Business groups in developing capital markets: Towards a complementarity perspective
研究认为发展中经济体的企业集团并非总是替代不完善的制度，以印度企业数据为例，发现企业集团隶属关系与成熟资本市场的监督在影响企业绩效上存在互补作用。
Prior research suggests that business groups ( BG s) in developing economies have emerged as alternatives to poorly developed economic institutions in these countries. In this paper, we argue that this does not imply they are always substitutes. Specifically, we consider the case of capital markets, a key economic institution: while the absence of well‐developed capital markets may indeed have stimulated the emergence of business groups, we propose that BG affiliation and the scrutiny that maturing capital markets impose on firms that participate actively in them nevertheless can play a complementary role in influencing a firm's performance. We find support for our predictions in a novel longitudinal data set of Indian firms that contain both listed and unlisted BG affiliated as well as unaffiliated firms . Copyright © 2014 John Wiley & Sons, Ltd.