Business groups, institutions, and firm performance

Giulio Cainelli, Roberto Ganau and Anna Giunta

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: 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.

JEL-codes: D02 R12 (search for similar items in EconPapers)
Pages: 19 pages
Date: 2022-01-31
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-eff and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in Industrial and Corporate Change, 31, January, 2022, 31(1), pp. 215 - 233. ISSN: 0960-6491

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:114553

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