This study examines how business group affiliation moderates the performance (P) consequences of internationalization (I) by firms from advanced emerging economies that have implemented major promarket reforms. Our theoretical framework integrates institutional and network perspectives with internationalization research to investigate the effects of institutional change on the role of business groups in supporting the internationalization of their affiliates. Using a dataset of 143 publicly listed Korean manufacturing SMEs over a five-year period, our findings provide statistical evidence that business group affiliation has different moderating effects on the I-P relationship according to the degree of internationalization. Specifically, group-affiliated SMEs exhibit a U-shaped I-P relationship while non-affiliated, independent SMEs present an overall downward S-shaped relationship, where group-affiliated SMEs perform better at any level of internationalization. Besides, we also examine the moderating effect of industry characteristics and found that in the case of SMEs in technology-intensive industries, affiliation to a business group enhances firm performance at low and intermediate levels of internationalization. Overall, we conclude that business groups are able to provide benefits to their internationalizing affiliates in an improved institutional context.

这项研究研究了企业集团的隶属关系如何缓和已经实施重大前市场改革的先进新兴经济体的公司对国际化的绩效（P）的影响（I）。我们的理论框架将制度和网络观点与国际化研究相结合，以研究制度变化对企业集团在支持其分支机构国际化中的作用的影响。使用五年内143家韩国上市中小企业的数据集，我们的发现提供了统计证据，表明企业集团的隶属关系根据国际化程度对知识产权关系的调节作用不同。具体来说，与团体有联系的中小型企业表现出U形的IP关系，而没有隶属关系的中小型企业则表现出U形的知识产权关系，独立的中小企业呈现整体向下的S形关系，在任何国际化水平下，集团下属的中小企业都表现更好。此外，我们还研究了行业特征的调节作用，发现在技术密集型行业的中小型企业中，与企业集团的隶属关系可提高中低国际化水平的公司业绩。总体而言，我们得出的结论是，企业集团能够在改善的机构环境下为其国际化分支机构提供收益。隶属于一个业务组可提高中低国际化水平的公司绩效。总体而言，我们得出的结论是，企业集团能够在改善的机构环境下为其国际化分支机构提供收益。隶属于一个业务组可提高中低国际化水平的公司绩效。总体而言，我们得出的结论是，企业集团能够在改善的机构环境下为其国际化分支机构提供收益。