Finance and Governance in Developing Economies
研究指出，在发展中国家，大型商业集团可能通过协调多行业的企业建立与扩张，替代国家计划推动大推进工业化，这要求对英美公司治理的基本准则（如股东价值最大化）进行修正。
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.