Limitações do estudo estão principalmente relacionadas à coleta de dados.
As empresas têm claras fronteiras de ordem legal (WILLIAMSON, 2000), mas os BG as fronteiras não são tão bem definidas (PENG; HEATH, 1996). A dificuldade em dispor de uma clara definição dos limites dos BG gera dificuldades na operacionalização dos construtos. Para solucionar esse problema ao pesquisar os BG Chilenos, Khanna e Palepu (2000b) utilizaram diversas pessoas com conhecimento sobre o país.
Um indicador de diversificação dos BG não pode ser utilizado em função dessa limitação na coleta dos dados, apesar de muito recomendável (HOSKISSON et al, 2005). Uma medida de entropia, como a proposta por Jacquemin e Berry (1979), ou até mesmo métricas mais simples como o número de indústrias nas quais
os BG participam não se mostraram operacionalizáveis. Trabalho de Hoskisson et al (2005) reforça essa importância da diversificação.
A fronteira do BG como propriedade, apesar de definição funcional necessária, representa uma limitação do trabalho. Em países desenvolvidos, as empresas têm claras fronteiras de ordem legal (WILLIAMSON, 2000). No entanto, em países emergentes como o Brasil é possível que as fronteiras sejam não sejam tão bem definidas, como sugere (PENG; HEATH, 1996) A dificuldade em dispor de uma clara definição dos limites dos BG gera dificuldades na operacionalização dos construtos..
O período de análise é relativamente curto, apenas 9 anos. Peng e Zhou (2005) sugerem 3 fases ao invés de 2 para descrever a transição institucional em países asiáticos, onde as reformas ocorreram há mais tempo. Uma eventual fase intermediária na transição institucional talvez só seja observável no Brasil em um futuro próximo, quando as mudanças de fase se tornem mais claras e permitam que as pesquisas identifiquem as relações existentes em cada fase. As mudanças tendem a ser suaves, o que dificulta a sua identificação.
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