Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation
研究发现家族企业集团在金融危机期间利用内部资本市场，通过产品市场主导地位获取市场份额，这种效应仅在新兴市场出现，且集中于竞争激烈的行业。
Abstract We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that crisis-period group ICM activity is targeted toward exerting product market dominance over standalone rivals. Groups make significant post-crisis gains in market share that are concentrated among affiliates (and industry segments within affiliates) operating in highly competitive product markets, where capturing such gains is difficult in normal times. These patterns are observed only in emerging markets, suggesting that ICMs enable groups to exploit crises to realize long-term competitive advantages only when rivals face chronic financing frictions.