The future of business groups in emerging markets: Long-run evidence from Chile

• 成果类型: Article
• 署名作者: Khanna, T; Palepu, K
• 署名单位: Harvard University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/1556395
• 发表日期: 2000
• 页码: 268-285
• 关键词: corporate diversification; construct-validity; firm; performance; governance; strategy; ECONOMY; intermediation; ORGANIZATION; CORRUPTION

摘要

We demonstrate variation in the extent to which firms benefited from their affiliation with Chilean business groups in the 1988-96 period. The net benefits of unrelated diversification were positive if group diversification exceeded a threshold level, though this threshold increased with time. Sizable group benefits unrelated to diversification also existed, but they atrophied over time. We conjecture that the evolution of institutional context alters the value-creating potential of business groups, albeit slowly.