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Business group affiliation and firm performance in a transition economy: A focus on ownership voids

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  • Xufei Ma

    ()

  • Xiaotao Yao

    ()

  • Youmin Xi

    ()

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Abstract

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File URL: http://hdl.handle.net/10.1007/s10490-006-9011-6
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Bibliographic Info

Article provided by Springer in its journal Asia Pacific Journal of Management.

Volume (Year): 23 (2006)
Issue (Month): 4 (December)
Pages: 467-483

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Handle: RePEc:kap:asiapa:v:23:y:2006:i:4:p:467-483

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Postal: P.O. Box 17, 3300 AA Dordrecht, the Netherlands
Web page: http://www.springerlink.com/link.asp?id=106589

Related research

Keywords: Business group; Performance; Property rights theory; Institutional perspective; Transition economy;

References

References listed on IDEAS
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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  2. Yuan Lu & Jun Yao, 2006. "Impact of state ownership and control mechanisms on the performance of group affiliated companies in China," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 485-503, December.
  3. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
  4. Lin Tongli & Er Ping & Winston Chiu, 2005. "International Diversification and Performance: Evidence from Singapore," Asia Pacific Journal of Management, Springer, vol. 22(1), pages 65-88, January.
  5. L. Wade, 1988. "Review," Public Choice, Springer, vol. 58(1), pages 99-100, July.
  6. Mike Wright & Robert E. Hoskisson & Mike W. Peng, 2005. "Strategy Research in Emerging Economies: Challenging the Conventional Wisdom," Journal of Management Studies, Wiley Blackwell, vol. 42(1), pages 1-33, 01.
  7. Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
  8. Leff, Nathaniel H, 1978. "Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Groups," Economic Development and Cultural Change, University of Chicago Press, vol. 26(4), pages 661-75, July.
  9. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  10. Mike W. Peng & Justin Tan & Tony W. Tong, 2004. "Ownership Types and Strategic Groups in an Emerging Economy," Journal of Management Studies, Wiley Blackwell, vol. 41(7), pages 1105-1129, November.
  11. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  12. Daphne Yiu & Yuan Lu, 2005. "Understanding Business Group Performance in an Emerging Economy: Acquiring Resources and Capabilities in Order to Prosper," Journal of Management Studies, Wiley Blackwell, vol. 42(1), pages 183-206, 01.
  13. Kornai, Janos, 1986. "The Soft Budget Constraint," Kyklos, Wiley Blackwell, vol. 39(1), pages 3-30.
  14. Xiao-Ping Chen & Chao C. Chen, 2004. "On the Intricacies of the Chinese Guanxi: A Process Model of Guanxi Development," Asia Pacific Journal of Management, Springer, vol. 21(3), pages 305-324, 09.
  15. Hicheon Kim & Robert E. Hoskisson & Laszlo Tihanyi & Jaebum Hong, 2004. "The Evolution and Restructuring of Diversified Business Groups in Emerging Markets: The Lessons from Chaebols in Korea," Asia Pacific Journal of Management, Springer, vol. 21(1_2), pages 25-48, 03.
  16. Vipin Gupta & Jifu Wang, 2004. "From Corporate Crisis to Turnaround in East Asia: A Study of China Huajing Electronics Group Corporation," Asia Pacific Journal of Management, Springer, vol. 21(1_2), pages 213-233, 03.
  17. Wernerfelt, Birger & Montgomery, Cynthia A, 1988. "Tobin's q and the Importance of Focus in Firm Performance," American Economic Review, American Economic Association, vol. 78(1), pages 246-50, March.
  18. Oded Shenkar & Mary Ann von Glinow, 1994. "Paradoxes of Organizational Theory and Research: Using the Case of China to Illustrate National Contingency," Management Science, INFORMS, vol. 40(1), pages 56-71, January.
  19. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-90, June.
  20. Mike Peng & Jessie Zhou, 2005. "How Network Strategies and Institutional Transitions Evolve in Asia," Asia Pacific Journal of Management, Springer, vol. 22(4), pages 321-336, December.
  21. Yingyi Qian, 1996. "Enterprise reform in China: agency problems and political control," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 427-447, October.
  22. Xu, Xiaonian & Wang, Yan, 1999. "Ownership structure and corporate governance in Chinese stock companies," China Economic Review, Elsevier, vol. 10(1), pages 75-98.
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Citations

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Cited by:
  1. Sea-Jin Chang, 2006. "Business groups in East Asia: Post-crisis restructuring and new growth," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 407-417, December.
  2. Jan Hanousek & Evžen Kočenda, 2011. "Extent of the Integrated State Ownership and Effect of the State Control on Performance of Czech Firms," Politická ekonomie, University of Economics, Prague, vol. 2011(1), pages 82-104.
  3. Bing Ren & Kevin Au & Thomas Birtch, 2009. "China’s business network structure during institutional transitions," Asia Pacific Journal of Management, Springer, vol. 26(2), pages 219-240, June.
  4. Mike Peng & Andrew Delios, 2006. "What determines the scope of the firm over time and around the world? An Asia Pacific perspective," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 385-405, December.
  5. Lee, Keonbeom & Peng, Mike W. & Lee, Keun, 2008. "From diversification premium to diversification discount during institutional transitions," Journal of World Business, Elsevier, vol. 43(1), pages 47-65, January.
  6. Mike Peng & Yuan Li & En Xie & Zhongfeng Su, 2010. "CEO duality, organizational slack, and firm performance in China," Asia Pacific Journal of Management, Springer, vol. 27(4), pages 611-624, December.
  7. Bamiatzi, Vassiliki & Cavusgil, Salih Tamer & Jabbour, Liza & Sinkovics, Rudolf R., 2014. "Does business group affiliation help firms achieve superior performance during industrial downturns? An empirical examination," International Business Review, Elsevier, vol. 23(1), pages 195-211.
  8. De Clercq, Dirk & Danis, Wade M. & Dakhli, Mourad, 2010. "The moderating effect of institutional context on the relationship between associational activity and new business activity in emerging economies," International Business Review, Elsevier, vol. 19(1), pages 85-101, February.
  9. Gedajlovic, Eric & Cao, Qing & Zhang, Hongping, 2012. "Corporate shareholdings and organizational ambidexterity in high-tech SMEs: Evidence from a transitional economy," Journal of Business Venturing, Elsevier, vol. 27(6), pages 652-665.
  10. Erming Xu & Han Zhang, 2008. "The impact of state shares on corporate innovation strategy and performance in China," Asia Pacific Journal of Management, Springer, vol. 25(3), pages 473-487, September.
  11. Danis, Wade M. & De Clercq, Dirk & Petricevic, Olga, 2011. "Are social networks more important for new business activity in emerging than developed economies? An empirical extension," International Business Review, Elsevier, vol. 20(4), pages 394-408, August.
  12. Ma, Xufei & Yiu, Daphne W. & Zhou, Nan, 2014. "Facing global economic crisis: Foreign sales, ownership groups, and corporate value," Journal of World Business, Elsevier, vol. 49(1), pages 87-100.
  13. Zuzana Kučerová, 2012. "Measuring of Efficiency in the Public and Private Sector – Current Research Approaches," Český finanční a účetní časopis, University of Economics, Prague, vol. 2012(2), pages 110-125.
  14. Yuan Lu & Jun Yao, 2006. "Impact of state ownership and control mechanisms on the performance of group affiliated companies in China," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 485-503, December.
  15. Evžen Kočenda & Jan Hanousek, 2012. "State ownership and control in the Czech Republic," Economic Change and Restructuring, Springer, vol. 45(3), pages 157-191, August.

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