Business groups are controlled through cross (circular) shareholding-

Cross-shareholding is an ownership situation when individual firms own shares among

each other. Cross-shareholding facilitates exchange of information and resources,
enables firms to exert control and cross-monitor each other (Lincoln et al., 1996). It
binds firms by equity ties into a horizontal network which mitigates the risk of takeovers
and competition (Chang, 2003a; Lincoln et al., 1996).

https://arpejournal.com/article/id/213/

HOW DID GROUPS SUCCEED DESPITE INSTITUTIONAL WEAKNESSES/ VOIDS

Ans. : (a) adapting their business model to local conditions by internalizing functions (b) shaping or
altering these conditions, or (c) avoiding operating in this environment altogether