The State Matters: Management Models of Singaporean Chinese and Korean Business Groups
研究了亚洲金融危机前后新加坡华人和韩国家族商业集团管理结构的变化与延续，发现危机后新加坡集团吸收更多职业经理人，而韩国财阀反而强化家族控制，并指出国家能力与策略在塑造管理模式中的关键作用。
Both the proponents and critics of Asian economic organization have been preoccupied with the ideal-typical management models of family businesses, and have rarely identified their changing management structures. We, instead, identify the change and continuity in these management structures through an analysis of family-controlled business groups in Singapore and South Korea before and after the Asian currency crisis. In our view, these business groups professionalized their management, but retained family control and corporate rule before the crisis. The crisis, however, increased the pressure on such groups to relinquish family control and corporate rule. Singaporean Chinese business groups tended to loosen their tight grip on corporate rule by absorbing more professional managers into their upper echelons. The surviving Korean chaebol, however, intensified family control. Only a few chaebol, which were on the brink of bankruptcy, relinquished corporate rule to professional managers. We argue that other than the market, cultural, and institutional factors as suggested in the existing literature, state capacities and strategies do matter in shaping the changing management structures of business groups. Drawing on our analysis, researchers will be able to conduct comparative studies of family businesses across East Asian societies, of organizational imitation, and of the role of the state in influencing management models.