本研究以力霸集團為個案研究對象，從決策及資源分配掌控者觀點定義該集團企業之最終控制者，首先分析力霸集團企業之董監結構及股權結構，並針對該集團之公司治理機制說明對內部控制議題及財務舞弊之影響。 研究結果顯示，力霸集團企業之最終控制者王又曾家族係透過交叉持股及掌握董事會席次控制權等控制途徑掌控集團企業，其集團內七家公開發行以上公司的平均直接持股率、股份控制權、盈餘分配權分別為7.72%、28.92%、6.81%，但平均席次控制權則高達95.33%，股份控制權（席次控制權）與盈餘分配權偏離差之平均值則達22.11%（88.52%）。力霸集團企業席次控制權與盈餘分配權嚴重偏離之個案研究發現，符合經營者之經營誘因不足，而財富侵佔動機較強之學術假設。此外，該集團企業亦嚴重違反內部控制制度中控制環境、風險評估、控制作業、資訊與溝通，以及監督機制等主要原則，造成投資人權益的重大損失。最後，本研究針對內部控制制度之有效性、公司治理機制、會計師責任，以及金融監理功能四層面，提出討論及建議。 / Using the Rebar Business Group as the case of this study, the present research first analyzes the ownership structures of the member firms from an ultimate controller perspective. Internal control related issues are then identified, followed by a discussion on the effect of corporate governance on internal control weakness and fraudulent reporting. The analysis indicates that cross-holding, pyramid structure and seat control over the board members are venues utilized by the Wang Family to actively control Rebar Business Group. An analysis on the measurement of voting right, cash flow right and board seat-control shows that direct shareholding, voting rights, cash flow rights are on average 7.72%, 28.92%, 6.81%, while the board seat-control ratio is 95.33%. The deviation between voting right (board seat-control) and cash flow rights is 22.11% (88.52%). To the extent that ownership and control is highly deviated, a weaker disciplinary effect and a stronger entrenchment effect can be expected. In addition, this research also finds that all principles buttressed in building a sound internal control system are violated. Finally, suggestions for improvements on internal control system and policies are provided.

本研究以大同集團為個案研究對象，從決策及資源分配掌控者觀點定義該集團企業之最終控制者，首先分析大同集團企業之董監結構及股權結構，並針對該集團之公司治理議題作探討，亦對相關之法令缺失，提出改善及政策建議。 研究結果顯示，大同集團企業之最終控制者林蔚山家族係透過交叉持股及掌握董事會席次控制權等控制途徑掌控集團企業，其集團內十一家公開發行以上公司的平均直接持股率、股份控制權、盈餘分配權分別為1.17%、21.83%、1.07%，但平均席次控制權則高達61.85%，股份控制權（席次控制權）與盈餘分配權偏離差之平均值則達20.76%（60.79%），席次控制權與盈餘分配權之偏離倍數為178.01倍，亦即最終控制者可以一單位的出資獲取178單位以席次控制力衡量的實質控制力。大同集團企業席次控制權與盈餘分配權嚴重偏離之個案研究發現，符合經營者之經營誘因不足，而財富侵佔動機較強之學術假設。此外，本研究探討該集團企業掏空資產案件、大幅減資、投資通達國際之相關財務資訊透明度，針對大同集團之股權結構與董監組成分析，提出公司治理相關議題討論。最後，本研究針對公司治理相關法令，提出改善及政策建議。 關鍵詞：集團企業、股權結構、公司治理、席次控制權 / This study employs the Tatung business group as our sample and defines the ultimate owner as the entity with ultimate influence over major decisions regarding the operation, management, and allocation of company resources. We first analyze the characteristics of different boards of directors and corporate ownership structure of the Tatung business group. Corporate governance related issues are then identified, followed by discussions on the deficiencies of relevant regulations and suggestions for improvements on government policies. The analysis indicates that cross-holdings, pyramid structure and seat control over the board members are approaches applied by the Lin Family to actively control the Tatung business group. An analysis on the measurement of voting rights, cash flow rights and board seat-control shows that direct shareholding, voting rights and cash flow rights are on average 1.17%, 21.83% and 1.07%, respectively, while the board seat-control ratio is 61.85%. The average deviation between voting right (board seat-control) and cash flow rights is 20.76% (60.79%). The number of board seats controlled by the owner is 178.01 times greater than cash flow rights. In other words, the ultimate owner gets approximately 178 units of controlling power through one unit of capital input. To the extent that ownership and control is highly deviated, a weaker disciplinary effect and a stronger entrenchment effect can be expected. In addition, in this study of the Tatung business group, we examine the emptied assets case, significant capital reduction, and the transparency of financial information of investment in Nature Worldwide Technology Corporation. For the corporate ownership structure and the characteristics of different boards of directors of the Tatung business group, we identify the critical issues regarding corporate governance. Finally, discussions on the deficiencies of relevant regulations and suggestions for improvements on government policies are provided. Keywords: Business group; Corporate ownership structure; Corporate governance; Board seat-control.

