İşletme Grubuna Bağlılık, Çeşitlendirme Stratejileri ve Firma Performansı Üzerine Bir Değerlendirme

Ürün çeşitlendirme ve uluslararası çeşitlendirme gelişmekte olan ve gelişmiş ekonomilerdeki firmalar tarafından uygulanan stratejilerdendir. Bu stratejiler firma performansı üzerinde olumlu veya olumsuz etkiler yapmakta ve bu etki firmaların içinde bulundukları bağlama göre değişebilmektedir. Ürün çeşitlendirme, uluslararası çeşitlendirme ve firma performansı arasındaki ilişkileri etkileyen faktörlerden birisi işletme gruplarıdır. İşletme grupları kendilerine bağlı firmalara bu stratejileri sürdürmede kaynak ve bilgi sağlamaktadır. Yazındaki çalışmalar, farklı ekonomilerde çeşitlendirme stratejileri ve firma performansı arasındaki ilişkileri ve bu ilişkideki aracı faktörleri incelemişlerdir; ancak, işletme grubuna bağlılığın rolüne daha az değinilmiştir. Bu nedenle bu çalışma, ürün çeşitlendirme, uluslararası çeşitlendirme ve firma performansı arasındaki ilişkileri işletme grubuna bağlılığı dikkate alarak tartışmaktadır. Bu çalışma ayrıca ilgili yazın çerçevesinde araştırma gerektiren önermeler sunmaktadır. Önermeler, firmaların ürün ve uluslararası çeşitlendirmeden faydalanabileceğini; ancak, bu stratejilerin diğer yandan firma performansına zarar verebileceğini ileri sürmektedir. Ayrıca, işletme grubuna bağlılık bu ilişkilerde olumlu veya olumsuz aracı etki yapabilmektedir. Bu çalışmada, çeşitlendirme stratejileri, firma performansı ve işletme grubuna bağlılık arasındaki ilişkiler üzerine ileride yapılabilecek araştırmalar için temel oluşturulması amaçlanmaktadır.

A REVIEW ON BUSINESS GROUP AFFILIATION, DIVERSIFICATION STRATEGIES AND FIRM PERFORMANCE

Product diversification and international diversification are the strategies that are implemented by firms in emerging and developed economies. These strategies have favorable or negative impacts on firm performance and firms’ context may affect this relationship. Business group is one of the contexts that may affect the relations between product diversification strategy, international diversification strategy and firm performance. Business groups can provide member firms with valuable resources and knowledge for pursuing these strategies. Existing studies have examined the diversification strategies and performance relations in various economies and several moderating factors in this relationship; however, the role of business group affiliation has been addressed to a lesser extent. Therefore, this study discusses the relations between product diversification, international diversification strategies and firm performance considering the business group affiliation. Following the relevant literature, this study also presents propositions which can be examined further. The propositions suggest that emerging economy firms can perform better by implementing product diversification and international diversification; however, these two strategies may also harm firm performance. Moreover, group affiliation may have favorable or negative moderating impact in these relations when firms pursue product or international diversification. This study aims to provide foundations for future studies on diversification strategies, firm performance and business group affiliation relationships.

___

  • Bae, S.J., Kwon, T.H., & Lee, J.W. (2011). Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols. Pacific-Basin Finance Journal, 19, 535-553.
  • Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.
  • Becker-Ritterspach, F., & Bruche, G. (2012). Capability Creation and Internationalization with Business Group Embeddedness – the Case of Tata Motors in Passenger Cars. European Management Journal, 30(3), 232-247.
  • Berry, C.H. (1971). Corporate Growth and Diversification. Journal of Law and Economics, 14(2), 371-383.
  • Borda, A., Geleilate, J.M.G., Newburry, W., & Kundu, S.K. (2017). Firm Internationalization, Business Group Diversification and Firm Performance: The Case of Latin American Firms. Journal of Business Research, 72, 104-113.
  • Bucheli, M., Salvaj, E., & Kim, M. (2019). Better Together: How Multinationals Come Together with Business Groups in Times of Economic and Political Transitions. Global Strategy Journal, 9(2), 176-207.
  • Buckley, P.J., Cross, A.R., Tan, H., Xin, L., & Voss, H. (2008). Historic and Emergent Trends in Chinese Outward Direct Investment. Management International Review, 48(6), 715-748.
  • Capar, N., & Kotabe, M. (2003). The Relationship between International Diversification and Performance in Service Firms. Journal of International Business Studies, 34(4), 345-355.
  • Carney, M., & Dieleman, M. (2011). Indonesia's Missing Multinationals: Business Groups and Outward Direct Investment. Bulletin of Indonesian Economic Studies, 47(1), 105-126.
