The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research

Research Question/Issue Scholarly interest in business groups (BGs) has grown considerably over the years, as they emerged as important players in the global economy. Yet, there exist ample differences in the corporate governance, strategies, and performance of BG-affiliated firms. Given that BGs di...

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Autores: Justo, Raquel, Aguilera, Ruth, Federo, Ryan, Merida, Adrian Luis, Pascual-Fuster, Bartolomé
Tipo de recurso: artículo
Fecha de publicación:2024
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:20.500.14342/4887
Acceso en línea:https://hdl.handle.net/20.500.14342/4887
http://doi.org/10.1111/corg.12603
Access Level:acceso abierto
Palabra clave:Advanced and emerging economies
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spelling The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future ResearchJusto, RaquelAguilera, RuthFedero, RyanMerida, Adrian LuisPascual-Fuster, BartoloméAdvanced and emerging economiesResearch Question/Issue Scholarly interest in business groups (BGs) has grown considerably over the years, as they emerged as important players in the global economy. Yet, there exist ample differences in the corporate governance, strategies, and performance of BG-affiliated firms. Given that BGs differ substantially across national institutional contexts, previous studies provide inconclusive arguments and empirical evidence regarding the complex relationship between corporate governance and firm performance within BGs. Research Findings/Insights Our review of 301 articles published in highly ranked journals between 1986 and 2023 establishes a mechanism-based framework to explain the effect of BG affiliation, ownership structure, and corporate governance practices on firm performance. We also reveal that many relationships between these factors vary cross-nationally and over time, contingent on the national institutional strength where BGs are domiciled and operate. Theoretical/Academic Implications We develop a mechanism-based framework to unpack the relationship between corporate governance and firm performance within BGs and discuss previous studies' findings across different institutional settings. We find that some mechanisms are generally applicable to BGs in many contexts, whereas others only hold in particular institutional conditions. We then offer several research avenues for further scholarly attention. Practitioner/Policy Implications Managers and policy makers should consider cross-national differences to fully understand BGs. Ultimately, our review demonstrates that there is no one-size-fits-all approach to BGs because their roles, functioning, and outcomes differ across institutional settings.info:eu-repo/semantics/publishedVersionEmerald Group Publishing Ltd.Universitat Ramon Llull. Esade2024info:eu-repo/semantics/article28 p.https://hdl.handle.net/20.500.14342/4887http://doi.org/10.1111/corg.12603reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésCorporate Governance: An International Review© L'autor/aAttribution 4.0 Internationalhttp://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessoai:recercat.cat:20.500.14342/48872026-05-29T05:05:01Z
dc.title.none.fl_str_mv The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
title The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
spellingShingle The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
Justo, Raquel
Advanced and emerging economies
title_short The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
title_full The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
title_fullStr The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
title_full_unstemmed The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
title_sort The Corporate Governance of Business Groups Around the World: A Review and Agenda for Future Research
dc.creator.none.fl_str_mv Justo, Raquel
Aguilera, Ruth
Federo, Ryan
Merida, Adrian Luis
Pascual-Fuster, Bartolomé
author Justo, Raquel
author_facet Justo, Raquel
Aguilera, Ruth
Federo, Ryan
Merida, Adrian Luis
Pascual-Fuster, Bartolomé
author_role author
author2 Aguilera, Ruth
Federo, Ryan
Merida, Adrian Luis
Pascual-Fuster, Bartolomé
author2_role author
author
author
author
dc.contributor.none.fl_str_mv Universitat Ramon Llull. Esade
dc.subject.none.fl_str_mv Advanced and emerging economies
topic Advanced and emerging economies
description Research Question/Issue Scholarly interest in business groups (BGs) has grown considerably over the years, as they emerged as important players in the global economy. Yet, there exist ample differences in the corporate governance, strategies, and performance of BG-affiliated firms. Given that BGs differ substantially across national institutional contexts, previous studies provide inconclusive arguments and empirical evidence regarding the complex relationship between corporate governance and firm performance within BGs. Research Findings/Insights Our review of 301 articles published in highly ranked journals between 1986 and 2023 establishes a mechanism-based framework to explain the effect of BG affiliation, ownership structure, and corporate governance practices on firm performance. We also reveal that many relationships between these factors vary cross-nationally and over time, contingent on the national institutional strength where BGs are domiciled and operate. Theoretical/Academic Implications We develop a mechanism-based framework to unpack the relationship between corporate governance and firm performance within BGs and discuss previous studies' findings across different institutional settings. We find that some mechanisms are generally applicable to BGs in many contexts, whereas others only hold in particular institutional conditions. We then offer several research avenues for further scholarly attention. Practitioner/Policy Implications Managers and policy makers should consider cross-national differences to fully understand BGs. Ultimately, our review demonstrates that there is no one-size-fits-all approach to BGs because their roles, functioning, and outcomes differ across institutional settings.
publishDate 2024
dc.date.none.fl_str_mv 2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/20.500.14342/4887
http://doi.org/10.1111/corg.12603
url https://hdl.handle.net/20.500.14342/4887
http://doi.org/10.1111/corg.12603
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Corporate Governance: An International Review
dc.rights.none.fl_str_mv © L'autor/a
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv © L'autor/a
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 28 p.
dc.publisher.none.fl_str_mv Emerald Group Publishing Ltd.
publisher.none.fl_str_mv Emerald Group Publishing Ltd.
dc.source.none.fl_str_mv reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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