Les recherches que nous avons menées dans cette thèse répondent à plusieurs problématiques concernant les groupes d’entreprises. Les deux premiers chapitres présentent le cadre d’analyse des groupes d’entreprises et la littérature théorique et empirique relative aux groupes d’entreprises et à leur performance financière. Les trois derniers chapitres s’interrogent sur la performance financière des entreprises appartenant à un groupe. Le premier concerne les déterminants de la performance financière des entreprises selon le contrôle du capital à partir de leurs caractéristiques. Le deuxième est relatif à la probabilité de rachat d’une entreprise indépendante selon ses caractéristiques. Le troisième teste comment l’appartenance à un groupe pourrait modifier la performance financière d’une entreprise indépendante. Les travaux abordés dans cette thèse ont donné lieu à des études économétriques qui se sont appuyées sur un échantillon qui offre un panorama économique représentatif de l’économie française en 2012. / This dissertation addresses several issues facing business groups. The first two chapters are focusing on business group analysis framework and the theoretical and empirical literature on business groups and their financial performance. The last three chapters question the financial performance of companies belonging to a group. The first concerns the determinants of the financial performance of companies according to the control of capital from data on their characteristics. The second relates to the probability of buying back an independent business according to its characteristics. The third tests how membership in a group could change the financial performance of an independent company. The work in this thesis has given rise to econometric studies that have been based on a sample that offers a representative economic panorama of the French economy in 2012.

Le résumé en français n'a pas été communiqué par l'auteur. / Administrative registers maintained by statistical offices on vastly heterogeneous firms have much untapped potential to reveal details on sources of productivity of firms and economies alike. It has been proposed that firm-level shocks can go a long way in explaining aggregate fluctuations. Based on novel monthly frequency data, idiosyncratic shocks are able to explain a sizable share of the Finnish economic fluctuations, providing support to the granular hypothesis. The global financial crisis of 2007-2008 has challenged the field of economic forecasting, and nowcasting has become an active field. This thesis shows that the information content of firm-level sales and truck traffic can be used for nowcasting GDP figures, by using a specific mixture of machine learning algorithms. The agency problem lies at the heart of much of economic theory. Based on a unique dataset linking owners, CEOs and firms, and exploiting plausibly exogenous variations in the separation of ownership and control, agency costs seem to be an important determinant of firm productivity. Furthermore, the effect appear strongest in medium-sized firms. Enterprise group structures might have important implications on the voluminous literature on firm size, as large share of SME employment can be attributed to affiliates of large business groups. Within firm variation suggests that enterprise group affiliation has heterogeneous impacts depending on size, having strong positive impact on productivity of small firms, and negative impact on their growth. In terms of aggregate job creation, it is found that the independent small firms have contributed the most. The results in this thesis underline the benefits of paying attention to samples encompassing the total population of firms. Researchers should continue to explore the potential of rich administrative data sources at statistical offices and strive to strengthen the ties with data producers.

