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Business groups, institutions, and firm performance

Cainelli, Giulio, Ganau, Roberto and Giunta, Anna (2022) Business groups, institutions, and firm performance. Industrial and Corporate Change, 31 (1). 215 - 233. ISSN 0960-6491

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Identification Number: 10.1093/icc/dtab046


The aim of this paper is twofold. First, we analyze whether firms affiliated to national and international business groups outperform independent firms. Second, we investigate whether any potential performance premium associated with national and international business group membership depends on the quality of sub-national, regional institutions. Using data on Italian and Spanish manufacturing firms, we find a short-run growth premium for international business group members - while not for national business group members - with respect to independent firms. We also find that the growth premium associated with international business group membership is detected in low-quality regional institutional environments only.

Item Type: Article
Official URL:
Additional Information: © 2021 The Authors
Divisions: Geography & Environment
Subjects: H Social Sciences > HD Industries. Land use. Labor
JEL classification: D - Microeconomics > D0 - General > D02 - Institutions: Design, Formation, and Operations
R - Urban, Rural, and Regional Economics > R1 - General Regional Economics > R12 - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade
Date Deposited: 31 Mar 2022 15:03
Last Modified: 24 May 2024 03:42

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