caa a22 4500 467939713 CHVBK 20180406153008.0 cr unu---uuuuu 170328e20061201xx s 000 0 eng 10.1007/s10490-006-9011-6 doi (NATIONALLICENCE)springer-10.1007/s10490-006-9011-6 Business group affiliation and firm performance in a transition economy: A focus on ownership voids [Elektronische Daten] [Xufei Ma, Xiaotao Yao, Youmin Xi] In a transition economy, how does business group affiliation make a difference in firm performance? Under the broad label of institutional voids, what specific voids can business groups fill? This paper addresses these questions by drawing on insights from property rights theory and an institutional perspective. We argue that ownership voids, as a subset of institutional voids, occur due to the lack of unambiguously specified ownership of state assets in transition economies, and that business groups emerge to serve as the direct owners of state-owned enterprises to replace such voids. Based on a sample of 1,119 publicly-listed Chinese companies, we find that the interaction of business group affiliation and state ownership has a significant and positive effect on firm performance. Our findings point to business group's substitution role in filling ownership voids in China's transition economy. Springer Science+Business Media, LLC, 2006 Business group nationallicence Performance nationallicence Property rights theory nationallicence Institutional perspective nationallicence Transition economy nationallicence Ma Xufei Business Policy Department, NUS Business School, National University of Singapore, 1 Business Link, 117592, Singapore, Singapore aut Yao Xiaotao Organization and Management Department, School of Management, Xi'an Jiaotong University, 28 West Xianning Road, 710049, Xi'an, Shaanxi Province, China aut Xi Youmin Organization and Management Department, School of Management, Xi'an Jiaotong University, 28 West Xianning Road, 710049, Xi'an, Shaanxi Province, China aut Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 467-483 0217-4561 23:4<467 2006 23 10490 https://doi.org/10.1007/s10490-006-9011-6 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10490-006-9011-6 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ma Xufei Business Policy Department, NUS Business School, National University of Singapore, 1 Business Link, 117592, Singapore, Singapore aut NATIONALLICENCE 700 1- Yao Xiaotao Organization and Management Department, School of Management, Xi'an Jiaotong University, 28 West Xianning Road, 710049, Xi'an, Shaanxi Province, China aut NATIONALLICENCE 700 1- Xi Youmin Organization and Management Department, School of Management, Xi'an Jiaotong University, 28 West Xianning Road, 710049, Xi'an, Shaanxi Province, China aut NATIONALLICENCE 773 0- Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 467-483 0217-4561 23:4<467 2006 23 10490 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer