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Corporate group

About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.


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Journal ArticleDOI
TL;DR: In this paper, the authors investigated the relationship between corporate governance and internationalization and found that companies belonging to a business group are more likely to operate internationally and that there seems to exist an inverted U-shaped relationship between family influence and internationalisation.
Abstract: Corporate governance plays a crucial role in shaping a firm’s strategy, including its international activity. However, the relations between governance and internationalisation have received limited scientific attention. Focusing on governance variables related to ownership, management and boards, this paper explores how the ownership-related factors ‘group affiliation’ and ‘family influence’ as well as the firm’s governance bodies (management board, supervisory and advisory boards) impact internationalisation. Basing research efforts on medium-sized Austrian firms and drawing on bivariate and multivariate analyses, this paper investigates these relations in a country with a two-tier system. The findings suggest that companies belonging to a business group are more likely to operate internationally. Moreover, there seems to exist an inverted U-shaped relationship between family influence and internationalisation. Also, the firms analysed in this study do not make use of the pool of resources, offered by managing directors, to facilitate internationalisation. While our study reveals a negative correlation between international activity and supervisory boards, firms with an advisory board are more likely to engage in international activities. This finding indicates that business groups and advisory boards are best suited to provide medium-sized enterprises with the capabilities, know-how, networks and other resources necessary to operate internationally.

13 citations

Journal ArticleDOI
TL;DR: In this article, the authors analyzed access to bank financing by small firms belonging to business groups compared to independent firms during the severe credit-crunch during 2010-2012 caused by the financial crisis and subsequent domestic recession.
Abstract: This paper aims to analyze access to bank financing by small firms belonging to business groups compared to independent firms. We consider Italian manufacturing firms during the severe credit-crunch during 2010–2012 caused by the financial crisis and subsequent domestic recession. We expect belonging to a business group to facilitate access to bank financing as the result of two different mechanisms: (i) the implicit guarantee provided by group belonging (affiliation effect) and (ii) the transfer of resources via the internal capital market (portfolio effect). The empirical evidence confirms our hypotheses. Belonging to a business group facilitates access to bank financing, while the presence of an internal capital market, which substitutes for both the decision to obtain bank financing and the amount borrowed, makes firms that are part of a business group less dependent than independent firms on this type of financing.

