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

共 50 条

[31] Institutional Ownership and Stock Liquidity: Evidence From an Emerging Market
Dinh, Ngoc Bao
Tran, Van Nguyen Hong
[J]. SAGE OPEN, 2024, 14 (01):
[32] International diversification and performance: Evidence from Singapore
Tongli L.
Ping E.J.
Chiu W.K.C.
[J]. Asia Pacific Journal of Management, 2005, 22 (1) : 65 - 88
[33] Does Endogenously Determined Ownership Matter on Performance? Dynamic Evidence from the Emerging Taiwan Market
Liang, Chiung-Ju
Lin, Ying-Li
Huang, Tzu-Tsang
[J]. EMERGING MARKETS FINANCE AND TRADE, 2011, 47 (06) : 120 - 133
[34] Philanthropic giving, market-based performance and institutional ownership: Evidence from an emerging economy
Bose, Sudipta
Podder, Jyotirmoli
Biswas, Kumar
[J]. BRITISH ACCOUNTING REVIEW, 2017, 49 (04): : 429 - 444
[35] The role of state ownership and institutions in the innovation performance of emerging market enterprises: Evidence from China
Yi, Jingtao
Hong, Junjie
Hsu, Wen Chung
Wang, Chengqi
[J]. TECHNOVATION, 2017, 62-63 : 4 - 13
[36] Foreign Ownership and Commercial Banks' Performance in Emerging Market Countries-Evidence from the BRICS
Zhang, Zhong-zheng
Yuan, Xue-mei
Feng, Su-ling
[J]. PROCEEDINGS OF THE 3D INTERNATIONAL CONFERENCE ON APPLIED SOCIAL SCIENCE RESEARCH, 2016, 105 : 328 - 331
[37] Internationalization, related party transactions, and firm ownership structure: Empirical evidence from an emerging market
Agnihotri, Arpita
Bhattacharya, Saurabh
[J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2019, 48 : 340 - 352
[38] R&D intensity and international joint venture performance in an emerging market: Moderating effects of market focus and ownership structure
Zhang, Yan
Lil, Haiyang
Hitt, Michael A.
Cui, Geng
[J]. JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2007, 38 (06) : 944 - 960
[39] R&D intensity and international joint venture performance in an emerging market: moderating effects of market focus and ownership structure
Yan Zhang
Haiyang Li
Michael A Hitt
Geng Cui
[J]. Journal of International Business Studies, 2007, 38 : 944 - 960
[40] Equal ownership split in international joint ventures: performance implications in an emerging market
Cho, Hyo Eun
Moon, Jon Jungbien
Jeong, Insik
[J]. ASIAN BUSINESS & MANAGEMENT, 2022, 21 (02) : 205 - 230

← 1 2 3 4 5 →