TY  - BOOK
AU  - Morck,Randall
ED  - National Bureau of Economic Research.
TI  - Finance and Governance in Developing Economies
T2  - NBER working paper series
PY  - 2011///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - March 2011; Hardcopy version available to institutional subscribers
N2  - Classic Big Push industrialization envisions state planners coordinating economic activity to internalize a range of externalities that otherwise lock in a low-income equilibrium, but runs afoul of well-known government failure problems. Successful Big Push coordination may occur instead when a large business group, acting in its controlling shareholder's self-interest, coordinates the establishment and expansion of businesses in diverse sectors. Where business groups play this role, many basic axioms of Anglo-American corporate governance, including the advocacy of shareholder value maximization and contestable corporate control, must be qualified
UR  - https://www.nber.org/papers/w16870
UR  - http://dx.doi.org/10.3386/w16870
ER  -