13 citations

Journal Article
TL;DR: The dominant strains of corporate governance theory are far removed from the scholarship in employment and discrimination law The two fields occupy distant workspaces and almost never talk to each other as mentioned in this paper The principal reason is that most corporate legal scholars have deliberately defined their field so that it addresses only a single, if crucial, subject: the allocation of control over firms between managers and suppliers of capital-investors.
Abstract: I Interdisciplinary ProspectsThe dominant strains of corporate governance theory are far removed from the scholarship in employment and discrimination law The two fields occupy distant workspaces and almost never talk to each other The principal reason is that most corporate legal scholars have deliberately defined their field so that it addresses only a single, if crucial, subject: the allocation of control over firms between managers and suppliers of capital-investors1 So restricted, the field leaves to others the task of thinking about the legal relationships between the firm and other stakeholders, including those who supply its laborSome corporate scholars chafe under this restricted vision and seek to redefine the boundaries of corporate law so as to encourage2-or in some cases even require3-the board of directors to take into account the interests of employees, bringing employment law and corporate law into closer contact But their project has yet to gain anything close to the upper hand Some of the resistance is no doubt ideological-there is a strong conservative streak within the community of corporate scholars, and many of the critics of the narrow vision of corporate law have an openly progressive agenda I suspect, though, that others fear that the field will lose its intellectual specialty if it expands too far in the direction of open-ended constructs like "team production"4 or "connected contracts"5 Yet regardless of the eventual scholarly consensus on whether corporate law should shift away from exclusive attention to investor interests, the corporate theory informing that inquiry uses a much wider-angled lens Economists, whose ideas orthodox corporate law scholars habitually borrow, certainly have no similar self-imposed limits on their interests "Theory of the firm" work translates into a strong interest in employment contracts and structural relationships, resulting in a melding of economics and human resources6 Economists studying the principal-agent problem have long been interested in institutional arrangements that optimize the efficiency and productivity of the firm, something hardly limited to the resolution of conflicts between managers and investorsSince the early 1970s, work in corporate law has closely followed the interests of the economists, and it continues to follow in this direction7 Having gained some fluency with more expansive ideas about how firms are organized, scholars who think of themselves as "corporate" are seeing connections to other legal disciplines and are applying their skills and insights to problems in the borderland I suspect that this expansion of interests will gradually transform "scholarship of the firm" Following the lead of corporate scholars like Margaret Blair, more attention will be paid to institutional arrangements-both contract and legal design-that facilitate productivity through more sophisticated approaches to human resources within organizations8 We already see some signs of this increased attention in work on "virtual corporations"9 and in David Millon's exploration of employment security inside the firm10 Stephen Bainbridge's writing on the connections between corporate decisionmaking and participatory workgroup arrangements11 is another nice inquiry into this type of issue, as is-in a very different direction-research by Stewart Schwab and Randall Thomas on the exercise of shareholder voting rights by labor unions and pension plans12This Article follows in that spirit Once we open the corporate governance/human resources nexus to deeper inquiry, mutual scholarly interest in diversity and discrimination follows naturally13 Firms have complex motives to take nondiscrimination and the promotion of diversity seriously First, at least certain forms of discrimination are both unlawful and socially illegitimate and hence present threats of potential liability and injury to reputation Second, human resources demands are such that attracting and motivating a diverse workforce is a competitive imperative …

13 citations

Journal ArticleDOI
TL;DR: German corporate group law (or rather, to be more precise, the German Recht der verbundenen Unternehmen, i.e., the law of affiliated companies, §§ 15 ff., 291 ff. as mentioned in this paper ) owes its existence to special concerns of the German legislature at the end of the 1950s and the beginning of the 1960s regarding the ability to protect the interests of outsiders in group-dependent marketable share companies.
Abstract: German corporate group law (or rather, to be more precise, the German Recht der verbundenen Unternehmen, i.e., the law of affiliated companies, §§ 15 ff., 291 ff. Marketable Share Company Act [Aktiengesetz, abbreviated AktG]) owes its existence to special concerns of the German legislature at the end of the 1950s and the beginning of the 1960s regarding the ability to protect the interests of outsiders in group-dependent marketable share companies (Aktiengesellschaften). The interests of shareholders and creditors were considered to be so intensive, so inscrutable and so continuously endangered, that the legislature believed that the existing company law was incapable of satisfactorily providing the requisite protection.

13 citations

Journal Article
TL;DR: In this article, the authors provide a comprehensive treatment of corporate groups and the legal interrelationships of their component parent, subsidiary, and affiliated companies, and offer in-depth coverage of statutory and judicial law, federal and state, that affects parent and subsidiaries, franchisers and franchisees, licensors and licensees, health care institutions and medical staff and other corporate groups.
Abstract: This Book provides a comprehensive treatment of corporate groups and the legal interrelationships of their component parent, subsidiary, and affiliated companies. It offers in-depth coverage of statutory and judicial law, federal and state, that affects parent and subsidiaries, franchisers and franchisees, licensors and licensees, health care institutions and medical staff and other corporate groups and provides the only comprehensive coverage of the key question: when the law will use more modern tools of enterprise law and look to the whole multicorporation enterprise, and when will it use traditional tools and look to individual corporate entities?Traditional corporation law and "piercing the veil" no longer provide adequate guides to the law of parent and subsidiary corporations. In numerous areas, courts and legislatures are today allocating legal rights and liabilities according to modern enterprise principles.

13 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202321
202249
202165
202078
201967
201874