Regulation and Ideology as Drivers for Transformation
This chapter studies the drivers of the transformation of business groups in Spain and complements the traditional drivers (weak institutions and a closed economy) with new ones (industry regulation and owner ideology). These drivers vary with the ownership of business groups. First, state-owned business groups emerge following an ideology of national economic development, reduce scope with pro-market reforms, and continue to exist in line with the ideology of social stability and strategic development. Second, bank-owned business groups emerge as a result of industry regulation, and decline with deregulation after pro-market reforms. Third, family-owned business groups emerge to benefit from opportunities in a closed economy with weak institutions, and refocus in response to competition after pro-market reforms. Finally, labor-owned business groups emerge as a result of an ideology of social development, and continue after pro-market reforms in line with this ideology.
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