Ownership structure and diversification in a scenario of weak shareholder protection

References

• Aiken , LS and West , SG . 1991 . Multiple Regression: Testing and Interpreting Interactions , CA : Sage, Newbury Park .
   Google Scholar
• Amihud , Y and Lev , B . 1981 . Risk reduction as a managerial motive for conglomerate mergers . Bell Journal of Economics , 12 : 605 – 18 .
   Google Scholar
• Amihud , Y and Lev , B . 1999 . Does corporate ownership structure affect its strategy towards diversification? . Strategic Management Journal , 20 : 1063 – 9 .
   Web of Science ®Google Scholar
• Arellano , M . 2003 . Panel Data Econometrics , New York : Oxford University Press Inc. .
   Google Scholar
• Arellano , M and Bond , SR . 1991 . Some tests of specification for panel data: Monte Carlo evidence and application to employment equations . Review of Economic Studies , 58 : 277 – 97 .
   Web of Science ®Google Scholar
• Arthus , JD and Busenitz , LW . 2003 . The boundaries and limitations of agency theory and stewardship theory in the venture capitalist/entrepreneur relationship . Entrepreneurship Theory and Practice , 28 : 145 – 63 .
   Google Scholar
• Balkin , DB and Gomez-Mejia , LR . 1990 . Matching compensation and organizational strategies . Strategic Management Journal , 11 : 153 – 69 .
   Web of Science ®Google Scholar
• Bethel , JE and Liebeskind , J . 1993 . The effects of ownership structure on corporate restructuring . Strategic Management Journal , 14 : 13 – 31 .
   Google Scholar
• Campa , JM and Kedia , S . 2002 . Explaining the diversification discount . Journal of Finance , 51 : 1731 – 62 .
   Google Scholar
• Carpenter , MA , Pollock , TG and Leary , MM . 2003 . Testing a model of reasoned risk-taking: governance, the experience of principals and agents, and global strategy in high-technology IPO firms . Strategic Management Journal , 24 : 802 – 20 .
   Web of Science ®Google Scholar
• Chkir , IE and Cosset , JC . 2001 . Diversification strategy and capital structure of multinational corporations . Journal of Multinational Financial Management , 11 : 17 – 37 .
   Google Scholar
• Collin , S and Bengtsson , L . 2000 . Corporate governance and strategy: a test of the association between governance structures and diversification on Swedish data . Corporate Governance: An International Review , 8 : 154 – 65 .
   Google Scholar
• Core , J , Guay , W and Larcher , D . 2003 . Executive equity compensation and incentives: a survey . Economic Policy Review , April : 27 – 50 .
   Google Scholar
• David , P , Kochhar , R and Levitas , E . 1998 . The effect of institutional investors on the level and mix of CEO compensation . Academy of Management Journal , 41 : 200 – 8 .
   Web of Science ®Google Scholar
• Del Brío , EB , Miguel , A and Perote , J . 2002 . An investigation of insider trading profits in the Spanish market . Quarterly Review of Economics and Finance , 42 : 73 – 94 .
   Google Scholar
• Del Brío , E , Miguel , A and Pindado , J . 2003 . Investment and firm value: an analysis using panel data . Applied Financial Economics , 13 : 893 – 903 .
   Google Scholar
• Del Brío , EB , Miguel , A and Tobar , J . 2010 . The impact of stock market regulation on the level of market efficiency. Comparison between Spain and UK . Revista Española de Financiación y Contabilidad , 49 : 480 – 97 .
   Google Scholar
• Denis , D , Denis , D and Sarin , A . 1997 . Agency problems, equity ownership, and corporate diversification . The Journal of Finance , 52 : 135 – 60 .
   Web of Science ®Google Scholar
• Denis , D , Denis , D and Sarin , A . 1999 . Agency theory and the influence of equity ownership structure on corporate diversification strategies . Strategic Management Journal , 20 : 1071 – 6 .
   Web of Science ®Google Scholar
• Donaldson , L and Davis , JH . 1991 . Stewardship theory or agency theory: CEO governance and shareholder returns . Australian Journal of Management , 16 : 49 – 66 .
   Google Scholar
• Fernández-Rodríguez , E , Gómez-Ansón , S and Cuervo-García , A . 2004 . The stock market reaction to the introduction of best practices codes by Spanish firms . Corporate Governance: An International Review , 12 : 29 – 46 .
   Web of Science ®Google Scholar
• Fox , MA and Hamilton , RT . 1994 . Ownership and diversification: agency theory or stewardship theory . Journal of Management Studies , 31 : 69 – 83 .
   Web of Science ®Google Scholar
• Gómez-Anson , S . 2005 . Corporate governance developments in Spain in UNECE Roundtable on Corporate Governance, Geneva, 9 February 2005
   Google Scholar
• Gonenc , H and Aybar , CB . 2006 . Financial crisis and firm performance: empirical evidence from Turkey . Corporate Governance: An International Review , 14 : 297 – 311 .
   Google Scholar
• Graves , SB . 1988 . Institutional ownership and corporate R&D in the computer industry . Academy of Management Journal , 31 : 417 – 29 .