本研究透過三個台灣大型MNCs(集團企業)的深度訪談，期望了解集團成員入如何產生與移轉特定地主國知識的議題。台灣MNCs(集團企業)在國際化時，地主國環境不同於母國，使得台灣MNCs(集團企業)海外成員不足以利用其擁有的經驗與知識去因應環境差異所產生的挑戰與問題，而需要產生新的解決辦法。台灣MNCs(集團企業)海外成員所在地之經營環境與母國環境有差異時，其處理方式有二：規劃性(定期會議處理各階段所面臨之問題)及隨機性(臨時會議對於臨時狀況進行處理)；另外，在地主國發生的突發事件亦會產生地主國知識。當集團海外成員所面臨之經營環境與母國環境差異越大者，所產生特定地主國知識的量會越多。 透過每次在該地主國設廠及執行每一次新產品發展流程的經驗過程中各階段中因為與地主國環境介面互動而產生特定地主國知識，所以台灣MNCs(集團企業)是以漸進方式累積集團成員在特定地主國面對問題解決問題的方法。當遇到問題越多時，台灣MNCs(集團企業)海外子公司特定地主國知識累積速度越快；但每種特定地主國問題的解決方法是需要各階段多方人員不斷地溝通才能產生的，所以當內外部溝通成本越高時，會減緩海外成員累積特定地主國知識累積速度；為了加快累積特定地主國知識，台灣MNCs(集團企業)大量借助資訊科技及人員面對面溝通，期望加速溝通效率以因應快速變動的環境。 在同一地主國，透過三個台灣大型MNCs(集團企業)的深度訪談發現，台灣MNCs(集團企業)在特定地主國知識移轉機制路徑有三，且在探究過程中發現海外總部(OHQs)的存在，所以進一步探討，在特定地主國中，集團成員間移轉地主國知識時，海外總部(OHQs)所扮演的角色及其存在的價值；在取得這個知識的過程中，有哪些因素會影響移轉機制中正式化機制與非正式化機制使用比例？知識移轉時，正式化機制與非正式化機制之間是一個連續帶的概念，而影響集團成員間知識移轉機制選用時，正式化與非正式化機制搭配比例的影響因素包含：知識特性、子公司自主性、知識情境鑲嵌性、經營模式(產品相似性、技術差距性)以及地理距離。 台灣MNCs(集團企業)在知識移轉制度建立初期，較仰賴非正式化機制，隨著制度建立完備程度增加，正式化機制使用的比重提高，但是非正式化機制對於知識移轉機制的效力仍然存在於中高階主管層級，對於基層主管及員工而言，則會完全仰賴正式化機制，以確保自身工作上的權責釐清。台灣MNCs(集團企業)進行國際擴張時，海外成員初期國際化知識是從MNCs總部遺傳而來。台灣MNCs(集團企業)海外成員間特定地主國知識移轉路徑有三：1)透過集團總部(HQs)移轉、2)子公司間移轉及3)透過集團海外總部(OHQs)。本研究認為當台灣MNCs(集團企業)總部在特定地主國設立集團海外總部(OHQs)後，集團海外總部(OHQs)在特定地主國知識移轉上會取代集團企業總部的角色(意即地主國知識移轉時，路徑三會取代路徑一)。 台灣MNCs(集團企業)國際策略在大陸拓展的廣度(各個集團成員(產品不同)赴大陸投資)及深度(負責新產品發展流程階段越多)增加，使總部須處理的專業知識涵蓋範圍廣且處理資料量大，對於位於台灣的MNCs(集團企業)總部而言，處理資訊成本是很高的；再者，集團在大陸據點越多，對於總部監督成本上亦是很大的負擔，所以在大陸設立海外總部(OHQs)，以與集團總部進行某種程度的分工；同時，當世界各地子公司均需將地主國知識回傳至台灣MNCs(集團企業)總部時，台灣MNCs(集團企業)總部即將面臨很複雜的處理及整合成本，所以海外總部(OHQs)有存在的必要。台灣MNCs(集團企業)設置的海外總部(OHQs)所進行的交流、整理及儲存的資訊較複雜和多元化，其設立目的包含：降低監督成本、降低整合成本、降低協調成本、降低知識移轉過程中由於資訊不對稱所產生的無效率情形。集團海外總部(OHQs)亦促進地主國集團成員間知識快速流通，且將知識從母國或其它地主國之集團成員處引入，也就是大量的知識流入與流出的主要樞紐。當集團型態是屬於聯邦分權式時，集團海外總部(OHQs)的設立是有困難的。集團海外總部(OHQs)可能設立在主要市場地理居中位置、交通便捷之處或離知識最接近的地方，以降低「集團」海外成員開會時的交通成本。 集團海外總部(OHQs)是在集團總部(HQs)監控下創造出其在特定地主國知識移轉扮演的角色獨特性及存在必要性，為避免集團海外總部(OHQs)憑藉結構洞角色壟斷所有特定地主國知識，進而取代集團總部(HQs)，集團總部(HQs)透過其與集團海外成員間稽核性連結及其對集團海外總部(OHQs)的正式控制(包含所有權控制及組織層級控制)來防堵集團海外總部(OHQs)坐大，以有效管理集團海外總部(OHQs)。 正式機制與非正式機制間是一個連續帶的概念。然而，在移轉過程中，哪些因素會影響到正式與非正式機制搭配的比例呢？ 當海外成員自主性高時，採用正式化機制強迫集團海外成員間進行知識分享，亦搭配非正式化機制的社會互動，來緩和彼此間因競爭所產生不願意分享的情形；當知識的情境鑲嵌性程度越高，越需要使用非正式機制來縮小正式機制中知識再利用的可能性；當產品相似性很高，知識來源者與接收者若能搭配少部分(短時間、次數少)的人員互動，便能加快知識再利用的速度；當技術越接近時，知識需求方較可準確地預估需求單上的要項，雙方技術差距越大，越需要仰賴非正式關係使知識來源者願意「多」花時間來教導知識接收者；當集團成員地理距離愈遠時，透過正式化機制，如海外總部(OHQs)進行地主國資料蒐集以避免資訊不對稱造成的知識移轉障礙，以克服因為地理距離所產生的知識移轉障礙。 / Knowledge about host countries and international environment is needed when firms enter international markets. A firm encounters more challenges when it enters a new market with no knowledge. After entry, it then can gain valuable experiential knowledge about the host country (i.e., host-country-specific knowledge) and this knowledge is helpful for further operation in the country and internationalization (Yu, 1990). A firm can gain hands-on knowledge by operating in a host market and then it can filter the information gained into forms it needs for internationalization later on. The purpose of the study addresses host-country-specific-knowledge generating and accumulating by overseas member firms in business groups by identifying factors that affect how business groups from an emerging economy transfer host-country-specific knowledge among their group members. We have found that formal and informal mechanisms were helpful in facilitating the transferring of host-country-specific knowledge. In the literature, it is often assumed that knowledge can be easily and automatically transferred within