.

A história que oficialmente é narrada por pesquisadores sobre a formação político-constitucional do Estado brasileiro no século XIX, em geral, se restringe a descrever os feitos dos homens e seus respectivos desdobramentos numa sociedade marcadamente patriarcal, autoritária e opressora, cujo sistema de dominação masculina aparece envolta numa ordem escravocrata senhorial de subjugação das mulheres, fossem essas: brancas e livres, pertencentes a elite ou a classes menos abastadas; negras, índias ou mestiças, fossem essas: escravas ou libertas. Com efeito, infere-se que as mulheres, em regra, são sempre retratadas como simples figurantes da história política do Brasil e, quando muito, coadjuvantes sem qualquer autonomia intelectual, seres abnegados, sem identidade própria, incapazes de atos ensejadores de qualquer repercussão política, dentro de um contexto de mando masculino. Essas projeções sobre a referida época, fruto de estudos e pesquisas desenvolvidas ao longo do tempo, vão, no decorrer da história, se solidificando e ganhando raízes, adquirindo, assim, um certo ar de verdade incontroversa. No entanto, já não se sustenta mais a tese de que a história materializa certezas absolutas e se encerra em dogmas irrefutáveis com conclusões perfeitas e acabadas. A história, assim como o conhecimento científico, está em permanente evolução. Por conseguinte, as suas conclusões não são imutáveis, muito pelo contrário, vão sendo modificadas e ganhando novas percepções a medida que vão sendo questionadas, revisitadas, reavaliadas e novamente pesquisadas. Este trabalho tem por propósito apresentar estudo sobre a trajetória das mulheres que viveram no Brasil no século XIX. O escopo é resgatar, a partir de um novo olhar, as suas possíveis contribuições na formação do Estado brasileiro e nas decisões políticas concretizadas no país, no período que vai da era colonial à primeira república, apontando-se alguns paradoxos da história oficial que, geralmente, não costumam descrever de modo mais detalhado se estas tiveram uma participação mais ativa e efetiva nos destinos políticos da nação. A pesquisa define-se como qualitativa; de fonte bibliográfica e documental; de finalidade exploratória, explicativa e descritiva. Inferiu-se que, a partir de um novo olhar, é possível alcançar conclusões diferentes das que tradicionalmente são ensinadas sobre a história oficial, relativa a teoria política nacional e, mais especificamente, sobre a participação das mulheres na formação do Estado brasileiro. A pesquisa em proposição, portanto, denota um potencial impacto histórico-político e científico.

Se analiza la construcción de memorias de quienes trabajaron como obreros en la fábrica de Cementos Samper y la transmisión de memorias en el ámbito familiar de quienes nacieron y habitaron en la Siberia, municipio de La Calera, departamento de Cundinamarca. Las categorías de sentidos del pasado, memoria familiar y transmisión generacional se articulan para dar cuenta de los relatos elaborados por quienes fueron obreros de la empresa y los contenidos transmitidos a sus descendientes durante la trayectoria, declive y cierre definitivo de la fábrica. Se implementó una metodología cualitativa en la que el enfoque biográfico, el análisis de contenido, la teoría fundamentada y la sistematización permitió establecer relaciones entre historias de vida y el contexto histórico, económico y político de Colombia. Con esto se logró contrastar la narrativa empresarial con la obrera, para identificar los contenidos de las memorias construidas y transmitidas en torno a una de las primeras empresas de cemento del país.

Purpose: The common feature of the theoretical approaches adopted to study business groups is the presence of internal capital markets in these groups. The accounting literature shows that the efficiency of these markets in allocating resources and performance can be affected by self-interested motives resulting from the agency problem. Therefore, the purpose of this research is to investigate the effect of the ownership-control wedge on the efficiency of internal capital markets of business groups in resource allocation and performance with regard to product market competition.Methodology: This descriptive-correlation research has been done from the perspective of practical purpose and using the post-event approach. . In order to achieve the goal of the research, the data of 18 business groups whose parent companies are listed in the Tehran Stock Exchange or OTC were collected during the years 2015 to 2022 and the study hypotheses were tested using multiple regression with panel data.Findings: the findings of the study show that the ownership-control wedge has a negative and significant effect on the efficiency of resource allocation and the efficiency of the internal capital markets of business groups. Also, the findings only show that the relationship between the ownership-control wedge and the efficiency of the internal capital markets of business groups weakens with the increase in product market competition. However, there was no evidence of the effect of product market competition on the relationship between ownership-control wedge and resource allocation efficiency.Originality / Value: It is important to pay attention to the internal capital markets of business groups as a potential mechanism to facilitate the efficient allocation of resources and achieve strategic advantages. Therefore, by knowing more about the phenomenon of ownership-control gap and its effect on the efficiency of internal capital markets of business groups in the allocation of resources and performance, basic steps can be taken to achieve strategic benefits (such as the development of the domestic economy).

