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Cambridge Journal of Economics Advance Access published online on May 8, 2009
Cambridge Journal of Economics, doi:10.1093/cje/bep017
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The impact of business group affiliation on performance: evidence from China's ‘national champions’

Paul Guest* and Dylan Sutherland**

* Cranfield University, UK
** University of Nottingham, UK

Address for correspondence: School of Contemporary Chinese Studies, International House, The University of Nottingham, Jubilee Campus, Nottingham NG8 1BB, UK; email: dylan.sutherland{at}nottingham.ac.uk

An important aspect of China's economic reforms has been an ambitious policy to develop 100 or so large, internationally competitive business groups. Very little is known about these national champion groups or the benefits to subsidiary firms of belonging to them. This study, building from insights and methods used in existing literature, examines the performance of subsidiaries affiliated to China's national champion groups. Our results find that they perform comparatively well. We discuss possible reasons for this finding and comment more generally on the important role that business groups now play in China's reform and development.

Key Words: Business groups • National champions • Subsidiary performance • Enterprise reforms • Ownership • Economic transition

JEL classifications: L2, P3

Manuscript received July 20, 2007; final version received December 11, 2008.


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