  • Carney, M., van Essen, M., Estrin, S., & Shapiro, D. (2018). Business Groups Reconsidered: Beyond Paragons and Parasites. Academy of Management Perspectives, 32(4), 493-516.
  • Chang, S.J., & Choi, U. (1988). Strategy, Structure and Performance of Korean Business Groups: A Transactions Cost Approach. The Journal of Industrial Economics, 37(2), 141-158.
  • Chang, S.J., Chung, C.N., & Mahmood, I.P. (2006). When and How Does Business Group Affiliation Promote Firm Innovation? A Tale of Two Emerging Economies. Organization Science, 17(5), 637-656.
  • Chang, S.J., & Hong, J. (2000). Economic Performance of Group-Affiliated Companies in Korea: Intra-group Resource Sharing and Internal Business Transactions. Academy of Management Journal, 43(3), 429-448.
  • Chang, S.J., & Hong, J. (2002). How Much Does the Business Group Matter in Korea? Strategic Management Journal, 23(3), 265-274.
  • Chen, X. (2010). Modes of State Intervention and Business Group Performance in China’s Transitional Economy. The Journal of Socio-Economics, 39, 619-630.
  • Choi, J.P., & Cowing, T.G. (2002). Diversification, Concentration and Economic Performance: Korean Business Groups. Review of Industrial Organization, 21, 271-282.
  • Chung, H.M. (2006). Managerial Ties Control and Deregulation: An Investigation of Business Groups Entering the Deregulated Banking Industry in Taiwan. Asia Pacific Journal of Management, 23, 505-520.
  • Colli, A., & Colpan, A.M. (2016). Business Groups and Corporate Governance: Review, Synthesis and Extension. Corporate Governance: An International Review, 24(3), 274-302.
  • Contractor, F.J., Kundu, S.K., & Hsu, C.C. (2003). A Three-Stage Theory of International Expansion: The Link between Multinationality and Performance in the Service Sector. Journal of International Business Studies, 34(1), 5-18.
  • Delios, A., & Beamish, P.W. (1999). Geographic Scope, Product Diversification, and the Corporate Performance of Japanese Firms. Strategic Management Journal, 20(8), 711-727.
  • DiMaggio, P. J., & Powell, W. W. (1983). The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields. American Sociological Review, 48(2), 147-160.
  • Dunning, J.H. (1988). The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies, 19(1), 1-31.
  • Erdilek A. (2008). Internationalization of Turkish MNEs. Journal of Management Development, 27(7), 744-760.
  • Garg, M., & Delios, A. (2007). Survival of the Foreign Subsidiaries of TMNCs: The Influence of Business Group Affiliation. Journal of International Management, 13, 278-295.
  • Gaur, A.S., & Kumar, V. (2009). International Diversification, Business Group Affiliation and Firm Performance: Empirical Evidence from India. British Journal of Management, 20(2), 172-186.
  • Gaur, A.S., Kumar, V., & Singh, D. (2014). Institutions, Resources and Internationalization of Emerging Economy Firms. Journal of World Business, 49(1), 12-20.
  • Gaur, A.S., Pattnaik, C., Singh, D., & Lee, J.Y. (2019). Internalization Advantage and Subsidiary Performance: The Role of Business Group Affiliation and Host Country Characteristics. Journal of International Business Studies, 50, 1253-1282.
  • Geringer, J.M., Beamish, P.W., & DaCosta, R.C. (1989). Diversification Strategy and Internationalization: Implications for MNE Performance. Strategic Management Journal, 10(2), 109-119.
  • Geringer, J.M., Tallman, S., & Olsen, D.M. (2000). Product and International Diversification among Japanese Multinational Firms. Strategic Management Journal, 21, 51-80.
  • Ghemawat, P., & Khanna, P. (1998). The Nature of Diversified Business Groups. The Journal of Industrial Economics, 46(1), 35-61.
  • Ghosh, S. (2010). Affiliation and Firm Performance: Evidence from Indian Business Groups. The Manchester School, 78(3), 183-200.
  • Granovetter, M. (1995). Coase Revisited: Business Groups in the Modern Economy. Industrial and Corporate Change, 4(1), 93-130.
  • Guillen, M.F. (2000). Business Groups in Emerging Economies: A Resource-Based View. Academy of Management Journal, 43(3), 362-380.
  • Hitt, M.A., Hoskisson, R.E., & Kim, H. (1997). International Diversification: Effects on Innovation and Firm Performance in Product-Diversified Firms. Academy of Management Journal, 40(4), 767-798.