The works that have been done so far in relation to sustainability reporting have been relatively random. The accounting profession has entered the scene with a new standard-setting board to consolidate the work that has been done to date and create a useful and constructive element. We hope that the new board will confirm that adding another interpretive report to the existing financial report is only a verbal confirmation of pressing issues that are at stake in the world. Accounting possesses many tools that can be used instead of words. Management accounting and budgeting have the potential to move the profession in the desired direction; Especially in the public sector, where budget policies will have ripple effects on the entire economy. This article deals with the legitimate role of the accounting profession as a standard setter in the field of sustainability reporting. This paper proves how accounting systems (especially in the public sector) can be used to provide a tangible contribution towards the achievement of the United Nations Sustainable Development Goals. The accounting profession should desire to avoid standard financial reporting, focus on management accounting, and use previous work (such as GRI) as a basis. Also, accounting should get help from experts in other schools of thought.

We examine the impact of buyer-supplier relationships within business group on capital goods trade in the context of foreign direct investment by buyer firms and capital goods producers. A simple model in which cost-reducing relationship specific investments are underlying business group ties suggests that 1) foreign affiliates of business group firms have a greater propensity to import capital goods from the home country, increasing Japanese exports 2) if the establishment of overseas affiliates by business groups firms attracts FDI by their capital goods suppliers, the 'trade creating' impact of business group ties may disappear or even be reversed. Empirical analysis of capital goods imports by 1790 manufacturing affiliates operated abroad by Japanese multinational firms in 1996 provides broad support for these predictions and demonstrates a sizeable impact of buyer-supplier ties in business groups on trade. Affiliates of member firms of horizontal and vertical business groups with supplier ties exhibit a greater propensity to import from Japan, but this impact is mitigated or transformed into a smaller import propensity if the groups' capital goods producers have substantial manufacturing investments abroad.

This study examines the sources of continuity and change in complex organizations characterized by multiple embeddedness. The case is built on a vertical business group of Japan’s shipping industry. In a grounded study, sampling was performed in collaboration with HR and, simultaneous data collection/analysis conducted by the author. Semi-structured interviews took place with middle and top managers in the Tokyo HQ and the London subsidiary across June and July, 2019. As a result, it is argued that ambiguity is systemically inherent in organizations – notably in business groups. Ambiguity is explicated as a knowledge production unit that possesses a structure/process duality. As structure, it upholds and reinforces the dominant logic by 1) defining the moment of truth: membership criteria, control matrix, allocation of resources, norms and standards, desired behaviors, activities etc. and, by 2) control and coordination: delineates the scope of allowed informal action, allocates time, space, processes to perform these. As a process, ambiguity is manifest in the autonomous informal action of socialized and acculturated actors. The integration of informally understood and formally codified structures and processes is found effective to sustain the status quo and, to provide for adaptive continuity: ambiguity’s utility reaches as far as facilitating and reinforcing implementation. The paradox of ambiguity’s inertial and constructive aspect is dissolved in a duality which is mobilized by the organizing purpose requiring action; inertia for stability and, its active aspect to attain continuity. Practical implications: management knowledge has overly emphasized clarity and has regarded ambiguity as a risk; a problem to be clarified. Ambiguity, however, is social control & coordination that can be integrated in the formal organization; culture and identity are often more effective than explicit controls in buying support from members for organizational goals and implementing these.

Her research and interests are on corporate governance, board of directors and corporate governance ratings. She is currently undertaking a PhD on board effectiveness. 3 Lutgart Van den Berghe obtained her PhD in Economics at the Ghent University on the topic of the economic value of insurance.

Bu calismanin amaci, isletme tarihi calismalarinda iktisadi, politik, sosyal ve yasal baglamin nasil dikkate alinabilecegine iliskin bir tartisma ortaya koymaktir. Tartismanin basarili olabilmesi icin calisma konuya uc asamali bir sekilde yaklasmaktadir. Birinci asamada isletme tarihi arastirmalarina mikro ve makro yaklasimin cercevesi ortaya konulmaktadir. Ikinci asamada, makro yaklasim cercevesinde ornek arastirmalar secilerek bu arastirmalarin genel ozellikleri degerlendirilmistir. Son asama olarak da ileride yurutulecek Turkiye’deki isletme tarihi calismalarina iliskin oneriler ortaya konmustur.

