Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

3-2026

Abstract

As a crucial pillar in the development of China’s national economy, corporate groups play an irreplaceable role in driving economic growth and promoting industrial upgrading. However, in the management practice of subsidiaries, they have long faced the control dilemma of "tight control leads to stagnation, while excessive decentralization leads to chaos." This study focuses on the fit between subsidiary characteristics, the business environment, and the degree of group control as its core research issue. It aims to uncover the underlying logic of group control in different contexts, providing scientific theoretical support and practical guidance for corporate groups in the new era to optimize their subsidiary control strategies.

The research uses a sample of 75 subsidiaries from 12 corporate groups. Data were collected through a matched parent-subsidiary survey method to empirically test the research hypotheses. Robustness checks were conducted using the Bootstrap resampling method and multi-source data cross-validation. Heterogeneity analysis was also performed from three dimensions: subsidiary profitability, growth, and industry attributes, to comprehensively verify the reliability and applicability of the research findings. The results show that: 1. There is a significant positive correlation between subsidiary systematicity and the degree of group control, while subsidiary operational capability shows a significant negative correlation with the degree of group control. 2. Environmental dynamism has a significant negative impact on the degree of group control. 3. Environmental dynamism has a moderating effect on the relationship between subsidiary characteristics and the degree of group control. 4. Heterogeneity analysis indicates that group control does not follow a single model; it requires dynamic balancing based on the three dimensions of subsidiary profitability, growth, and industry attributes.

The findings of this study not only enrich the research in the fields of subsidiary management and group control but also provide specific guidance for corporate groups to overcome control dilemmas. Furthermore, it offers important references for Chinese corporate groups to optimize their governance structures and enhance overall operational efficiency and market competitiveness.

Keywords

group control, systematicity, operational capability, business environment, dynamism, munificence

Degree Awarded

Doctor of Bus Admin (CKGSB)

Discipline

Strategic Management Policy

Supervisor(s)

GENG, Xuesong

First Page

1

Last Page

149

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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