Business Groups in Emerging Markets: A Survey and Analysis

38 Pages Posted: 3 Mar 2014 Last revised: 26 Aug 2016

Date Written: January 17, 2014


Prior research in economics, finance and management has sought to describe the predominance of business groups in the global economy since the late 1980. Yet, theory still falls short of explaining the role of business groups as a substitute for external markets, particularly as their influence only increases as countries develop. This paper sets out to synthesize the business group literature with a focus on emerging economies, and posits that three main problems hinder the explanatory power of the literature; the difficulty of defining and identifying business groups, the prior focus on social welfare implications, and that the central business group theories are embedded in a decidedly Anglo-American, developed economy perspective. Finally, we provide suggestions for addressing these issues and suggest several hypotheses that will help further future research in explaining the nature of business groups absent an Anglo-American view.

Keywords: Business groups, Emerging markets, Competition policy

JEL Classification: G30; L20; L40; P5

Suggested Citation

Poczter, Sharon, Business Groups in Emerging Markets: A Survey and Analysis (January 17, 2014). Available at SSRN: or

Sharon Poczter (Contact Author)

Cornell University ( email )

Ithaca, NY 14853
United States

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