Are There Limits to Diversification in Emerging Economies? Distinguishing between Firm‐Level and Business Group Strategies
研究印度经济自由化后15年数据，发现企业层面减少不相关多元化以应对市场压力，而商业集团通过设立新子公司进入新不相关业务，表明制度强化使不相关多元化从上市公司管理者转向其他所有权结构实体。
Abstract The viability of unrelated diversification as a strategy in emerging economies is an unresolved puzzle. Because business groups dominate the landscape in these economies, and are known to diversify either by expanding the scope of existing affiliate firms and/or setting up new firms, we argue that it is important to make a distinction between firm‐level and business group‐level diversification. The results of our study covering the 15‐year period following India’s economic liberalization confirm our thesis. Whereas all firms, including business group affiliates, reduced unrelated scope to negotiate product and capital market pressures, business groups took advantage of the opportunity‐rich, post‐reform environment to enter into new unrelated businesses by setting up new affiliates. Our findings echo suggestions that as institutions strengthen, the locus of unrelated diversification moves away from managers of public corporations to entities with different types of ownership structures. We present the business group as one such ownership structure.