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Business Groups and Risk Sharing Around the World

出版	Division of Research, Harvard Business School, 2000
URL	http://books.google.com.hk/books?id=wAlnHQAACAAJ&hl=&source=gbs_api

註釋We use a new data-set from 15 emerging markets and pre-war and modern Japan to examine the popular view that business groups--ubiquitous in most emerging markets--facilitate risk-sharing by smoothing the profitability of their affiliates. We replicate existing results on risk-sharing by Japanese keiretsu, find evidence of risk-sharing in some other countries(Brazil, Korea, Taiwan, Thailand), and evidence of liquidity smoothing in one country, India. However, in most countries,our estimates of risk-sharing are small, even when they are statistically significant. Tests of two-dimensional first-order-stochastic-dominance suggest that the Japan result--that group affiliated firms have both lower levels of operating profitability and lower standard deviations of operating profitability--does not generalize to most emerging markets. We also find no correlation between the extent of capital market development and the extent of risk-sharing. The popular view of the importance of risk-sharing in business groups is thus not validated by our analysis.