Does corporate diversification create value in emerging markets? New evidence from Chile
Autor
Espinosa C.
Jara M.
Maquieira C.
Vieito J.P.
Resumen
Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and institutional investors’ influence on firm value. We report firm-value destruction for diversified firms. Regarding ownership concentration, we report a negative relation between the largest shareholder ownership and firm value. Separation between voting rights and cash flows rights of this shareholder is negatively related to firm value. While Pension Fund Administrators (AFP) mitigate firm value destruction in diversified firms, other institutional investors do not play an active role in controlling value destruction. Finally, if the largest owner is a family, we report firm-value creation in diversified firms. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.
Colecciones
Ítems relacionados
Mostrando ítems relacionados por Título, autor o materia.
-
Article
STUDENT ATTRACTION AND MARKETING STRATEGIES IN A TECHNICAL NATIONAL INSTITUTE: A BRAZILIAN CASE STUDY (2024)
Walter, Cicero Eduardo; Ferasso, Marcos; Vasconcelos, Stefhany Amorim; Fortes, Paulo Jordão; Júnior, Odias Cursino; Franco, Maxwell Klinger Assunção (ANPAD - Associacao Nacional de Pos-Graduacao e Pesquisa em Administracao, 2024)Purpose: This case study analyzes how management strategies for higher technical-vocational education are used to attract students, based on institutional marketing, and how they were put into practice in the MarketIFPI ... -
Article
Mobile-based emergency report and response system for academic institutions of developing countries (2020)
Adewumi A.; Nwaoyo C.; Parejas F.J.; Misra S.; Crawford B.; Soto R. (Pushpa Publishing House, 2016) -
Article
Little big researchers: children creating knowledge about school engagement in Chile (2024)
Saracostti, Mahia; de Toro, Ximena (Revista Latinoamericana de Ciencias Sociales, 2023)More than 30 years after the Convention on the Rights of the Child recognized their right to partici-pate, research continues to be predominantly about children but not carried out with them. This study seeks to contribute ...