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Chapter 6 How do Global Manufacturing Companies Mitigate Supply Chain Risks u Abstract In this chapter, we describes a Samsung Elec managing different categories of supply chain to how a global ring company manages lydhini Uing the price earlier chapters for d ying and m ating pply chain his chapters a empirically desig n 61 Introduction There are many cases of t he striped by problems the company's ended apply chain the industry examples described by 30. Asach, there is a growing that the cl i ps betwem chain are of . These relati e complex over time wing to do to growing p r ice complexity in de business H . Bronchley Walker 2008 Have communic ated the pleas e the supply chain their f ri e we iede and mitigate the teach e co e H 2000). Empirical work on this topic is t he way and 2001Of the articles supply chain wind by t h dealt with apply chainy lesity whermally the articles in the specialiseer management Strand Sub 2005 do with the entirely change s This chapter p o ur initial sponde a descriptive understanding om directly from the other supply and from the between the supply chain To po how a global marg e s apply consider Samsung Electr i cally peda g ples applies the miks (Sethi and Lee 2005). We expand the fram e ented in Chapter 2 that deals with risk driven t ing locally or play and their compendingow e bring local goal as well. We this prie Samsung Electronics munagement is to build understanding how they mape 6.2 Literature Review Our exploration is based on a risk framework for t ing management the in which we cacher by lrypotheses ( carach 1989). Vandem (1989) que ing is so practical a good they Low Questions: 1. What is the risk context that Samsung Electronics have been facing and the appropriate mitigation approaches? Please identify. (e.g. Supply related risks – Supplier delays and mitigation approaches) (You can select more than 1 risk context) 2. Which Risk Reduction Strategies that Samsung Electronics should be utilized? Please critically discuss. (You can choose more than 1 strategy) Chapter 6 How do Global Manufacturing Companies Mitigate Supply Chain Risks Abstract In this chapter, we describe risk management at Samsung Electronics for managing different categories of supply chain risks to illustrate how a global man ufacturing company manages supply chain risks. Using the concepts presented in earlier chapters for identifying and mitigating supply chain, this chapter takes steps towards empirically understanding how global manufacturing companies manage supply-chain risk. 6.1 Introduction There are many cases of catastrophic losses triggered by some problems inside the company's extended supply chain (c.f., the industry examples described by Sheffi, 2005). As such, there is a growing awareness that the relationships between supply chain entities are a source of risk. These relationships may also be getting more complex over time owing to due to growing product/service complexity, outsoure- ing, globalization, and e-business (Harland, Brenchley and Walker 2003). Have companies incorporated the complex relationships between the different supply chain entities in their formal risk management processes (i.e., identification, assessment, and mitigation)? The extant research literature may not be much of a guide as businesses have grown to view risk much more broadly than they did earlier (Hunt 2000). Empirical work on this topic is in rather short supply (Harland et al. 2003). Of the 90 articles on supply chain risk studied by Paulsson (2004), only eight dealt with supply chains of any complexity, whether empirically or analytically. All the articles in the special issue on risk management (Seshadri and Subrahmanyam, 2005) dealt with the entire supply chain as a single entity or, at most, as a supplier manufacturer pair. This chapter presents our initial steps towards a descriptive understanding to- wards how global manufacturing companies manage risk. Risks include those that We were unable to transcribe this image6.3 Motivation 3 Japanese consumer electronics company, Sodhi (2005) uses stochastic programming and proposes risk metrics for use at the corporate level. Chopra and Sodhi (2004) present a typology of risks that Sodhi and Lee (2007) apply to Samsung Electronics and some other electronics companies. Some types of risks manifest themselves fre- quently with small per incident losses but can still present significant accumulated losses. Such risks are usually the subject of the operations management literature on inventory (see for example the textbook by Zipkin 2000). There are other views cutting across the strategic-tactical divide: Johnson (2001) and some others find that risk lies in making matching supply to demand, illustrating this with a study of the toy industry. We referred at the outset to the paucity of papers on supply chain risk explicitly dealing with the structure of supply chains and the dependencies among supply- chain entities but there are a few articles. Bovet (2005) advocates taking a strate- gic view in designing the supply chain to mitigate risks but also lists tactical steps companies should take to prevent, control, or transfer losses. Harland et al. (2003) present a framework on how to manage risks in complex supply chains. There are also papers with Monte Carlo simulation models for supply chains to understand inherent risk. For instance, Deleris, Elkins and Pate-Cornell (2004) analyze a sup- ply chain connecting risk modeling from an insurance perspective with supply chain network design. Choi, Dooley and Runtusanatham (2001) take an interesting view of the supply chain as a complex adaptive system and therefore explicitly consider supply chain entities but they do not discuss risk. A particular category of risks, bullwhip effect has been studied quite well taking into account the dependencies of supply chain entities although this has been done only for simple linear supply chains, e.g., by Lee et al. (1997) and by Sodhi and Tang (2011). 