En el siguiente documento se aborda desde una perspectiva administrativa, económica e histórica la evolución de la mediana empresa y la creación de ventajas competitivas en este sector a lo largo del siglo XX y principios del XXI. Se analiza el impacto de la mediana empresa en la economía peruana y su desarrollo histórico como institución administrativa y económica, a partir del caso de Gráficas C, una empresa familiar donde la segunda generación, bajo la guía del fundador, comienza a asumir puestos gerenciales. Es, además, una de las diez empresas medianas en el rubro de imprentas que ha pasado con éxito varias auditorías externas que garantizan la calidad de sus productos a nivel internacional. Consecuentemente, estas certificaciones le han facilitado el camino hacia los mercados externos.

Board evaluations have emerged as an important tool in public policy and corporate practice for enhancing board effectiveness. This paper reviews the extensive literature on effectiveness and the emerging literature on evaluation to understand how the divide between two purposes of evaluation – improving board performance and creating accountability – interact with the two main methods of evaluation – internal and externally facilitated. It also integrates the literature of effectiveness and evaluation into an analytic framework for board evaluation. We believe this tool will contribute theoretical understanding of boards and their work, provide insights for the practice of boards and evaluators, and help policy formation by pointing out the limitations as well as benefits of various policy options

1. Introduction
Organizations think about improving their KM (KM) system and their business performance, consequently. This advantage provides a clear understanding of how to create, develop and distribute knowledge through the organization. KM could bridge between different departments of the organization so that employees can use existing knowledge in the proper way (Kiklhorn et al., 2020). In the literature, different dimensions for KM have been introduced. In one definition, KM includes knowledge creation (Kusumastuti et al., 2021), knowledge sharing (Abbas and Sagsan, 2021), knowledge application (Sarboland and Nakhostin, 2014), knowledge distribution (Jasimuddin, 2007) and knowledge transfer (Oli and Dhanasekaran, 2021).
Many researchers studied how KM practices facilitate innovation, and some studies argue that KM is an important precursor for organizational innovation. Despite the interest in KM and innovation, a few studies have been conducted in this field that relate KM practices to innovation at the business level, especially in developing countries (Ode & Ayavoo, 2020). While leadership researches have mainly focused on leadership styles and their relationship with explorative and exploitative innovation or specific KM incentives, this research focuses on the knowledge-oriented leadership style. Kelly emphasizes that it simultaneously supports both explorative (knowledge creation) and exploitative (knowledge accumulation, transfer and application) incentives. Therefore, the topics of this research show that this type of organizational leadership is necessary for organizations in the field of technology in order to improve innovation through effective development and implementation of KM incentives.

2. Literature Review
In recent decades, several studies have investigated KM in organizations. Chaithanapat et al. (2022) investigated the relationships between knowledge-based leadership, customer KM, innovation quality and performance of SMEs in Thailand. Kusumastuti et al. (2021) investigated KM for natural disaster preparedness in Indonesia. Oli and Dhanasekaran (2021) studied the product service system, service quality and KM system in their study. Mikovic et al. (2020) addressed key challenges for development projects and international cooperation of non-profit organizations with social integration and KM. Anjaria (2020) investigated new perspectives for KM in learning organizations. In another study, Ode and Ayavoo (2020) investigated the mediating role of knowledge application in the relationship between KM practices and company innovation. Vaio et al. (2021) investigated the role of digital innovation in KM systems. Abbas and Sagsan (2019) examined the impact of KM practices on green innovation and sustainable development of organizations. Martins et al. (2019) examined the research gaps in terms of research themes, strategies, goals and approaches in SMEs companies. Among older researches, we can mention the study of Curado et al. (2017), Oliveira et al. (2015), Sáenz et al. (2012), Liu and Phillips (2011), etc.

3. Methodology
The current research is descriptive-correlational in terms of method, applied in terms of purpose, and field-type in terms of data collection method. The statistical population of the research includes all the public organizations of Guilan province (61 organizations), which were studied in the period of six months ending in September 2018. Due to the possibility of access to all the elements of the statistical population, all the organizations were examined, in such a way that the researcher went to each of the general offices, and the questionnaire was given to the head of the organization, the vice presidents and HR manager. In this procedure, 104 usable questionnaires were collected, and the average answers given in each organization were considered as one questionnaire. To answer the questions, a 5-point Likert scale from completely disagree (1) to completely agree (5), was used. Content validity was used to check the validity of the questionnaire and Cronbach's alpha coefficient was used to calculate its reliability. Finally, SPSS software was applied to describe the research variables, and structural equation modeling method and PLS software were used to test the research hypotheses.

4. Results
The results of the hypotheses test verified the significant impact of knowledge transfer on innovative performance (r = 0.63), knowledge application on innovative performance (r = 0.26) and knowledge creation on innovative performance (r = 0.21). The effect of knowledge accumulation on innovative performance is significant both through knowledge transfer and knowledge application. Finally, based on the findings, the effect of knowledge-oriented leadership on knowledge documentation (r=0.58), the effect of knowledge-oriented leadership on knowledge application (r=0.39) and the effect of knowledge-oriented leadership on knowledge creation (r=0.41) =) is significant. However, the effect of knowledge-oriented leadership on knowledge transfer is not significant.

