TESIS/AFE PARA OPTAR AL GRADO DE MAGÍSTER EN FINANZAS / This paper analyses how family control affects diversification decision on Chilean firms, its
characteristics and limitations. Specifically, we introduce the potential agency frameworks such
as pyramidal ownership, family, or business groups, as determinants of corporate prevention
to diversify. From a dataset composed by 140 Chilean nonfinancial firms listed in the period 2008-
2015, we use an OLS method withed year-industry fixed effects. Results show that families tend
to diversify less than non-family companies. Nonetheless, they show higher compromise with
the segments already owned, showing a manifestation of the socioemotional wealth and the
resource-based approach. Interestingly, family firms under business groups or pyramidal
structures show positive tendencies to diversify, consistent with the wealth expropriation
theories.
| Identifer | oai:union.ndltd.org:UCHILE/oai:repositorio.uchile.cl:2250/168311 |
| Date | 07 1900 |
| Creators | Lehmann, Alejandro |
| Contributors | Jara Bertín, Mauricio |
| Publisher | Universidad de Chile |
| Source Sets | Universidad de Chile |
| Language | English |
| Detected Language | English |
| Type | Tesis |
| Rights | Attribution-NonCommercial-NoDerivs 3.0 Chile, http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ |
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