6.3 Motivation Supply chains are becoming increasing global due to opening of global markets, the search for cheaper suppliers, outsourcing, and the search for skilled labor. Compa nies are also increasingly at risk to global events like war, terrorism and the ma- jor currency fluctuations like the decline of the dollar against major world curren- cies over the period 2003-2007. Indeed, there are many supply chain related global catastrophes documented for manufacturing companies (Sheffi 2005). Recognizing the risks involved, companies are motivated to manage risks. More over, insurance is becoming expensive resulting in companies taking on the risk themselves (Oster 2002). Insurance companies themselves do not believe they have the right tools to understand risks tied to companies' operations. The Sarbanes- Oxley Act holds the CEO and CFO for financial reporting and audit committees for the responsible for understanding how the company identifies, assesses, and man- ages risks. Risk management is good for the bottom line and the stock markets rewards companies with good risk management practice (e.g., Wang et al., 2003) 46 How do Global Manufacturing Companies Mitigate Supply Chain Risks just as it punishes companies for poor risk management (Hendricks and Singhal 2005). Global manufacturing companies certainly manage risk centrally at the corpo rate level as integrated or enterprise risk management. At the same time, they also manage risk at the local level (i.e., at the plant or region level) operationally using inventory and supplier management where the impact is generally local. They use better forecasting tools to reduce demand uncertainty to reduce the risk of supply not matching demand. Despite these efforts, companies could still be vulnerable be- cause there may not be any formal organization or processes to manage such risks that bridge operations at the local level with finance at the corporate level. More importantly, global manufacturing companies may still be vulnerable to another category of risks that have their origins at the local level but can affect the entire supply chain, resulting in catastrophic losses for the company and for its supply chain partners. Such losses stem from the dynamic dependencies between supply chain entities including those over which the company has no control (e.g.. a supplier's supplier having no capacity left because of a surge in demand by one of its other customers). Such risks stem from the complexity created by the network of suppliers, the company's own plants and warehouses, and those of the customers- and possibly supporting technology and inter-company processes. It is possible that the structure is behind extremely unlikely events but with disruptive and sizable impacts when they do happen. Furthermore, many companies may not have for mal processes or groups to manage such risks even though some clearly do. In the Ericsson example, competitor Nokia that also sourced from the same plant sensed trouble early on and was able to find alternatives without disruption to its supply chain (Chapter 4). This has motivated our research into how global manufacturing companies man- age risk including the processes and the organization with various roles and re- sponsibilities to manage risk. This would set the stage for understanding the extent to which supply-chain network thinking is part of risk management and how global manufacturing companies should manage risk in terms of processes, analytical mod. els, and the organization at the corporate, region, and plant levels. 6.4 Methodology Our research question is how global manufacturing companies manage risk. Eventu- ally the answers would be the basis for prescriptive questions about how companies should manage risk but our goal is descriptive in this chapter. Given that our research is in an exploratory stage, we chose to do a case study to understand processes, or ganization and partnerships. We studied the electronics industry because it has large supply-chain risk exposure, short product life cycles, and has global companies such as Samsung and Sony. Moreover, the industry has had well-publicized failures that had huge impact on market valuation such as delayed launches of the Xbox and more recently the PS3 (especially for the European market). We chose global clectronics 6.4 Methodology 5 giant Samsung Electronics along with its wholly owned subsidiary. Samsung Elec- tronics UK, because of Samsung's vertical integration (one of the businesses within Samsung Electronics is a chips supplier to the other businesses within Samsung Electronics). Our framework is based on the view that companies face risk drivers that are: local in the sense that they originate in a specific supply-chain entity; or global in the sense they are not specific to any entity. These risks can have consequences (eventual impact) that may also be local or global, thus giving rise to four types of risks-(1) operational risk, (II) localization risk. (III) enterprise risk, and (IV) net work risk (Table 6.1 all of which require to different risk management practices (recall Chapter 2). Table 6.1 A framework for viewing supply chain risk and risk management practices in a global manufacturing company with four types of risks corresponding to quadrants I-IV IV. Network risk: III. Enterprise risk: Risks originating in a Risks to the company plant or region whose as a whole, part of consequences finance eventually impact the view Coma View. Company as a entire supply chain or single entity Global impact to markets entire supply chain or to most or all View: A connected markets) network of supply chain entities (suppliers' suppliers Risk consequence onwards) and markets (Region of possible (including customers' eventual impact) customers) L. Operational risk: II. Localisation risk: Local risks stemming Unintended or from supply, demand. unavoidable Local impact to or failure match consequences of particular supply supply and demand corporate policies or chain entity or to View: Specific plant decisions to specific particular market) or plants or a specific markets or regions region or market as a View: Corporate single entity center with regions that report to it Local (originating at Global (originating a supply chain entity supply chain-wide or or in a particular at the corporate level) market Risk Driver (Point of possible occurrence) Managing these risk drivers requires a different view of the company: The first requires focusing on a specific plant or plants or a specific geographic region or 66 How do Global Manufacturing Companies Mitigate Supply Chain Risks market as a single entity. The second requires a view of the company as having a corporate center that has regions/markets (possibly run by subsidiaries) reporting to it. The third requires a view of the company as a single entity, which fits in with the role of the corporate center. Finally, the one of most interest to us is the view of the risk management in the context of a network of supply chain entities (suppliers suppliers onwards) and markets (including customers' customers). We can understand risk management in these terms so these four categories are a way to collect and analyze information in the case study. For this initial study, we mainly relied on interviews over the phone of managers in Korea and in the UK conducted by us and/or by a senior manager from Samsung. We describe this in the next section. 6.5 Samsung Electronics Samsung Electronics is part of the Samsung Group and was ranked 22nd in the Fortune Global 500 list in 2011-it was 46th in the same list in 2006. The com- pany consists of five main business units: Digital Appliance Business, Digital Me dia Business, LCD Business, Semiconductor Business and Telecommunication Net- work Business. The Semiconductor Business supplies the other four businesses as well as non-Samsung customers. For 2011, Samsung Electronics had consolidated sales of $138 billion (up from $67.6 billion in 2007) with a net income of $13.669 billion. Samsung Electronics employed 187,800 people in 2010 across the globe. Not in cluding facilities in Korea, it has 24 manufacturing complexes, 40 distribution bases and 15 branches spread over all continents (except Antarctica). Countries with man- ufacturing facilities include the US, Malaysia, China, India, and Hungary. Globally. it was ranked 17th in the best 100 global brands in the Interbrand-Business Week list for 2011, with a brand value estimated at more than USS 23.4 billion, the third highest among all companies in the broad consumer electronics sector after Apple and Hewlett Packard 1. Operational Risk Samsung plants and regions face have many risks when it comes to ensuring supply. having demand, and matching supply to demand. The impact of any risk is also plant or region-specific. The risks are managed at the plant or region level. Faced with high demand uncertainty pertaining to a large number of products in all of its five businesses, Samsung uses excess capacity, flexible capacity and responsive capacity. Having excess capacity can help deal with demand surges (Fig. 6.1 Excess capacity, particularly combined with flexibility as in Samsung's 6.5 Samsung Electronics 7 case, can also lower the amount of finished goods inventory required as production can be delayed until the last minute to fulfill firm orders. Samsung Electronics 80.000 70.000 60.000 50,000 40.000 30.000 20,000 10.000 0 + Non-01 20-AN Mr02 My03 AF01 Mr-01 Sales revenue CostGross Margin Fig. 6.1 Quarterly numbers for revenues, costs, and gross margin (USS MM) for Samsung Elec tronics 2001-2005 illustrating quarter-to-quarter fluctuations. (Source: Datastream) Samsung uses multiple platforms in its own plants to allow switching from one product to another quickly depending on demand, multi-product platforms for as- sembly, i.e., producing different products on the same line so there is flexibility to meet demand. The system allows change from assembling one product to another at minimum cost. For example, Samsung's color TV and the computer monitor lines share the same platform to allow quick change from one to the other depending on market demand. Postponement is yet another form of flexible capacity at manufacturing locations fulfilling orders from different countries with the difference being essentially only in power plugs. Many manuals and packaging labels are multilingual and therefore the same across many countries. This pools“ the risk of demand uncertainty from different regions at the plant level. To make its supply chain responsive, Samsung co-locates suppliers on its plants with supplier plants are in the same manufacturing complex as the Samsung plant or at least having inventory. Even if the suppliers are not co-located, Samsung and its suppliers share the information from the integrated SAP-based system to figure out the best level of inventory of components and act as if they were one company. Such real or virtual co-location helps mitigate the risk of supplier delays that occur when a supplier cannot respond to changes in demand. This is not uncommon in the electronics industry as the same supplier may be supplying to competing compa nies who are all chasing the same surge in demand for competing products–this is particularly true for Samsung's telecommunication business. The electronics industry has high value products, high rate of obsolescence, high uncertainty of demand and supply, and large product variety. Therefore, there is risk of having too much or too little inventory. To mitigate inventory risk, Samsung limits 86 How do Global Manufacturing Companies Mitigate Supply Chain Risks core-component manufacturing sites to a handful to serve assembly sites worldwide. This way the inventory of core-components is “pooled”. As regards finished-goods inventory, managers responsible for manufacturing have a clear inventive not to have too much of it. If such inventory is held for 60 days without any action, the SAP system sends an alert to the manager who owns the inventory and automatically deducts the value of this inventory. This deduction reduces the profit” attributed to that manager, thus creating a disincentive for holding such inventory. Long lead times, seasonal demand, high product variety, and short product life cycles-all attributes of the consumer electronics industry-increase forecast error To increase the visibility of demand information across the supply chain in different markets, Samsung is updating an initial implementation of a Rosetta-Net to retailers like Dixon's in the UK to determine appropriate stock levels similar to continu- ous replenishment programs in the grocery industry. The system is used to monitor the “shelf occupation” ratio (shelf space for Samsung Electronics products to shelt space for all products) in retail stores manually to pick up trends. Samsung also oper ates the Merchandizing Control System (MCS) to determine the difference between sell-in (to the store) and sell-out to the end consumer). It uses this information for forecasting and to minimize any information distortion. To avoid glitches in supply or demand delivery in the UK, Samsung Electronics using a logistics provider, NYK Logistics, to take care of customs clearance, in- land haulage, receipt, storage at and dispatch from a distribution center, and trade deliveries. Two members of Samsung's management team are based onsite at the distribution center, 90,000 sq ft of which are dedicated for Samsung's UK opera- tions. NYK also supports Samsung's home delivery system from booking orders, customer liaison via an on-site call center, delivery, and product installation. Besides risks to material and information flows, Samsung faces risks to its cash flows in the form of receivables risks. Samsung and its subsidiaries sell to distrib- utors in many parts of the world using “hard” currency (US S. euro, or UK pound sterling) to reduce both receivables risk and exchange rate risk. More than that, it uses “information of delivery technology to reduce receivables risk by reducing errors and by cutting down on the amount of time between delivery and invoicing. This time could be as much as 15 days if it were paper-based. Instead, a driver scans packages upon delivery as proof of receipt. The information is uploaded to the SAP system triggering the invoice. II. Localization Risk This is a set of risks facing any global company where the risks originate in the company at corporate headquarters and the resulting decisions (or image) have unin- tended or unavoidable consequences for a particular region or market. For instance, decisions made by Samsung Electronics across the globe can have implications for supply and demand in the UK. 66 How do Global Manufacturing Companies Mitigate Supply Chain Risks market as a single entity. The second requires a view of the company as having a corporate center that has regions/markets (possibly run by subsidiaries) reporting to it. The third requires a view of the company as a single entity, which fits in with the role of the corporate center. Finally, the one of most interest to us is the view of the risk management in the context of a network of supply chain entities (suppliers suppliers onwards) and markets (including customers' customers) We can understand risk management in these terms so these four categories are a way to collect and analyze information in the case study. For this initial study, we mainly relied on interviews over the phone of managers in Korea and in the UK conducted by us and/or by a senior manager from Samsung, We describe this in the next section. 