From diversification premium to diversification discount during institutional transitions

By Keonbeom Lee, Mike W. Peng, Keun Lee. 2008

177 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/e60a5ca7589bbadcc2c7a47015d5f093c6aa618a

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Mike W. Peng
2. K. Meyer
3. Andrew Delios
4. Ajai S. Gaur
5. Saul Estrin
6. Deeksha Singh
7. Xufei Ma
8. M. Carney

In Economics and Econometrics

1. K. Meyer
2. Mike W. Peng
3. Xufei Ma
4. Deeksha Singh
5. Ajai S. Gaur
6. Andrew Delios
7. Yuan Lu
8. Saul Estrin

In Strategy and Management

1. Mike W. Peng
2. K. Meyer
3. Ajai S. Gaur
4. Saul Estrin
5. Deeksha Singh
6. Andrew Delios
7. Xufei Ma
8. Vikas Kumar

Citations in the corpus

• Sustaining superior performance in an emerging economy: an empirical test in the Indian context (2012, background): “Consistent with the declining value of internal markets, Lee, Peng, and Lee (2008) found that the value premium enjoyed by affiliates of conglomerate business groups eroded following reforms and eventually turned negative as markets evolved in Korea.”
• Springboard internationalization by emerging market firms: Speed of first cross-border acquisition (2019, background): “However, as institutions evolve and become more market oriented (Hoskisson et al., 2013), overall market efficiency improves, and the benefits of group affiliation may decrease (Guillen, 2000; Lee, Peng, & Lee, 2008).”
• Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise (2009, background): “However, it is also widely held that business groups are a temporary phase of capitalist development ( Lee, Peng, & Lee, 2008 ).”
• Does family business excel in firm performance? An institution-based view (2012, background): “In a broad sense, our work, from a family business perspective, contributes to the expanding literature on the institution-based view (Peng et al., 2008, 2009), which now has featured the institution-based view of market entries (Meyer, Estrin, Bhaumik, & Peng, 2009), of corporate diversification ( ”
• Business groups in developing capital markets: Towards a complementarity perspective (2015, background): “Other scholars have either explicitly or implicitly endorsed this argument (e.g., Carney et al., 2011; Lee et al., 2008; Singh and Gaur, 2009; Zattoni, Pedersen, and Kumar, 2009), which underscores the assumption that there is a “substitution” between BG affiliation effects and ambient…”
• The Institution-Based View as a Third Leg for a Strategy Tripod. (2009, unknown): “…from existing work in economics and sociology, and has at-tracted a series of additional papers that carry this research forward (Gao et al., 2009; Lee et al., 2008; Lu et al., 2008; Mahlich, 2009; Meyer et al., 2009; Peng & Jiang, 2009; Peng & Pleggenkuhle-Miles, 2009; Yamakawa et al., 2008;…”
• Business group affiliation, performance, context, and strategy: a meta-analysis (2011, background): “Weinstein & Yafeh, 1998) and those exploring how BGs transfer financial resources from cash rich to financially constrained affiliates (Lee et al., 2008; Lins & Servaes, 2002).”
• Does the Diversification–Firm Performance Relationship Change Over Time? A Meta‐Analytical Review (2018, unknown): “Lee et al. (2008) and Peng et al. (2005) argued that with increasing institutional development, the relative benefits of diversification have decreased, and its relative costs increased.”
• Impact of state ownership and control mechanisms on the performance of group affiliated companies in China (2007, background): “Finally, a comparative study of Chinese business groups to those in other countries should be introduced, which helps us understand the role of business groups in different stages of national economic development (Lee et al., 2007; Peng & Zhou, 2005).”
• Current debates in global strategy (2009, unknown): “In the last decade or so, a new, institution-based view of global strategy has emerged (Lee et al. 2007; Meyer and Peng 2005; Peng 2002, 2003, 2007; Peng and Khoury 2008; Peng et al. 2008; Wright et al. 2005).”
• Institutions, Resources, and Entry Strategies in Emerging Economies (2020, background): “However, other markets (such as product, labor, and technology markets) may also be important for effective acquisitions because they provide critical information that in turn is essential to value the acquisition target (Lee, Peng, and Lee, 2008).”
• What determines the scope of the firm over time and around the world? An Asia Pacific perspective (2007, methodology): “…nature, the emerging institution-based view on diversification strategies has largely been informed by theoretical and empirical work focusing on Asia Pacific (Delios & Beamish, 1999, 2001; Delios & Henisz, 2000; Khanna & Palepu, 1997, 2000; Lee et al., 2007; Peng, 2002, 2003; Peng & Heath, 1996).”