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Corporate groups, financial liberalization and growth: The case of Indonesia

In many developing economies, corporate groups, which are controlled by politically powerful families, control a significant portion of their economies’ assets. These groups have a comparative advantage relative to independent firms in their access to capital and in their abilities to deal with government regulation. One might conjecture that these groups might be an impediment to policy changes, such as financial market liberalization and deregulation, which reduce their comparative advantage. To explore this possibility we empirically examine the effects of financial liberalization on corporate groups and independent firms in Indonesia.