International Diversification, Business Group Affiliation and Firm Performance: Empirical Evidence from India*
研究了印度企业国际多元化程度与企业绩效的关系，发现两者呈U型关系，且商业集团关联会削弱国际多元化对绩效的正面影响。
We investigate the impact of business group affiliation on the relationship between international diversification and firm performance for emerging economy firms. We develop the theoretical arguments based on an integration of the literature on international diversification with the institutional theory perspective. We argue for a U‐shaped relationship between international diversification and firm performance, and suggest that a firm's affiliation to a business group moderates the relationship between international diversification and firm performance. Based on a sample of Indian firms, we find that firm performance is positively related to the degree of internationalization, while business group affiliation reduces the positive effect of internationalization on firm performance.