Our study investigates the effect of Japanese keiretsu group membership on firm risk and return. Like prior studies, our results show that keiretsu membership has a negative effect on firm profitability. In contrast to prior studies, however, we find that most of our risk measures are positively...

The purpose of this study is to investigate the relationship between technological capabilities and firm performance. We divide technological capabilities into two types - refinement capability, which involves the improvement of the existing asset portfolio, and reconfiguration capability, which...