business groups. Our study confirms that business groups do transfer knowledge among subsidiaries purposely and has also demonstrated that some mechanisms are needed to realize this intent. While the business group’s network provides a platform for facilitating flows of host-country-specific knowledge, the mere existence of such a network does not automatically result in knowledge transfer. From managerial viewpoint, both formal and informal mechanisms should be in place to promote and encourage host-country-specific knowledge transfer. Gaining a good understanding of the mechanisms contributing to knowledge transfer is strategically important for knowledge management. Regarding the use of mechanisms, our results indicate that the buildup of internationalization knowledge can go along with a firm’s development in foreign markets and also can allow for accumulation of various types of knowledge. The more significant the difference between the contexts encountered by foreign subsidiaries and headquarters is, the more the quantity of knowledge the former will create regarding the host country. When foreign subsidiaries encounter similar problems within a tight time frame in a host country, the accumulation of knowledge about the host country will be faster. In the early stages, setting up knowledge transferring system relies more on informal mechanisms. The more mature the system is, the higher the proportion of formal mechanisms is used. However, although informal mechanisms are effective for chief executive officers and senior vice presidents, primary executives and operators rely solely on formal mechanisms in order to clarify responsibilities. With more important strategic position of the host country, the headquarters will establish overseas headquarters in order to quickly respond to the market requirements. In a specific host country, overseas headquarters, established by the HQs, may substitute for the headquarters in transferring host country-specific knowledge among member firms via formal mechanisms. When a business group belongs to federal decentralization, external market mechanisms will be adopted to transfer knowledge among its member firms. The overseas headquarters hardly governs transferring knowledge among overseas member firms and the headquarters. When the overseas headquarters is established, the headquarters adopts auditing connection to prevent the host country from monopolizing host-country-specific knowledge. A headquarters can successfully implement multiple formal and informal mechanisms for knowledge transfer. With respect to knowledge transfer, the higher the level of subsidiary autonomy, the greater the necessity the headquarters rely on formal mechanisms to transfer host-country-specific knowledge among member firms. Encouraging sharing within a business group through some managerial mechanisms can wear down the negative influence caused by opportunism and information asymmetry on the part of the subsidiary and the inter-member competition for the transfer of host-country-specific knowledge. Overseas headquarters accumulates a vast experience and are capable of absorbing, transferring and applying knowledge adequately. They can transcend the geographical limitations and establish good cooperation relations between knowledge originator (the subsidiaries in the host country) and knowledge receiver (other sister firms and the headquarters), warranting the success of the knowledge transfer. Provided that knowledge is tacit, information technology is necessity in transferring knowledge initially documented while social interaction is needed in transferring the rest knowledge embedded in persons. Finally, product and technology similarity are factors affecting how headquarters rely on formal mechanisms in transferring knowledge among member firms.