6.5 Samsung Electronics Samsung Electronics is part of the Samsung Group and was ranked 22nd in the Fortune Global 500 list in 2011-it was 46th in the same list in 2006. The com- pany consists of five main business units: Digital Appliance Business, Digital Me- dia Business, LCD Business, Semiconductor Business and Telecommunication Net work Business. The Semiconductor Business supplies the other four businesses as well as non-Samsung customers. For 2011, Samsung Electronics had consolidated sales of $138 billion (up from $67.6 billion in 2007) with a net income of $13.669 billion. Samsung Electronics employed 187,800 people in 2010 across the globe. Notin- cluding facilities in Korea, it has 24 manufacturing complexes, 40 distribution bases and 15 branches spread over all continents (except Antarctica). Countries with man- ufacturing facilities include the US, Malaysia, China, India, and Hungary. Globally, it was ranked 17th in the best 100 global brands in the Interbrand-Business Week list for 2011, with a brand value estimated at more than USS 23.4 billion, the third highest among all companies in the broad consumer electronics sector after Apple and Hewlett Packard 1. Operational Risk Samsung plants and regions face have many risks when it comes to ensuring supply. having demand, and matching supply to demand. The impact of any risk is also plant or region-specific. The risks are managed at the plant or region level. Faced with high demand uncertainty pertaining to a large number of products in all of its five businesses, Samsung uses excess capacity, flexible capacity and responsive capacity. Having excess capacity can help deal with demand surges (Fig. 6.1. Excess capacity, particularly combined with flexibility as in Samsung's 106 How do Global Manufacturing Companies Mitigate Supply Chain Risks III. Enterprise Risk Risks in this category are present for Samsung Electronics as a whole and therefore the company addresses these risks at the corporate level. For instance, mergers- and acquisitions in the electronics industry, although not very common, still pose the threat that a competitor may acquire a supplier and potentially lock out sup- plies or increase prices for competitors. To mitigate it, Samsung has long-term rela- tionships with its suppliers. Core suppliers get financial and technological help and even human-resource training. There is information integration as well: Samsung's suppliers use the same intranet network and enterprise resource planning (ERP) as Samsung. As already mentioned, the supplier plants may be physically located in a Samsung Electronics manufacturing complex. As already noted, the deep rela tionship makes the supply chain more efficient by reducing leadtime and any errors pertaining to orders but it also reduces the risk of a competitor acquiring a key sup. plier. Samsung mitigates the threat of excess capacity across the globe by making ex isting capacity more flexible as noted earlier. It also seeks to minimize excess ca- pacity by serving geographically scattered customers from the same location. In Samsung's case, many core components are mostly) single sourced from Samsung plants and from core suppliers in Korea for assembly in other parts of the world, This arrangement provides the company to take advantage of economies of scale. A further advantage is decreasing the likelihood of loss of intellectual property as this approach allows it to limit the number of suppliers of core components with whom it shares advanced technology information. Centralizing capacity this way does have its risks. It increases the risk due to potential labor strife in Korea, although Samsung does not have any experience of labor action. Moreover, some of the neighboring countries pose a long-term chal- lenge for this location. A company's reputation is global. Samsung has moved up the price curve-for instance, it moved up the reputation curve in the mobile phone handset industry by having phones at the top end of the price range. It now competes with Japanese and European companies on an equal footing on quality and design. For instance, the clamshell and the slider designs for mobile phones were Samsung Electronics innovations. The electronics industry is constantly facing competition. To reduce the chance of losing its technological edge, Samsung Electronics spends more on research as a percentage of annual revenues than most of its competitors. Samsung Electronics has 42 R&D Centres with around 26,000 employees and their total R&D budget in 2005 was nearly 5.5 percent of 2005 sales. One consequence is that Samsung had the smallest 1 Gigabyte device-the YEPP YP-ST52-offering MP3 player, FM radio, voice recorder, and data storage in 2004. Samsung also announced in September 2004 an industry-first 60 nanometer 8 Gigabit memory device (used in Apple's iPod Nano). However, 2006 fourth quarter results of a decrease in profits of 8% despite an increase of 1% in revenue com- pared to the same quarter a year ago reflect severe margin erosion for flash memory chips as well mobile phones (Ramstad 2007). Apple's iPod dominates in the US and the UK despite Samsung's technological prowess. These challenges underscore the pressure on Samsung to innovate continually. Indeed, in December 2006 Samsung announced it has succeeded in developing a 1Gb Mobile DDR DRAM memory chip using 80nm technology, an