While many scholars have examined the business group affiliation–performance relationship, very few have examined the role that industry and diversification (related versus unrelated) strategy plays in this focal relationship (Carney et al., 2011). I provide empirical evidence that the...

Does Dunning’s Ownership–Location–Internalization (OLI) framework explain the internationalization of business groups in emerging economies? I argue that business groups do not have traditional ‘firm specific advantages’ (FSAs) that the OLI framework talks...

Purpose This paper aims to report the findings from a longitudinal study of Indian business groups responding to the pro-market reforms that the government had initiated. It explores their diversification choices at the group level and the group performance consequences of these choices during a...