Business transformation in heterogeneous environments: The impact of market development and firm strength on retrenchment and growth reconfiguration
研究了市场基础设施不完善的国家中，企业通过增长和剥离进行资产重构以实现业务转型，发现发达市场帮助弱企业收缩、强企业增长，且市场发展增强了资产增加的好处、限制了剥离的收益。
Abstract Asset reconfiguration by both growth and divestiture underlies business transformation, but reconfiguration remains poorly understood in countries with limited market infrastructure. We argue that more developed infrastructure facilitates resource reconfiguration, assisting weak firms' attempts to retrench and strong firms' attempts to grow; in turn, market development shapes the impact of reconfiguration by enhancing the benefits of adding assets and limiting the benefits of divestitures. We examine reconfiguration activity by 1,256 firms based in eight South East Asian economies—Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, and Thailand—from 1990 to 1999. The study contributes to theories of business dynamics in varied settings of market‐based socioeconomic development.