Cette thèse explore les stratégies financières et organisationnelles adoptées par les petites et moyennes entreprises (PME) qui leur permettent de concilier croissance et indépendance. Les quatre chapitres apportent des contributions théoriques et empiriques à cette question. Le premier chapitre teste le lien entre contrôle familial et croissance sur un large échantillon de PME françaises. Le lien négatif entre contrôle familial et croissance s’explique par le fait que les entreprises familiales adoptent un comportement de croissance particulier consistant à créer un réservoir de fonds propres. Le second chapitre développe un modèle théorique afin d’expliquer ce comportement. Le cadre théorique fournit une explication au comportement patient des PME familiales et démontre que la constitution de réserves de trésorerie est une politique rationnelle et optimale en présence d’opportunités de croissance illiquides. Le troisième chapitre interroge les avantages et les coûts de la constitution d’un groupe de PME en utilisant une base de données sur les liens entre entreprises françaises. La constitution d’un groupe de PME est une stratégie organisationnelle qui favorise la croissance des entreprises affiliées au groupe et la croissance globale du groupe, en raison de l’efficience du marché interne des groupes de PME. Le dernier chapitre traite de la question des motivations de l’entrepreneur à créer un groupe de PME. Les observations corroborent l’hypothèse d’immunisation. La structuration sous forme de groupe de PME a pour objectif de limiter l’exposition du patrimoine de l’entrepreneur au risque de son activité, et non d’exproprier les actionnaires minoritaires.<p><p>This thesis explores the financial and organizational strategies adopted by small businesses in order to conciliate growth and independence. The four chapters present theoretical and empirical contributions to this issue. The first chapter tests the relationship between family control and growth on a large sample of French small businesses. The negative relationship between family control and growth relates to the fact that family controlled small businesses have a higher propensity to adopt patient growth behavior. The second chapter presents a theoretical framework that explains why small businesses hold large amount of cash. The model demonstrates why small businesses, with illiquid growth opportunities, need constituting capital in advance to maintain their growth capacity. The third chapter investigates whether small business groups (SBG) are an organizational strategy that promotes growth. The results show that grouping small businesses promotes small business development, because SBGs improve capital allocation. The last chapter explores entrepreneur motivation to grow the business by building a SBG. According to the results SBGs are built in order to immunize entrepreneur wealth exposure to the business risk, not to increase entrepreneur private benefits of control. