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The Dynasty Model and Business Groups in the Philippines

One of the economic models used to explain household behavior is the so-called Dynasty Model, which states that individuals derive satisfaction on seeing the perpetuation of the family line or business. Their behavior is shaped by the motivation to exert effort such that the family business (and the family line) is spared from destruction or extinction. In terms of transfer behavior, this implies that individuals will tend to leave behind a bequest only if their child/children carry on the family line or the family business. The interest of this paper is to gather indications of dynastic behavior of family-based business groups in the Philippines. Using information from corporate reports of the prominent business groups sampled, the dynastic motives in family-based business groups in the Philippines are evident. These highly diversified groups tend to perpetuate the business by concentrating control within family boundaries.