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This paper analyzes Argentinean business groups strategies and performanceduring the nineties. We find empirical evidence supporting the claims that: a)these strategies were diverse and changed over the decade; b) business groupsspecific strategies depended upon structural factors (such as sectorialspecialization, linkages with the state, access to external markets, level ofindebtedness and structure of corporate governance) as well as upon nonstructural factors (such as perceptions regarding market conditions and thetiming and consolidation of economic reforms, and organizational dynamics);c) different strategies had heterogeneous impacts on business groupstrajectories; and d) considering domestic business groups as a whole, it can besaid that along the liberalization process they lost their previous position inthe Argentinean economy and substantially changed their profile comparedwith precedent decades.

La retirada heterogénea: estrategias y desempeños de los grupos económicos nacionales en la Argentina de la década de 1990