industry first. Because it consumes 30% less power that existing chips, such a chip would be im- portant for advanced mobile handsets. In January 2007. Samsung launched in Korea and displayed in Las Vegas Consumer Electronics show, the first global positioning system (GPS), Bluetooth Navigator, to connect to a mobile phone using Bluetooth. ables hand-off functioning while driving (or walking) because the Navigator has a speakerphone along with a host of other functions. At the same time, Samsung announced another industry first: have a single mobile LCD screen display two in- dependent images in the front and back of the screen, obviating the need for two screens. It is also creating designs (mobile phone and flat-panel TVs for instance) that have been copied by other companies. It has also established a design school, SADI Besides technology innovation, Samsung continues to revise its strategy in the fast moving consumer electronics sector. For instance, in the MP3 player sector, Samsung has decided to focus on niche products in these markets but compete di- rectly in regions where iPod is not selling much, e.g., Russia and Latin America. For the products where Samsung is doing well, it is continuing the strategy. For instance, it is number one in the industry for overall televisions with 2006 sales of $10.8 billion and is number one for flat-panel in the US. It is now seeking to double the sales of both LCD and plasma TV sets to counter decreasing prices and margins, for LCD TVs using a new brand “Nouveau Bordeaux”. In the mobile phone market having established its brand at the top end of the price range, it has revised its strat- egy to provide handsets at the low price end market especially with high growth in emerging markets like India and Russia. Samsung Electronics has joint R&D projects with many technology companies. In 2004 alone, it formed alliances with Sony-Samsung was the first top Blu-Ray DVD player in June 2006 IBM, Maytag. EMC, Sanyo, and Dell while continuing work initiated in previous years with other companies. It also has al- liances with many universities and even with former military scientists in Russia to tap into their electronics and physics acumen. Recently, Samsung has formed al- liances with Google (e.g., the Galaxy Nexus line of smartphones) and with Yahoo. Samsung also has to monitor changes in customer tastes globally because it is not clear which technology is on the rise as regards customer preferences and which is on its way out, e.g., DVD vs. Divx (for playing downloadable movies). CD player vs. MP3 player, etc. Samsung Electronics Europe operates the European Customer Care Centre to use customer data to try to catch changes in customer pref- erences from this call center. The center uses an integrated customer relationship management (CRM) tool combining customer information, campaign management, and sales-force automation Samsung also operates the Samsung Economic Research Institute (SERI) to pro- vide global analysis of interest to the company. Such analysis informs and gives 12 6 How do Global Manufacturing Companies Mitigate Supply Chain Risks more confidence to company plans. For instance, a global recession would result in a drop in demand across the globe so different markets would not offset each other so this is a global issue for Samsung and SERI Exchange rate fluctuations are always an issue but for a global company like Samsung, related issues are quite complicated. For a market-based subsidiary like Samsung Electronics UK, the sterling-won exchange rate at which profits can be sent back to (or at least reported in) Samsung Electronics is an issue. Moreover, a country-based subsidiary with assembly plants may source parts from nearby coun- tries (with different currencies) and from the company's own core-component plants or suppliers in Korea. It may distribute and sell products in neighboring countries as well. Samsung Electronics uses futures to dampen operational effect of currency fluctuations but eschews complicated derivatives that carry their own risks. Besides daily exchange rate movements, long-term trends like the decline of the US dollar along with outlook of further declines, Britain not joining the euro, and the multiple currencies of the continually expanding EU with emerging economies of Central and Eastern Europe who will not or cannot join the curo-zone also pro- vide a challenge. Samsung can do business with local distributors in these emerging economies in euros. Still, the long-term decline of the US dollar and the consequent appreciation of the won have hurt revenue growth along with price erosion Growing companies like Samsung Electronics face financial risk by tending to focus on market share, “presence”, name recognition, and other objective and sub- jective measures rather than profitability. However, Samsung Electronics has fo- cused on profitability and sold unprofitable businesses. In fact, the move from the UK to Hungary was motivated by a desire to cut costs although in doing so risked considerable loss of reputation. Moreover, individual companies within conglomerates like Samsung also face the threat that one company going bankrupt owing to currency or credit crises can have a domino effect within the conglomerate as money is moved around within companies because of shareholder interest. Sam
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