Zusammenfassung
This paper reviews existing studies of the role of emerging market
business groups, a ubiquitous but poorly understood organizational
form. I first suggest that understanding the definition of business
groups is itself an interesting, albeit under-studied, research issue.
I then argue that the existing evidence suggests that the performance
effects of group affiliation are large and generally positive. There
is substantial evidence that part of this is due to welfare-enhancing
functions originating in the idea that groups substitute for missing
outside institutions, but that part is also due to welfare-reducing
minority shareholder exploitation. Evidence is lacking on the extent
to which groups facilitate rent-seeking or the exercise of market
power. Evidence is also lacking on the extent to which groups hamper
the future development of markets. The paper identifies areas where
research is needed before current competition policy experiments
in countries like China, India and Korea can be evaluated. (C) 2000
Elsevier Science B.V. All rights reserved.
Nutzer