CONGLOMERADOS

En el special report de The Economist sobre Innovation in emerging markets se recoge el siguiente párrafo sobre la "eficiencia" de los conglomerados en Asia:

"Most Westerners have little time for diversified conglomerates; they expect a <<conglomerate discount>> when they buy such shares on the stockmarket and regard them as a primitive corporate form that will tend to disappear as local stockmarkets improve and investors rather than companies get to do the diversifying. But the inefficiency of capital markets is only one of the reasons for diversification. Two of the others- talent shortages and brand-building- are likely to be around for a long time yet. Conglomerates may have an enduring advantage in attracting and training talent in rapidly growing markets, and in building brands in regions where brand recognition is low and potential consumers are numbered in their billions rather than millions. The Tata Group reckons that its brand is worth about 100 billion rupees"