Business Group Affiliation, Performance, Context, and Strategy: A Meta-analysis
通过对141项覆盖28个国家的研究进行元分析，发现商业集团隶属关系总体上降低企业绩效，但在金融和劳动力市场制度不发达的环境中，隶属企业表现相对更好，且绩效下降与特定战略行动有关。
Research on business groups—legally independent firms tied together in various formal and informal ways—is accelerating. Through meta-analytical techniques employed on a database of 141 studies covering 28 different countries, we synthesize this research and extend it by testing several new hypotheses. We find that affiliation diminishes firm performance in general, but also that affiliates are comparatively better off in contexts with underdeveloped financial and labor market institutions. We also trace reduced affiliate performance to specific strategic actions taken at the firm and group levels. Overall, our results indicate that affiliate performance reflects complex processes and motivations.