BUSINESS GROUP AFFILIATION, PERFORMANCE, CONTEXT, AND STRATEGY: A META-ANALYSIS

• 成果类型: Article
• 署名作者: Carney, Michael; Gedajlovic, Eric R.; Heugens, Pursey P. M. A. R.; Van Essen, Marc; Van Oosterhout, J. (Hans)
• 署名单位: Concordia University - Canada; Simon Fraser University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Utrecht University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/AMJ.2011.61967812
• 发表日期: 2011
• 页码: 437-460
• 关键词: CORPORATE GOVERNANCE; Emerging markets; firm performance; OWNERSHIP; keiretsu; companies; COSTS; coevolution; TRANSITION; FAMILY

摘要

Research on business groups-legally independent firms tied together in various formal and informal ways-is accelerating. Through meta-analytical techniques employed on a database of 141 studies covering 28 different countries, we synthesize this research and extend it by testing several new hypotheses. We find that affiliation diminishes firm performance in general, but also that affiliates are comparatively better off in contexts with underdeveloped financial and labor market institutions. We also trace reduced affiliate performance to specific strategic actions taken at the firm and group levels. Overall, our results indicate that affiliate performance reflects complex processes and motivations.