Asia Pacific Journal of Management

, Volume 34, Issue 2, pp 247–279 | Cite as

Business group heterogeneity and the internationalization-performance relationship: Evidence from Indian business groups

  • Saptarshi Purkayastha
  • Vikas Kumar
  • Jane Wenzhen Lu


Business groups, the dominant organizational form in many Asian markets, have expanded their operations into international markets. We combine the resources-based view with the institutional perspective to highlight the costs and benefits of business groups’ internationalization, rather than business groups’ affiliated firms’ internationalization, and consider how ownership heterogeneity among business groups influences the internationalization-performance relationship. Three ownership types—family, domestic financial institution, and foreign corporate—serve as distinguishing characteristics of business groups and potential moderators of this relationship. In a sample of 185 Indian business groups examined over more than a decade (2000–2010), we find that these three ownership types have a differential impact on the internationalization-performance relationship¸ depending on the level of internationalization of the business group. Specifically¸ we find that at lower levels of internationalization, family and foreign corporate ownership has a positive moderating effect whereas domestic financial institutional ownership has a negative moderating effect. Conversely¸ at higher levels of internationalization, family and foreign corporate ownership has a negative moderating effect, while domestic financial institutional ownership positively moderates the internationalization-performance relationship.


Business groups Ownership heterogeneity Internationalization Business group performance 



We would like to thank the Special Issue editors Bersant Hobdari, Jing Li, Klaus Meyer, Peter Gammeltoft, and two anonymous reviewers for their feedback as well as Michael Carney for final guidance on this manuscript. Saptarshi would like to thank the Indian Institute of Management Calcutta for a research grant for this paper.


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Copyright information

© Springer Science+Business Media New York 2016

Authors and Affiliations

  • Saptarshi Purkayastha
    • 1
  • Vikas Kumar
    • 2
  • Jane Wenzhen Lu
    • 3
  1. 1.Department of Strategic ManagementIndian Institute of Management CalcuttaKolkataIndia
  2. 2.University of Sydney Business SchoolSydneyAustralia
  3. 3.Department of Management & MarketingThe University of MelbourneMelbourneAustralia

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