Diversified Business Groups and Corporate Refocusing in Emerging Economies
研究了新兴经济体制度改善后，大型商业集团因市场替代功能减弱而进行再聚焦活动，提出平衡交易成本与组织特定成本以提升绩效的框架，并分析所有权结构对再聚焦方向的影响。
As emerging economies have improved their economic institutions, the performance of many large business groups has been 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).