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Fundação Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro / Desde a redemocratização do país em 1985 o MRE já vinha se posicionando à favor do diálogo com os mais diversos grupos e entidades sociais. Neste sentido, observou-se ao longo dos últimos anos um aprofundamento da interação com parlamentares, governos estaduais e municipais, empresários, sindicalistas, ONGs e imprensa. A construção de vínculos entre as organizações da sociedade civil críticas das negociações comerciais ao longo da década de 1990 permite falar na criação de um novo campo de ação coletiva transnacional, definido como um espaço de ação política formado por indivíduos e organizações da sociedade civil que participam do processo de elaboração de um conjunto comum de práticas, objetivos e crenças. O que se pode concluir é que diante de um contexto mais competitivo e globalizado, após processo de abertura comercial e intensificação da participação brasileira nas negociações internacionais, a representação dos interesses da classe empresarial teve que se adaptar criando uma nova forma de organização. Desse modo, o presente trabalho visa analisar a crescente interferência de grupos de interesse no processo de tomada de decisão, no que tange aos assuntos de política externa comercial brasileira, tais como as negociações comerciais internacionais por se tratar de um ambiente cujos interesses da classe empresarial mais podem ser afetados. As negociações comerciais internacionais é o ambiente em que a atuação empresarial mais pode ser percebida. As negociações do Mercosul e da ALCA possibilitam observar a participação ativa destes novos atores. Sendo assim, o trabalho apresenta a nova dinâmica de relacionamento entre Estado e grupos da sociedade civil (classe empresarial) para temas ligados a comércio exterior. / Since the democratization of the country in 1985 the Ministry of Foreign Affairs was already positioning itself to promote a dialogue with the various groups and charities. In this sense, it was observed over the past year a further interaction with lawmakers, state and local governments, businessmen, trade unionists, NGOs and media. The building of links between civil society organizations critical of trade negotiations throughout the 1990s allows us to speak on creating a new field of transnational collective action, defined as a space for political action made up of individuals and civil society organizations that participate the process of developing a common set of practices, beliefs and goals. What can be concluded is that before a more competitive and globalized, after opening up of trade and intensification of the Brazilian participation in international negotiations, representing the interests of the business class had to adapt by creating a new form of organization. Thus, this study aims to examine the growing interference of interest groups in decision-making process, with respect to matters of Brazilian foreign trade policy, such as international trade negotiations because it is an environment whose interests the business class more may be affected. International trade negotiations are the environment in which business activity can be more noticeable. Negotiations of the Mercosur and the FTAA allow you to observe the active participation of new actors. Thus, the paper presents a new dynamic relationship between state and civil society groups (business class) for issues related to foreign trade.

