The purpose of this paper is to synthesize empirical results relating to antecedents influencing differences in performance between business group (BG) affiliated firms and independent firms in emerging economies.,A metanalysis was conducted in this research in which samples were collected, and a continuous data set for figuring the differentiation between group and non-group variables was selected and analyzed. These variables included performance, diversification, ownership characteristics, firm characteristics and group characteristics.,The research presents a set of hypotheses from a model that shows the influences of factors moderating the differences between the performance of BG affiliates and independent firms, including governance and the kinds of strategic choices which these firms make. Four of the five hypotheses were totally supported, showing the importance of differentiating affiliates’ and independent firms’ performance in terms of ownership concentration, dividend payout, leverage, R&D, as well as diversification and a firm’s age and size.,The study focused its research on an examination of pyramid and cross-holding groups in order to reveal the role of the core firms. It also examines ownership concentration, as well as internal relationships with capital structure, and the effect which these have on firm performance, in order to further understand the relationship among BGs, corporate governance and performance in emerging-market economies.

中文翻译：

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业务组关联公司和公司绩效的比较回顾

本文的目的是综合与影响新兴经济体业务集团（BG）关联公司和独立公司之间的绩效差异的先行因素有关的经验结果。本研究进行了荟萃分析，收集了样本并进行了连续数据选择并分析了用于确定组变量和非组变量之间的差异的集合。这些变量包括绩效，多元化，所有权特征，公司特征和集团特征。该研究从模型中提出了一组假设，该模型表明了调节BG子公司和独立公司之间绩效差异的因素的影响，包括治理和企业绩效。这些公司做出的各种战略选择。五个假设中的四个被完全支持，展示了在所有权集中度，股利支付，杠杆，研发，多元化以及公司的年龄和规模方面区分附属公司和独立公司业绩的重要性。该研究的研究重点是金字塔和交叉调查。控股集团，以揭示核心企业的作用。它还检查所有权集中度，以及与资本结构的内部关系，以及它们对公司绩效的影响，以便进一步了解新兴市场经济体中BG，公司治理与绩效之间的关系。该研究的重点是对金字塔和交叉控股集团的考察，以揭示核心企业的作用。它还检查所有权集中度以及与资本结构的内部关系，以及它们对公司绩效的影响，以便进一步了解新兴市场经济体中BG，公司治理与绩效之间的关系。该研究的重点是对金字塔和交叉控股集团的考察，以揭示核心企业的作用。它还检查所有权集中度以及与资本结构的内部关系，以及它们对公司绩效的影响，以便进一步了解新兴市场经济体中BG，公司治理与绩效之间的关系。