5. Discussion
Information and communication technologies form a major part of knowledge accumulation procedures and facilitate the transfer of knowledge and its application in the organization. On the other hand, knowledge-oriented leadership has a positive significant relationship with KM procedures, knowledge documentation, knowledge application, and knowledge creation, however, the relationship between knowledge-oriented leadership and knowledge transfer was not found to be significant. Since knowledge-based leadership acts as the driving force of KM incentives, the leadership style has an indirect relationship with innovation. Especially, the higher the level of knowledge-based leadership in the company, the more developed KM procedures are, which in turn will positively affect innovation. Therefore, with the result of these four sub-hypotheses, except for the first one, they are in line with the results of the research.

6. Conclusion
Using a combination of knowledge accumulation and transfer procedures, firms are able to increase the quality of their technological products. On the other hand, KM systems will be suitable for sharing and transferring knowledge when the company develops personalization policies and has adequate knowledge accumulation. Since the procedures of knowledge accumulation include storage, structuring or gathering of information, its effect on performance will be much more impressive when the members of the organization have specific goals. When the implementation of knowledge accumulation procedures is accompanied by knowledge transfer and application procedures, organizational innovation will be affected. In addition, the incentives for knowledge transfer or application will be more effective if it is accompanied by the proper knowledge collection and structuring in a database. Therefore, the transfer and application of knowledge will have a mediating role in the relationship between knowledge accumulation procedures and innovation.
Acknowledgments
The authors would like to thank all of the experts who participated in this research.

We investigate the determinants of interlocking directorates and their impact on company performance for a Belgian sample of 286 companies affiliated with a business group and 2,136 stand-alone companies. Most of these companies are not listed. We find that companies belonging to a group have much more interlocking directorates than stand-alone companies. Group companies tend to be strongly interlocked with other group members, including parent companies, and they have more intra-group interlocks when they are located at a higher hierarchical group level. Group companies have more vertical interlocks when they are involved in an internal capital market and when they are affiliated with a diversified business group. We also find that while interlocking directorates are negatively related to the profitability of stand-alone companies, they do not affect the profitability of group companies. This suggests that directors in Belgian business groups are not “too busy”, and that intra-grou...

The authors received no funding for this research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated firms in Pakistan. The research uses the excess-value as a performance measure by employing a chop-shop approach in treatment effects regression model (TERM). The results reveal that lower level and higher level inside shareholding negatively associated with firms’ value. However, it positively relates at a moderate level. Also, inside shareholding-value relationship differs significantly for group-affiliated firms and non-group-affiliated firms. Firms with inside shareholding at lower level appear to more visible in business groups, and these firms show adverse firms’ value consistent with divergence of interest effect. Nevertheless, inside ownership firms at a higher level, namely standalone firms, negatively affect firm value with entrenchment effect. The findings also confirm non-linearity in inside shareholding-firm value relationships.

The present study inspects the comparative effects of inside shareholding on firm value for group-affiliated firms and non-group-affiliated firms in Pakistan. The research uses the excess-value as a performance measure by employing a chop-shop approach in treatment effects regression model (TERM). The results reveal that lower level and higher level inside shareholding negatively associated with firms’ value. However, it positively relates at a moderate level. Also, inside shareholding-value relationship differs significantly for group-affiliated firms and non-group-affiliated firms. Firms with inside shareholding at lower level appear to more visible in business groups, and these firms show adverse firms’ value consistent with divergence of interest effect. Nevertheless, inside ownership firms at a higher level, namely standalone firms, negatively affect firm value with entrenchment effect. The findings also confirm non-linearity in inside shareholding-firm value relationships.

Bu calismada, ic halka fikrini Turkiye’deki buyuk aile holdingleri ortamina tasiyip, gorgul olarak inceliyoruz. Sordugumuz soru, holdingin basinda bulunan aile uyesinin etrafindaki ic halkaya dâhil olabilen profesyonel yoneticileri hangi is ve egitim deneyimlerinin ayirt ettigidir. Bulgular, ic halkaya girenlerin uzun holding kidemine ve devlet deneyimine sahip olmalari ihtimalinin diger ust duzey yoneticilere kiyasla daha yuksek oldugunu gostermektedir. Yurtdisinda calisma deneyimi ile ic halka uyeligi arasinda zayif bir iliski vardir. Bu sonuclar, kuramsal temel olarak aldigimiz iki kurumsalci yaklasimdan ulusal kurumsalciliga, iktisadi olanina kiyasla daha fazla destek saglamaktadir. Yoneticilerin egitim gecmisine dair, yine bu iki yaklasima dayali, hipotezlerimiz ise gorgul destek gormemektedir.