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The influence of family and pyramidal ownership on corporate diversification in Chile

Espinosa-Méndez, Christian, Jara-Bertín, Mauricio and Carlos Maquieira
Authors registered in the RePEc Author Service: Mauricio Jara Bertin

The North American Journal of Economics and Finance, 2018, vol. 43, issue C, 158-168

Abstract: In this paper we analyse the moderating effects of family nature and pyramidal ownership on the relationship between corporate diversification and performance in Chilean companies. Using a sample of 104 companies listed on the Santiago Stock Exchange between 2005 and 2016, we report a diversification discount. Second, we find that when firms are owned by a family, the relationship between performance and diversification is positive. However, when family ownership is pyramidal, the relationship between performance and diversification becomes negative.

Keywords: Family firms; Pyramidal ownership; Corporate diversification; Firm value (search for similar items in EconPapers)
JEL-codes: C30 C33 G15 G32 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecofin:v:43:y:2018:i:c:p:158-168

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