ABSTRACT
Family multinationals have been emerging from Mexico rapidly since the 1990s, a phenomenon closely related to their growth in a late-industrializing country: family-owned and -controlled business groups (FBs) are a representative organizational model of economic agents in such a setting. 1 They form in response to traits of late-industrializing economies, including market failures, 2 underdeveloped economic institutions, 3 and a close relationship between businesses and the state, making them predominant in firms of all sizes. 4 The distinctive features of FBs in late-industrializing countries deserve a separate analysis.