Fundação Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro / Desde a redemocratização do país em 1985 o MRE já vinha se posicionando à favor do diálogo com os mais diversos grupos e entidades sociais. Neste sentido, observou-se ao longo dos últimos anos um aprofundamento da interação com parlamentares, governos estaduais e municipais, empresários, sindicalistas, ONGs e imprensa. A construção de vínculos entre as organizações da sociedade civil críticas das negociações comerciais ao longo da década de 1990 permite falar na criação de um novo campo de ação coletiva transnacional, definido como um espaço de ação política formado por indivíduos e organizações da sociedade civil que participam do processo de elaboração de um conjunto comum de práticas, objetivos e crenças. O que se pode concluir é que diante de um contexto mais competitivo e globalizado, após processo de abertura comercial e intensificação da participação brasileira nas negociações internacionais, a representação dos interesses da classe empresarial teve que se adaptar criando uma nova forma de organização. Desse modo, o presente trabalho visa analisar a crescente interferência de grupos de interesse no processo de tomada de decisão, no que tange aos assuntos de política externa comercial brasileira, tais como as negociações comerciais internacionais por se tratar de um ambiente cujos interesses da classe empresarial mais podem ser afetados. As negociações comerciais internacionais é o ambiente em que a atuação empresarial mais pode ser percebida. As negociações do Mercosul e da ALCA possibilitam observar a participação ativa destes novos atores. Sendo assim, o trabalho apresenta a nova dinâmica de relacionamento entre Estado e grupos da sociedade civil (classe empresarial) para temas ligados a comércio exterior. / Since the democratization of the country in 1985 the Ministry of Foreign Affairs was already positioning itself to promote a dialogue with the various groups and charities. In this sense, it was observed over the past year a further interaction with lawmakers, state and local governments, businessmen, trade unionists, NGOs and media. The building of links between civil society organizations critical of trade negotiations throughout the 1990s allows us to speak on creating a new field of transnational collective action, defined as a space for political action made up of individuals and civil society organizations that participate the process of developing a common set of practices, beliefs and goals. What can be concluded is that before a more competitive and globalized, after opening up of trade and intensification of the Brazilian participation in international negotiations, representing the interests of the business class had to adapt by creating a new form of organization. Thus, this study aims to examine the growing interference of interest groups in decision-making process, with respect to matters of Brazilian foreign trade policy, such as international trade negotiations because it is an environment whose interests the business class more may be affected. International trade negotiations are the environment in which business activity can be more noticeable. Negotiations of the Mercosur and the FTAA allow you to observe the active participation of new actors. Thus, the paper presents a new dynamic relationship between state and civil society groups (business class) for issues related to foreign trade.

A dynamic movement known as wealth creation education attracts many thousands of people seeking education for the vocation of an entrepreneur in the UK. Entrepreneurship education in these collectives includes venturing know-how but also co-constructs existential meaning and purpose for adherents, a role traditionally fulfilled by religion. This emergent sectarian movement is identified as wealth creationism. Led by charismatic entrepreneurs this newly identified research domain represents rich opportunities to study entrepreneurs in naturally arising settings, but has been neglected and understudied. While publicly subsidised educational support for small-business owners has suffered from low uptake, this study provides new knowledge about the kind of education that is engaged with in large numbers, despite being more expensive. This inquiry critically examines the attraction of these educational collectives and evaluates the social processes of eight wealth creation education providers in England. Teaching content and methods were also investigated. This qualitative study takes an interpreted approach through a social constructionism perspective. Using grounded theory methodology the providers were initially researched through participative observation in the educational settings followed by theoretically sampling data with various collection methods. Interdisciplinary theories, including the sociology of religion, accounted for findings, which were analysed at the meso-group level. The movement teaches entrepreneurship know-how and 'mindset' - ways of thinking and being. Insulating directives of behaviour and the construction of stigmatised out-groups maintain social boundaries. Employing similar narrative features and resources as religious sects, the socially constructed co-extensive nomos and cosmos privileges esoteric knowledge and is closely identified with modern Gnosticism. Participants do not acknowledge religious interpretations of their activities, yet three North American authors provide plausible canonical works that legitimise the movement. Wealth Creationists display entrepreneurial chauvinism, which equates employment with bondage, viewing the employed as slaves. Adherents choose educators with perceived entrepreneurial credibility to lead them on a purposeful mission for the type of knowledge that promises emancipation. This study is significant for both researchers of entrepreneurs and the sociology of religion. It offers participating entrepreneurs critical insights into the charismatic settings, which can be both enabling and disabling for venturing. This study has implications for academics engaged in outreach to small-business owners who may learn from the marketing tactics of these groups, although academics may still lack perceived credibility. Insights into business group formation will be of interest to business group researchers. A map of educational provision may interest researchers and educators of small and microbusiness owners, and those from the fields of entrepreneurial learning.