Skip to main navigation menu Skip to main content Skip to site footer

COMPETITIVIDAD GLOBAL

Vol. 12 (2018): La competitividad como detonante para la mejora social ISBN 978-607-96203-0-7

Diversificación internacional ¿beneficio para los pequeños accionistas o a los accionistas controladores?

Submitted
August 21, 2018
Published
2020-05-25

Abstract

La presente investigación busca analizar el impacto que genera la diversificación internacional en el valor de la compañía y su desempeño financiero; para lo cual se utilizaron las teorías de la agencia y la de recursos y capacidades, de las cuales surge una relación positiva entre dichas variables. Para probar dicha relación se utilizaron las bases de datos de ISI Emerging Market, información de la Bolsa Mexicana de Valores y del Índice de las 100 más Globales de la Revista Expansión y a través de un análisis de cinco años de datos de panel se encuentra que la diversificación afecta de forma positiva al valor de la empresa, pero no se encuentra evidencia de que afecte el desempeño financiero de la misma.

References

  1. Aguilera-Caracuel, J., Guerrero-Villegas. J., Vidal-Salazar, M. D. & Delgado-Márquez, B. L. (2015). International Cultural Diversification and Corporate Social Performance in Multinational Enterprises: The Role of Slack Financial Resources. Management International Review, 55, 323 - 353.
  2. Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership, corporate diversification and firm leverage. Journal of Law and Economics, 46, 653–684
  3. Barney, J. B. (1997). Gaining and sustaining competitive advantage, p. 145. Reading, MA: Addison-Wesley. Barney, J. B. (2001). Is the resource-based "view" a useful perspective for strategic management research? Yes. Academy of Management Review, 26(1), 41-56.
  4. Basave Kunhardi, J. (2007). El estudio de los grupos económicos en México: Origenes y perspectivas. En Valdaliso, S. y López García, J. M. Historia económica de la empresa, Editorial Critica, México.
  5. Capar, N., Chinta, R., Sussan, F. (2015). Effects of International Diversification and Firm Resources on Firm Performance Risk. Journal of Management and Strategy, 6(1). 10 - 20. doi:10.5430/jms.v6n1p10
  6. Cerutti, M. (1986). Producción capitalista y articulación del empresariado en Monterrey (1890 – 1910). En Labastida J. (comp) (1986). Grupos económicos y organizaciones empresariales en México. Universidad Nacional Autónoma de México, México D. F. 467 pags.
  7. Contractor, F. J. (2007). Is international business good for companies? The evolutionary or multi-stage theory of internationalization vs. the transaction cost perspective. Management International Review, 47(3), 453-475. http://dx.doi.org/10.1007/s11575-007-0024-2
  8. Cortes, L. M., Agudelo, D. A., & Mongrut, S. (2017). Waves and Determinants in Mergers and Acquisitions: The Case of Latin America. Emerging Markets Finance & Trade, 53, 1667–1690.
  9. Gaur, A., & Delios, A. (2015). International Diversification of Emerging Market Firms: The Role of Ownership Structure and Group Affiliation. Management International Review (MIR), 55(2), 235-253. doi:10.1007/s11575-015-0240-0
  10. Gaur, A., Kumar, V. (2009). International Diversification, Business Group Affiliation and Firm Performance: Empirical Evidence from India. British Journal of Management. (20), 172–186, DOI: 10.1111/j.1467-8551.2007.00558.x
  11. Hennart, J. F. (2007). The Theoretical Rationale for a Multinationality-Performance Relationship. Management International Review, 47 (3), 423-452.
  12. Hernández-Trasobares, A., Galve-Górriz, C. 2017). Diversification and family control as determinants of performance: A study of listed business groups. European Research on Management and Business Economics, 23, 46 - 54.
  13. Heung-Jun, J., Sung-Chul, N., & Sun-Wook, C. (2016). Maximizing the Benefits of Internationalization: The Moderating Role of Labour Flexibility. Relations Industrielles / Industrial Relations, 71(2), 350-372.
  14. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: effects on innovation and firm performance in product diversified firms. Academy of Management Journal, 40(4), 767–798.
  15. Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
  16. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3, 305–360.
  17. La Porta, R., Lopez de Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517.
  18. Liu, Y., Park, J. L., & Sohn, B. (2018). Foreign Investment in Emerging Markets: International Diversification or Familiarity Bias?. Emerging Markets Finance & Trade, 54(10), 2169-2191. doi:10.1080/1540496X.2017.1369403
  19. Miralles‐Quiros, M. M., & Miralles‐Quiros, J. L. (2017). The role of time-varying return forecasts for improving international diversification benefits. International Journal Of Finance & Economics, 22(3), 201-215. doi:10.1002/ijfe.1578
  20. Morck, R., & Yeung, B. (1991). Why investors value multinationality. Journal of Business, 64(2), 165–187.
  21. Mukhopadhyay, J., Chakraborty, I. (2017). Foreign institutional investment, business groups and firm performance: Evidence from India. Research in International Business and Finance, 39, 454 - 465.
  22. Muñoz, F., &Sánchez, M. J. (2011). Do family ties shape the performance consequences of diversification? Evidence form the European Union. Journal of World Business, 47(3), 469–477.
  23. Pelayo Maciel, J., Ortiz Barrera, M. A. & Pérez Esparza, A. (2018). Foreign Direct Investment: International Strategies by Business Groups. Mercados y Negocios, 1(38), 7-22.
  24. Sun, S. L., Peng, M. W., Tan, W. (2017). Institutional relatedness behind product diversification and international diversification. Asia Pacific Journal of Management, 34, 339 - 366. DOI: 10.1007/s10490-016-9498-4
  25. Ting, L. & Delian F. (2012). Empirical study on the relationship between internationalization and business performance of Chinese manufacturing companies. Journal of Yunnan Finance & Economics University, 27(3), 94-100.
  26. UNCTAD (2018). World Investment report 2017, Investor Nationality: Policy Challenges. United Nations Conference on Trade and Developmet.

Most read articles by the same author(s)

> >>