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.

中文翻译：

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商业团体、机构和公司业绩

本文的目的是双重的。首先，我们分析隶属于国内和国际商业集团的公司是否优于独立公司。其次，我们调查与国家和国际商业集团成员相关的任何潜在绩效溢价是否取决于次国家和地区机构的质量。使用意大利和西班牙制造公司的数据，我们发现国际商业集团成员的短期增长溢价——而不是国家商业集团成员——相对于独立公司。我们还发现，与国际商业集团成员相关的增长溢价仅在低质量的区域制度环境中被发现。