Antecedents of firm performance in emerging economies: Business groups,strategy, industry structure,and state support |
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Authors: | Solmaz Filiz Karabag Christian Berggren |
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Institution: | 1. Linköping University;2. Linköping University, Department of Management and Economics, SE-581 83 Linköping, Sweden |
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Abstract: | A rich literature has investigated the antecedents of firm performance in developed economies, resulting in a consensus view that firm resources and strategy are the key determinants. Several arguments, however, suggest that in emerging economies other factors are more important for firm performance. This study analyzes the impact of firm strategy and industry structure as well as business group membership and state support on firm performance in an advanced emerging economy, Turkey. Using a data set compiled from a selection of the 1000 largest manufacturing firms in this country, the study employs several regression models to identify the main determinants of firm performance as measured by productivity and net profit margin. In contrast to studies of developed economies, the investigation finds that firm-related factors (competitive strategies) do not significantly influence performance; instead factors related to industry structure and business group membership are the strongest determinants of firm performance; further, state support interacts with business group membership and is positively related to productivity. |
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Keywords: | Industry structure Business group Competitive strategies State support Firm performance Emerging economy |
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