Business Groups Reconsidered: Beyond Paragons and Parasites
质疑企业集团研究中制度空白与剥削固化两种主流观点，提出一个考虑国家能力和集团适应性的框架，解释为何企业集团能持续壮大并实现国际化。
In this paper, we consider the potential paths of the evolution of business groups (BGs). We organize our analysis around the two dominant perspectives on BGs: institutional voids (IV) and entrenchment/exploitation (EE). We suggest that the empirical evidence does not entirely support either perspective, and neither fully predicts what we sometimes observe: namely, that BGs not only persist and thrive, but also sometimes do so as internationally competitive firms. This indicates that a more contextualized approach is required, and we propose a conceptual framework that can guide future thinking. In so doing, we take explicit account of two key factors relevant to the dynamics of BG evolution: the state’s capacity to create market-supporting institutions and the ability of business groups to adapt to evolving institutions. Our framework accommodates the possibility of multiple outcomes, including ones consistent with the IV and EE perspectives, but also ones consistent with the internationalization of BGs, including those from emerging markets.