Original scientific paper
https://doi.org/10.1080/1331677X.2020.1820359
International diversification, ownership structure and performance in an emerging market: evidence from Chile
Christian Espinosa-Méndez
Luis Araya-Castillo
Mauricio Jara Bertín
Juan Gorigoitía
Abstract
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 diversificationperformance relationship.
Keywords
International diversification; ownership structure; firm value
Hrčak ID:
301224
URI
Publication date:
31.12.2021.
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