Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/206331 
Erscheinungsjahr: 
2015
Quellenangabe: 
[Journal:] BRQ Business Research Quarterly [ISSN:] 2340-9436 [Volume:] 18 [Issue:] 4 [Publisher:] Elsevier España [Place:] Barcelona [Year:] 2015 [Pages:] 259-274
Verlag: 
Elsevier España, Barcelona
Zusammenfassung: 
We analyze the effect of two types of corporate diversification (business diversification and ownership diversification) on the market value of the Chilean firms. For a sample of 83 nonfinancial firms listed on the Santiago Stock Market from 2005 to 2013, we find a discount for both business and ownership diversification, which is consistent with that reported for other economic or institutional settings. Second, we find that the business diversification discount is related to the ownership structure and is due to the excess of the largest shareholders’ control rights. Third, we find that the ownership diversification discount becomes a premium when the ownership diversification enables the control of the affiliated firms. This effect can be explained by the improvement of internal capital markets that allows overcoming the limitations of Chilean external capital markets."
Schlagwörter: 
Business diversification
Chile
Emerging Latin-American markets
Ownership structure
Firm value
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