Business Groups in Emerging Markets: Paragons or Parasites?

摘要: Diversified business (or corporate) groups, consisting of legally independent firms operating in multiple markets, are ubiquitous emerging markets and even some developed economies. The study a hybrid organizational form between firm market, is relevance to industrial organization, corporate finance, development, economic growth other domains inquiry. This survey begins with stylized facts on groups around the world, proceeds critical review existing literature, which has focused almost entirely as diversified entities conflicts controlling minority shareholders. Other schools thought political economy monopoly power, networks discussed next. We then proceed promising, yet virtually unexplored, alternative lenses for viewing example, quasi venture-capitalists or family-based structures. analysis points out important biases literature including avoidance serious discussion origins unfounded assumption that rentseeking only feasible equilibrium an interaction government. note empirical tendency use recent data implies vast majority studies exploit cross-sectional variation; absence (long) time-series ensures conceptually issues, such how shape environment they operate, receive relatively little attention. Lastly, we outline agenda future research.