  • Hobdari, B., Gammeltoft, P., Li, J., & Meyer, K.E. (2017). The Home Country of the MNE: The Case of Emerging Economy Firms. Asia Pacific Journal of Management, 34(1), 1-17.
  • Hobday, M., & Colpan, A.M. (2010). Technological Innovation and Business Groups. In A.M. Colpan, T. Hikino, & J.R. Lincoln (Eds.), The Oxford Handbook of Business Groups (pp.763-781). New York, NY: Oxford University Press.
  • Holmes, R.M., Hoskisson, R.E., Kim, H., Wan, P.W., & Holcomb, T.R. (2018). International Strategy and Business Groups: A Review and Future Research Agenda. Journal of World Business, 53(2), 134-150.
  • Hoskisson, R.E., Eden, L., Lau, C.M., & Wright, M. (2000). Strategy in Emerging Economies. Academy of Management Journal, 43(3), 249-267.
  • Hoskisson, R.E., Kim, H., White, R.E., & Tihanyi, L. (2004). A Framework for Understanding International Diversification by Business Groups from Emerging Economies. In: M.A., Hitt, & J.L.C. Cheng (Eds.), Advances in International Management, Vol. 16, (pp.137-163). Netherlands: Elsevier.
  • Hsieh, T.J., Yeh, R.S., & Chen, Y.J. (2010). Business Group Characteristics and Affiliated Firm Innovation: The Case of Taiwan. Industrial Marketing Management, 39(4), 560-570.
  • Johanson, J., & Wahlne, J.E. (1977). The Internationalization Process of the Firm-A Model of Knowledge Development and Increasing Foreign Market Commitments. Journal of International Business Studies, 8(1), 23-32.
  • Khanna, T., & Palepu, K. (1997). Why Focused Strategies May Be Wrong for Emerging Markets. Harvard Business Review, 75(4), 41-51.
  • Khanna, T., & Palepu, K. (2000a). The Future of Business Groups in Emerging Markets: Long-Run Evidence from Chile. Academy of Management Journal, 43(3), 268-285.
  • Khanna, T., & Palepu, K. (2000b). Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups. The Journal of Finance, 55(2), 867-891.
  • Khanna, T., & Rivkin J.W. (2001). Estimating the Performance Effects of Business Groups in Emerging Markets. Strategic Management Journal, 22(1), 45-74.
  • Kim, H., Hoskisson R.E., & Wan, W.P. (2004). Power Dependence, Diversification Strategy and Performance in Keiretsu Member Firms. Strategic Management Journal, 25, 613-636.
  • Kim, W.C., Hwang, P., & Burgers, W.P. (1989). Global Diversification Strategy and Corporate Profit Performance. Strategic Management Journal, 10(1), 45-57.
  • Kim, H., Kim, H., & Hoskisson, R.E. (2010). Does Market-oriented Institutional Change in an Emerging Economy Make Business-group-affiliated Multinationals Perform Better? An Institution Based View. Journal of International Business Studies, 41(7), 1141-1160.
  • Kock, C.J., & Guillen, M.F. (2001). Strategy and Structure in Developing Countries: Business Groups as an Evolutionary Response to Opportunities for Unrelated Diversification. Industrial and Corporate Change, 10(1), 77-113.
  • Lee, J.Y., Yang, Y.S., & Park, B.I. (2020). Interplay between Dual Dimensions of Knowledge Sharing within Globalized Chaebols: The Moderating Effects of Organization Size and Global Environmental Munificence. International Business Review, 29(6), https://doi.org/10.1016/j.ibusrev.2019.101637
  • Leff, N.H. (1978). Industrial Organization and Entrepreneurship in the Developing Countries: The Economic Groups. Economic Development and Cultural Change, 26(4), 661-675.
  • Li, M., & Wong, Y.Y. (2003). Diversification and Economic Performance: An Empirical Assessment of Chinese Firms. Asia Pacific Journal of Management, 20, 243-265.
  • Lu, J. W., & Beamish, P.W. (2001). The Internationalization and Performance of SMEs. Strategic Management Journal, 22, 565-586.
  • Lu, J.W., & Beamish, P.W. (2004). International Diversification and Firm Performance: The S-Curve Hypothesis. Academy of Management Journal, 47(4), 598-609.
  • Manikandan, K.S., & Ramachandran, J. (2015). Beyond Institutional Voids: Business Groups, Incomplete Markets and Organizational Form. Strategic Management Journal, 36(4), 598-617.
  • Meyer, J.W., & Rowan, B. (1977). Institutionalized Organizations: Formal Structure as Myth and Ceremony. The American Journal of Sociology, 83(2), 340-363.
