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This research work is focused on effect of business group affiliation on firm with different shades of FDI capital such as technology, capital and competitiveness defined on the basis of FDI policy tools designed by Indian policy makers. The analysis reveals negative effect of business group affiliation on excess value created by firm using competitiveness shaded FDI capital. This empirical evidence supports that tunneling effect of business group affiliation is highly significant in a firm with competitiveness shaded FDI capital. Once, profitability, asset utilization and growth opportunity is controlled, the tunneling effect of business group affiliation becomes highly significant in firm irrespective of the shades of FDI capital. This is in support of study reported by Bertrand et al. (2002) claiming that tunneling effect is part of non-operating profit. There is strong evidence that FDI investors’ fund is expropriated by domestic business group when host economy has sufficient capital and technology and foreign investor is intending to create excess value on account of their higher efficiency.

Shades of FDI Capital, Business Group Affiliation and Excess Value Creation