Business Groups in East Asia: Financial Crisis, by Sea-Jin Chang

By Sea-Jin Chang

The 1997 Asian challenge largely affected Thailand, Indonesia, Malaysia, and Korea in addition to different East Asian nations seriously depending on intra-regional alternate. Banks and different monetary associations fast develop into bancrupt, and seriously indebted commercial organisations went bankrupt. a lot of those organisations have been affiliated with the enterprise teams of this area, but such a lot teams didn't instantly cave in, certainly they proved remarkably strong, a few surviving or even prospering. This booklet examines those East Asian enterprise teams and offers very important up to date info on their next restructuring following the Asian Crisis.

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Member of Toyota’s supplier association] has closed in the past decade, even through the group’s total production has dropped by 25 percent since its 1990 peak’ (Burt and Ibison 2001). There was also evidence that group members continued to cross-subsidize each other. 2 billion of capital in 2003 by placing shares with some of its closest aYliates, including life insurance companies that already owned shares, and customers such as Tokyo Electric Power and Itochu (Nikkei Weekly 2003). According to press reports, the response of Mizuho’s customers reXected a tension between loyalties to group and shareholders.

This measure probably overstates broken ties: if a shareholder went from shareholder 8 to shareholder 11 between the two periods, it would be recorded as a broken tie. That drop does, however, indicate a substantial decrease in relative shareholdings and is also an important signal of a break between Wrms. The top ten shareholders of a Wrm are easily available in guides to companies, and if a shareholder drops below this level, its ownership relationship with a Wrm disappears from the public record and entails a very signiWcant drop in publicity.

A broken tie occurred when an auto manufacturer and a supplier that had one or more transactions in period 1 ceased all transactions in period 2. 3 shows that broken ties (as measured by the ratio of broken ties) increased over time. 048 between 1993 and 1996. Auto manufacturers during this period were increasingly likely to break ties, although the rate of broken ties remained low. 3. 4 suggests that this propensity towards broken ties varied considerably by Wrm. Toyota was the least likely to break ties, while Isuzu, one of the more troubled Wrms, and one with a large foreign ownership stake, was more likely than others to break ties.

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