Literature has advanced two contrasting theoretical perspectives related to the governance structure of business groups: the ‘value-constraining’ perspective, which focuses on principal–principal agency conflict and organizational inertia theory, and the ‘value-enabling’ perspective, which emphasizes the role of business groups in mitigation of institutional voids. Building on these two competing lenses, we develop hypotheses to examine post-acquisition performance of affiliate firms relative to stand-alone firms. As our empirical context, we study 440 majority-stake, domestic and cross-border merger and acquisition deals closed by Indian firms during the period 2002–2013. The results imply that in emerging markets, despite concerns of organizational inertia and principal–principal agency issues, the value-enabling impact of group affiliation persists. We also examine the contextual impact of intergroup heterogeneity owing to group diversification on post-acquisition performance and find that greater group diversification leads to better performance for affiliate acquirers.

中文翻译：

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价值约束还是价值赋能？业务集团隶属关系对新兴市场公司收购后绩效的影响

文献提出了与企业集团治理结构相关的两种截然不同的理论观点：“价值约束”观点，侧重于委托人-委托人代理冲突和组织惯性理论，以及“价值赋能”观点，强调角色企业集团在缓解制度空白方面的影响。基于这两个相互竞争的镜头，我们提出假设来检验关联公司相对于独立公司的收购后绩效。作为我们的实证背景，我们研究了 2002 年至 2013 年期间印度公司完成的 440 宗多数股权、国内和跨境并购交易。结果表明，在新兴市场，尽管存在组织惰性和委托人-委托人代理问题的担忧，团体隶属关系的价值赋能影响持续存在。我们还研究了由于集团多元化对收购后绩效造成的集团间异质性的背景影响，并发现更大的集团多元化会为附属收购方带来更好的绩效。