英文摘要 |
The business group effects in emerging economies have been an important research topic in the management literature. This study empirically examines the group effects by investigating the influence of group-level resources, group control, and internal markets on the performance of group affiliates. The group affiliates that are publicly traded in Taiwan are used as the research sample. This study finds that, group effects do exist in Taiwan, however, their influences on the profitability and market value of group members are limited. Group-level financial resources and the voting rights of the controlling shareholders are positively associated with the performance of group affiliates. However, the internal market mechanisms of business groups have no significant effects on affiliate performance. |