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| Tekijä: | Khanna, T. Palepu, K. |
| Otsikko: | Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups |
| Lehti: | Journal of Finance
2000 : APR, VOL. 55:2, p. 867-892 |
| Asiasana: | GROUPS PROFITABILITY MARKETS |
| Kieli: | eng |
| Tiivistelmä: | 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. The authors analyze the performance of affiliates of diversified Indian business groups relative to unaffiliated firms. The authors 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. |
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