International diversification, ownership structure and performance in an emerging market: evidence from Chile

被引：7

作者：

Espinosa-Mendez, Christian ^{[1
]}

Araya-Castillo, Luis ^{[2
]}

Jara Bertin, Mauricio ^{[3
]}

Gorigoitia, Juan ^{[4
]}

机构：

[1] Univ Santiago Chile, Fac Adm & Econ, Dept Adm, Santiago, Chile

[2] Univ Andres Bello, Fac Econ & Negocios, Santiago, Chile

[3] Univ Chile, Dept Adm, Fac Econ & Negocios, Santiago, Chile

[4] Univ Santiago Chile, Fac Adm & Econ, Santiago, Chile

来源：

ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA | 2021年 / 34卷 / 01期

关键词：

International diversification; ownership structure; firm value; C30; C33; G15; G32; INSTRUMENTAL-VARIABLE ESTIMATION; BUSINESS GROUP AFFILIATION; FIRM PERFORMANCE; M CURVE; CORPORATE GOVERNANCE; STRATEGY RESEARCH; BRIGHT SIDE; PANEL-DATA; MULTINATIONALITY; EXPANSION;

D O I：

10.1080/1331677X.2020.1820359

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This research analyzes the impact of international diversification on the performance of Chilean exporting firms. Considering a sample of 47 companies listed on the Santiago Stock Exchange during the period 2003-2013, we found an international diversification discount. Secondly, when investigating the relationship between international diversification and performance, we found that they are related through an inverted U curve. Finally, we investigated how the ownership structure moderates the relationship between international diversification and performance, finding that the ownership concentration and pyramidal ownership positively impacts the performance of companies initiating international diversification strategies; and that the business groups' affiliation negatively impacts in the international diversification-performance relationship.

引用

页码：1202 / 1223

页数：22

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