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date: 18 February 2020

Abstract and Keywords

This article provides an overview of business groups in Asia. It reviews leading economic, sociological, and political-economy theories of business groups and describes the projection each theory makes about the interaction between business group functioning and institutional change. The article also presents meta-analytical data on how business group profitability and prevalence in national economies vary over time. The article concludes with a framework of competing propositions about the effect of institutional change on business group profitability and prevalence. This article contributes to the business systems and varieties of capitalism literatures as well as to the literature on the institution-based view of the firm.

Keywords: business groups, Asia, business systems, varieties of capitalism, institutions

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