Two Faces: Effects of Business Groups on Innovation in Emerging Economies
发现新兴经济体的商业集团对创新有双重影响：既提供基础设施促进创新，又通过设置进入壁垒抑制新思想扩散，且集团市场份额与创新呈倒U型关系。
This paper shows that business groups in emerging economies exert dual effects on innovation. While groups facilitate innovation by providing institutional infrastructure, groups also discourage innovation by creating entry barriers for nongroup firms and thereby inhibit the proliferation of new ideas. This pattern reflects an evolutionary process in which the interplay of the availability of innovation infrastructure and variety of ideas influences the level of innovation in an industry. We show that group market share has an inverted-U impact on innovation in industrial sectors of both Korea and Taiwan during the 1981–1995 period. Institutional differences between Korea and Taiwan in terms of market structure and industrial policies lead to different innovation thresholds, the point at which the marginal costs of increasing group share begin to dominate the marginal benefits in the two countries.