文章基本信息

标题：Does Business Group Affiliation Matter for Superior Performance? Evidence from Pakistan
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作者：Ahmad, Ishtiaq ; Oláh, Judit ; Popp, József 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2018
卷号：10
期号：9
页码：1-19
出版社：MDPI, Open Access Journal
摘要：Business groups have been described as improving the value of the affiliated firms they control, which is often beyond the capability of standalone firms. The purpose of the current study is to analyze the financial performance of affiliates of diversified Pakistani business groups relative to standalone firms. The current study employs data from 284 Pakistani listed non-financial firms from 2008–2015. In order to test the hypotheses, two dependent variables are used, namely, accounting (Return on Assets (ROA)) and stock market (Tobin’s Q) measures of performance. Specifically, this study probes and compares the performance measures of group member and standalone firms. The findings of the study suggest that business group memberships have statistically significant effects on accounting and stock market measures of firm performance. In addition, size and sales growth have an increasing effect on the performance of firms. We believe that business groups in Pakistan are efficient economic actors and can be considered responses to high transaction costs and market failures.
关键词：business groups; financial performance; group-affiliated; institutional voids