Is Group Affiliation Profitable in Emerging Markets ? An Analysis of Diversified Indian Business Groups  

Oleh:

Khanna, Tarun ; Palepu, Krishna

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 867-892.
Topik: BUSINESS; affiliates; diversified companies; emerging markets; financial performance; studies
Fulltext: p 867.pdf (115.23KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Emerging markets like india have poorly functioning institutions, leading to severe agency and information problems. Business groups in these markets have the potential both to offer benefits to member firms, and to destroy value. We analyze the performance of affiliates of diversified indian business groups relative to unaffiliated firms. We find that accounting and stock market measures of firm performance initially decline with group diversification and subsequently increase once group diversification exceeds a certain level. Unlike U. S. conglomerates' lines of business, and simialr to the affiliates of U. S. LBO associations, affiliates of the most diversified business groups outperform unaffiliated firms.

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