Business groups and internationalization: Effective identification and future agenda

In this essay, we systematically review research at the intersection of internationalization and business groups by conducting a content analysis from articles in top international business journals. We uncover that there is a strong focus on the effect of business group affiliation on internationalization, yet less attention is given to the internationalization strategies of business groups. Moreover, the literature on business groups and internationalization is mostly anchored in large business groups from emerging economies. We contribute to expand business group research across countries by proposing an algorithm to identify hierarchical business groups based on shareholdings and directorship interlocks. We conclude with suggestions for future research.