Business groups, institutions, and firm performance
研究了加入国内或国际商业集团是否让企业表现更好，以及区域制度质量如何影响这种关系。对意大利和西班牙制造企业的分析显示，只有国际集团成员在制度环境差的地区有短期增长优势。
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.