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date: 15 August 2020

Abstract and Keywords

Business groups are an organizational form prevalent in almost all emerging economies. Business groups often play a central role in the economies in which they operate by contributing high percentages of national GDP and hiring many employees. While previous reviews focus on various subjects of business groups, this chapter discusses and summarizes the literature according to four theoretical perspectives rooted in economics and sociology: the internal market view, the resource bundle perspective, the network perspective, and the institutional logic perspective. For each perspective, the chapter first summarizes the major constructs and reasoning, and then reviews key studies for each. In conclusion, this chapter calls for future research that combines these perspectives and examines the continued evolution (including the decline) of business groups.

Keywords: business group, emerging economy, internal market, resource bundle, network, institutional logic

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