小世界網絡近幾年來在管理領域已受到諸多學者的關注，本研究主要探討在集團企業所形成的小世界網絡結構與其績效之相關性。該績效包含財務面的營業績效以及國際化績效。本研究採用過去較少用來探討集團企業的網絡觀點，所探討重點為小世界網絡結構對整體集團企業及其所屬核心母公司的財務績效所造成之影響；除此之外，集團企業的國際化績效，在過去集團企業研究領域也較少被觸及，本研究也嘗試探討小世界網絡結構對集團企業的國際化績效影響，以及國際化績效所扮演的中介角色。本研究透過集團層次以及跨層次( 集團對公司層次) 之研究情境，延伸過去集團企業這一脈的文獻研究。針對為期5 年的集團企業資料之實證結果顯示：集團企業的小世界網絡結構與其財務績效呈U 型的非線性相關；小世界網絡結構與其所隸屬的核心母公司之財務績效卻呈倒U 型的非線性相關。值得一提的是，小世界網絡結構與集團的國際化績效並未呈現相關性，集團的國際化績效也未在小世界網絡及其財務績效之相關性帶來中介效果。

Small-world networks have received much theoretical attention from sociologists, business-management researchers, and others. In the present study, I examine both financial and internationalization performance under a small-world network structure of business groups. Using the perspective of network analysis, I set out to clarify the effects of small-world network structures on the financial performance of groups and their core firms. I also test the internationalization performance of groups and its mediating role between small-world networks and group financial performance. This study extends business-group research by examining the effects that group and cross-level nested dimensions can have on financial and internationalization performance. With longitudinal business-group data in Taiwan from the BGT directory spanning the years between 2009 and 2013, I present evidence that small-world networks have shaped dynamic financial outcomes. The result indicates that the relationship between small-world networks and the financial performance of groups is U-shaped. The evidence additionally indicates that an inverted U-shaped relationship characterizes the interactions between the small-world networks and the nested core firms of groups. However, small-world network structures do not affect the internationalization performance of groups.