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Measuring Institutional Relatedness

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  • Rakesh Basant

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  • Karthik Dhandapani
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    Abstract

    This paper is about measuring empirical relatedness to capture the myriad reasons used by firms to combine various businesses in emerging economies as a response to various institutional voids, without giving undue importance to any specific rationale. In this paper there has been a purport to address this lacuna in research by proposing an empirically implementable measure for institutional relatedness having the features described above. It has also been shown that the empirical estimates for India of our measure of relatedness are in consonance with the tendencies observed by studies using the case-study method and seem to be linked with the institutional transitions that have been observed in recent years.[W.P. No. 2009-05-02]

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:2543.

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    Date of creation: Jun 2010
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    Handle: RePEc:ess:wpaper:id:2543

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    Keywords: measuring; empirical; relatedness; capture; myriad; lacuna; implementable; case-study; institutional transitions; observed; recent years;

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    References

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    1. Datt, Gaurav & Ravallion, Martin, 2002. "Is India's economic growth leaving the poor behind?," Policy Research Working Paper Series 2846, The World Bank.
    2. Kannan Ramaswamy & Mingfang Li & Barbara S. Pécherot Petitt, 2004. "Who Drives Unrelated Diversification? A Study of Indian Manufacturing Firms," Asia Pacific Journal of Management, Springer, vol. 21(4), pages 403-423, December.
    3. Mingfang Li & Kannan Ramaswamy & Barbara Pécherot Petitt, 2006. "Business groups and market failures: A focus on vertical and horizontal strategies," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 439-452, December.
    4. Campa, Jose M. & Kedia, Simi, 2000. "Explaining the diversification discount," IESE Research Papers D/424, IESE Business School.
    5. Stefano Valvano & Davide Vannoni, 2003. "Diversification Strategies and Corporate Coherence Evidence from Italian Leading Firms," Review of Industrial Organization, Springer, vol. 23(1), pages 25-41, August.
    6. Ben Kedia & Debmalya Mukherjee & Somnath Lahiri, 2006. "Indian business groups: Evolution and transformation," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 559-577, December.
    7. 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.
    8. Belén Villalonga, 2004. "Does Diversification Cause the "Diversification Discount"?," Financial Management, Financial Management Association, vol. 33(2), Summer.
    9. Tarun Khanna & Krishna Palepu, 2000. "Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups," Journal of Finance, American Finance Association, vol. 55(2), pages 867-891, 04.
    10. Lucia Piscitello, 2004. "Corporate diversification, coherence and economic performance," Industrial and Corporate Change, Oxford University Press, vol. 13(5), pages 757-787, October.
    11. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January.
    12. Kock, Carl J & Guillen, Mauro F, 2001. "Strategy and Structure in Developing Countries: Business Groups as an Evolutionary Response to Opportunities for Unrelated Diversification," Industrial and Corporate Change, Oxford University Press, vol. 10(1), pages 77-113, March.
    13. Ghemawat, Pankaj & Khanna, Tarun, 1998. "The Nature of Diversified Business Groups: A Research Design and Two Case Studies," Journal of Industrial Economics, Wiley Blackwell, vol. 46(1), pages 35-61, March.
    14. Tarun Khanna & Yishay Yafeh, 2005. "Business Groups and Risk Sharing around the World," The Journal of Business, University of Chicago Press, vol. 78(1), pages 301-340, January.
    15. Tarun Khanna & Krishna Palepu, 1999. "Policy Shocks, Market Intermediaries, and Corporate Strategy: The Evolution of Business Groups in Chile and India," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 8(2), pages 271-310, 06.
    16. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
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