Our study investigates the effect of Japanese horizontal keiretsu group membership on firm risk and return. Like prior studies, our results show that horizontal keiretsu membership has a negative effect on firm profitability. However, we find that horizontal keiretsu networks are likely to...

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...