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Conventional economic and management theories explain that business groups facing market liberalization policy reforms (i.e., competitive shocks) would have incentives to reduce corporate portfolios and increase internationalization. We empirically examine the strategic responses of Argentine business groups and, through an inductive theory building process, propose refinements to this theory. We argue that such a strategy process is moderated not only by differences in market forces set out by policy reforms across different economic segments but also by the path dependency of resources and capabilities as well as management decision‐making style of individual business groups. We discuss implications for theory and practice.

Purpose: The first objective is to explore how narcotelenovelas and news can be compared in their representation of drug violence and figures. The second is to explore a method which identifies intertextual references in fiction by contrasting them with journalistic reports. Methodology/approach: Qualitative content analysis is of three narcotelenovelas: El Señor de los Cielos, El Chapo, and Narcos: México. After documenting clear historical references and figures, a search was made through news engines and portals to make a comparison of the fictional versus journalistic representation of such references. Findings: Many elements of narcotelenovelas such as events and public figures are highly comparable to those described in news. While producers openly warn that they changed facts for dramatic purposes, it’s possible to propose hypotheses in which audiences construct their historical memories based on fictional narratives. Research limitations: This chapter does not offer an exhaustive list of intertextual references from all three narcotelenovelas. Originality/value: This type of comparative analysis between fiction and journalism hasn’t been explored for the study of narcoculture media products. The author poses a hypothesis, in which fiction contributes significantly to collective memories and imaginaries, especially when it appeals to historical references audiences might identify.