  • Mukherjee, D., Makarius, E.E., & Stevens, C.E. (2018). Business Group Reputation and Affiliates’ Internationalization Strategies. Journal of World Business, 53(2), 93-103.
  • Nachum, L. (2004). Geographic and Industrial Diversification of Developing Country Firms. Journal of Management Studies, 41(2), 273-294.
  • North, D.C. (1990). Institutions, Institutional Change and Economic Performance. USA: Cambridge University Press.
  • Palepu, K. (1985). Diversification Strategy, Profit Performance and the Entropy. Strategic Management Journal, 6(3), 239-255.
  • Peng, M.W. (2002). Towards an Institution-Based View of Business Strategy. Asia Pacific Journal of Management, 19, 251-267.
  • Peng, M.W., Lee, S.H., & Wang, D.Y.L. (2005). What Determines the Scope of the Firm over Time? A Focus on Institutional Relatedness. The Academy of Management Review, 30(3), 622-633.
  • Peng, M.W., Sun, S.L., Pinkham, B., & Chen, H. (2009). The Institution-Based View as a Third Leg for a Strategy Tripod. Academy of Management Perspectives, 63-81.
  • Peng, M.W., Wang, D.Y.L., & Jiang, Y. (2008). An Institution-Based View of International Business Strategy: A Focus on Emerging Economies. Journal of International Business Studies, 39, 920-936.
  • Pfeffer, J. (1982). Organizations and Organization Theory. Massachusetts: Pitman Publishing.
  • Rumelt, R.P. (1982). Diversification Strategy and Profitability. Strategic Management Journal, 3(4), 359-369.
  • Scott, W.R. (1995). Institutions and Organizations. California: Sage.
  • Singh, D.A., & Gaur, A.S. (2009). Business Group Affiliation, Firm Governance, and Firm Performance: Evidence from China and India. Corporate Governance: An International Review, 17(4), 411-425.
  • Singh, D.A., & Gaur, A.S. (2013). Governance Structure, Innovation and Internationalization: Evidence From India. Journal of International Management, 19(3), 300-309.
  • Tallman, S., & Li, J. (1996). Effects of International Diversity and Product Diversity on the Performance of Multinational Firms. The Academy of Management Journal, 39(1), 179-196.
  • Thomas, D.E. (2006). International Diversification and Firm Performance in Mexican firms: A Curvilinear Relationship? Journal of Business Research, 59(4), 501-507.
  • Thomas, D.E., & Eden, L. (2004). What is the Shape of the Multinationality-Performance Relationship? The Multinational Business Review, 12(1), 89-110.
  • Tongli, L., Ping, E.J., & Chiu, W.K.C. (2005). International Diversification and Performance: Evidence from Singapore. Asia Pacific Journal of Management, 22, 65-88.
  • Toulan, O.N. (2002). A Resource Perspective on Internationalization Responses to Market Liberalization, Emerging Markets Review, 3, 51-68.
  • Wan, C.C. (1998). International Diversification, Industrial Diversification and Firm Performance of Hong Kong MNCs. Asia Pacific Journal of Management, 15, 205-217.
  • Wan, W.P. (2005). Country Resource Environments, Firm Capabilities, and Corporate Diversification Strategies. Journal of Management Studies, 42(1), 161-182.
  • Wan, W.P., & Hoskisson, R.E. (2003). Home Country Environments, Corporate Diversification Strategies, and Firm Performance. The Academy of Management Journal, 46(1), 27-45.
  • Wan, W.P., Hoskisson, R.E., Short, J.C., & Yiu, D.W. (2011). Resource-Based Theory and Corporate Diversification: Accomplishments and Opportunities. Journal of Management, 37(5), 1335-1368.
  • Wernerfelt, B. (1984). A Resource-Based View of the Firm. Strategic Management Journal, 5(2), 171-80.
  • Yang, X., Jiang, Y., Kang, R., & Ke, Y. (2009). A Comparative Analysis of the Internationalization of Chinese and Japanese Firms. Asia Pacific Journal of Management, 26 (1), 141-62.
  • Yaprak, A., & Karademir, B. (2010). The Internationalization of Emerging Market Business Groups: An Integrated Literature Review. International Marketing Review, 27(2), 245-262.
  • Yiu, D., Bruton, G. D., & Lu, Y. (2005). Understanding Business Group Performance in an Emerging Economy: Acquiring Resources and Capabilities in Order to Prosper. Journal of Management Studies, 42(1), 183-206.
  • Yiu, D.W., Lu, Y., Bruton, G.D., & Hoskisson, R.E. (2007). Business Groups: An Integrated Model to Focus Future Research. Journal of Management Studies, 44(8), 1551-1579.