Business group affiliation can impact a company's long-term performance. A study compared chaebol-affiliated firms to independent firms and found that chaebol firms outperformed the control group over time. This was due to chaebol firms becoming larger, more profitable, and growing faster with more investments. They also had higher debt, more foreign ownership, and benefited from tax shield and monitoring effects. However, simply being part of a business group did not automatically increase a firm's value.