Journal
JOURNAL OF MANAGEMENT
Volume 31, Issue 6, Pages 941-965Publisher
SAGE PUBLICATIONS INC
DOI: 10.1177/0149206305279895
Keywords
business group; restructuring; refocusing; emerging economy; ownership structure
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As emerging economies have improved their economic institutions, the performance of many large business groups has beer reduced because such groups acted as market-substitute mechanisms. Consequently, business groups have become increasingly involved in refocusing activities. The authors develop a framework in which such refocusing is explained as an attempt to balance overall transaction costs faced by groups with organization-specific costs in order to improve group performance. They examine external and internal factors that might lead to the initiation of refocusing and also explain why different ownership structures may affect the direction of that refocusing (e.g., related vs. unrelated diversification).
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