It is, thus, not surprising that listed companies in Thailand and even family-run businesses show great potential in terms of human resources. In fact, owner- families of leading business groups in Thailand, since World War II, have tended to send their children to the United States, Australia and Japan for higher education and qualifications (MBAs, etc.). After returning to Thailand, they have often temporarily worked at foreign or local big firms as apprentices, and then moved to family-run firms as top executives or middle management. As a result, new generations have frequently become key persons in the modernization and improvement of the corporate activities of family-owned firms (see Suehiro, 1993). In the initial stage of industrialization of developing countries such as Thailand, a family-owned firm can easily find able persons among its own family members and it does not need to recruit from outside.
8.3. Continuous Reforms and Alliance s with Foreign Partners
High human resources potential among family members alone does not fully explain the rapid growth of local business groups. Therefore, we must seek other factors that have enabled business groups to constantly expand and extend their business activities. These include continuous management reforms, speedy responses to government policies and alliances with foreign corporations. Among these, management reform is the most important factor.