新興市場中的「集團效果」，是當代管理研究中一個相當重要的主題。本研究從資源、集團控制，以及內部市場機制等構面，來探討集團效果對於成員公司績效的影響，以台灣地區大型集團的上市上櫃成員為樣本進行實證。研究結果顯示，在台灣，集團效果明顯存在，而該效果對於成員的獲利能力和市場績效，則有部分影響。其中，集團整體財務資源的豐沛性，以及控制股東的持股比例，皆會對成員績效產生顯著的正向影響；而集團的內部市場機制與成員績效之間則無顯著關係。

The business group effects in emerging economies have been an important
research topic in the management literature. This study empirically examines the group effects by investigating the influence of group-level resources, group control, and internal markets on the performance of group affiliates. The group affiliates that are publicly traded in Taiwan are used as the research sample. This study finds that, group effects do exist in Taiwan, however, their influences on the profitability and market value of group members are limited. Group-level financial resources and the voting rights of the controlling shareholders are positively associated with the performance of group affiliates. However, the internal market mechanisms of business groups have no significant effects on affiliate performance.