Business groups

The aims of the research activity on business groups is to understand the factors explaining the choices of this organizational structure and its consequences for the behaviour and performance of firms.

Business groups are defined as sets of companies that are legally distinct, but which are owned and controlled by the same person(s). This may be an individual, members of one family or a coalition of people, who are referred to as the “ultimate owner”, “vertex” or “controlling owner” of the group.

Business gropus may be devided between horizontal groups and vertical groups or pyramids. Horizontal groups mimic the multidivisional structure, in which controlled companies play the role of divisions.  In vertical business groups (pyramids) there could be several layers of controlled companies. 

Our research activity on business groups deals with several topics:

  • business groups' performance and behaviour;
  • the governance of business groups;
  • the role of the internal capital market;
  • R&D organization in business groups
  • business groups and portfolio entrepreneurship.