   Web of Science ®Google Scholar
• Graves , SB and Waddock , SA . 1990 . Institutional ownership and control: implications for long-term corporate strategy . Academy of Management Executive , 4 : 75 – 84 .
   Google Scholar
• Hermalin , BE and Weisbach , MS . 1991 . The effects of board composition and direct incentives on firm performance . Financial Management , 20 : 101 – 12 .
   Web of Science ®Google Scholar
• Hill , C and Snell , S . 1988 . External control, corporate strategy, and firm performance in research-intensive industries . Strategic Management Journal , 9 : 577 – 90 .
   Web of Science ®Google Scholar
• Jacquemin , AP and Berry , CH . 1979 . Entropy measure of diversification and corporate growth . The Journal of Industrial Economics , 27 : 1 – 13 .
   Google Scholar
• Jensen , MC . 1986 . Agency costs of free cash flow, corporate finance, and takeovers . AEA Papers and Proceedings , 76 : 323 – 9 .
   Web of Science ®Google Scholar
• Jensen , M and Meckling , W . 1976 . Theory of the firm: managerial behaviour agency costs and ownership structure . Journal of Financial Economics , 3 : 305 – 60 .
   Web of Science ®Google Scholar
• Jensen , M and Ruback , W . 1983 . The market for corporate control . Journal of Financial Economics , 11 : 5 – 50 .
   Web of Science ®Google Scholar
• Kang , E . 2006 . Investors’ perception of managerial opportunism in corporate acquisitions: the moderating role of environmental conditions . Corporate Governance: An International Review , 14 : 377 – 87 .
   Google Scholar
• La Porta , R , Lopez-de-Silanes , F , Shleifer , A and Vishny , R . 1998 . Law and finance . Journal of Political Economy , 106 : 1113 – 55 .
   Web of Science ®Google Scholar
• La Porta , R , Lopez-de-Silanes , F and Vishny , R . 1999 . Corporate ownership around the world . Journal of Finance , 54 : 471 – 517 .
   Web of Science ®Google Scholar
• Laeven , L and Levine , R . 2007 . Is there a diversification discount on financial conglomerates? . Journal of Financial Economics , 58 : 331 – 67 .
   Google Scholar
• Lane , PJ , Canella , AA and Lubtakin , MH . 1998 . Agency problems as antecedents to unrelated diversification: Amihud and Lev reconsidered . Strategic Management Journal , 19 : 555 – 78 .
   Web of Science ®Google Scholar
• Lehmann , E and Weigand , J . 2000 . Does the governed corporation perform better? Governance structures and corporate performance in Germany . European Finance Review , 4 : 157 – 95 .
   Google Scholar
• Lopez-Iturriaga , F . 2005 . Debt ownership structure and legal system: an international analysis . Applied Economics , 37 : 355 – 65 .
   Google Scholar
• Lopez-Iturriaga , F and Rodriguez-Sanz , JA . 2008 . Capital structure and institutional setting: a decompositional and international analysis . Applied Economics , 40 : 1851 – 4 .
   Web of Science ®Google Scholar
• Mallin , CA , Mullineux , AW and Wihlborg , C . 2005 . The financial sector and corporate governance: the UK case . Corporate Governance: An International Review , 13 : 532 – 47 .
   Web of Science ®Google Scholar
• Mehran , H . 1995 . Executive compensation structure, ownership, and firm performance . Journal of Financial Economics , 38 : 163 – 84 .
   Web of Science ®Google Scholar
• Menéndez-Alonso , EJ . 2003 . Does diversification strategy matter in explaining capital structure? Some evidence from Spain . Applied Financial Economics , 13 : 427 – 30 .
   Google Scholar
• Miguel , A , Pindado , J and De la Torre , C . 2004 . Ownership structure and firm value: new evidence from Spain . Strategic Management Journal , 25 : 1199 – 207 .
   Web of Science ®Google Scholar
• Mudambi , R and Nicosia , C . 1998 . Ownership structure and firm performance: evidence from the UK financial services industry . Applied Financial Economics , 8 : 175 – 80 .
   Google Scholar
• Murphy , K . 1999 . “ Executive compensation ” . In Handbook of Labor Economics , Edited by: Ashenfelter , O and Card , D . 2486 – 563 . Amsterdam : North Holland .
   Google Scholar
• Pindado , J and De la Torre , C . 2006 . The role of financing, investment and dividend decisions in explaining corporate ownership structure: evidence from Spain . European Financial Management , 12 : 661 – 87 .
   Web of Science ®Google Scholar
• Rose , NL and Shepard , A . 1997 . Firm diversification and CEO compensation: managerial ability or executive entrenchment? . The RAND Journal of Economics , 28 : 489 – 515 .
   Web of Science ®Google Scholar
• Saona , P and Vallelado , E . 2008 . The use of bank debt as a governance mechanism conditioned by the financial system? The cases of Chile and Spain . Applied Economics , 42 : 1709 – 26 .
   Google Scholar
• Shleifer , A and Vishny , RW . 1986 . Large shareholders and corporate control . Journal of Political Economy , 95 : 461 – 88 .
   Web of Science ®Google Scholar
• Shleifer , A and Vishny , RW . 1989 . Management entrenchment . Journal of Financial Economics , 25 : 123 – 40 .
   Web of Science ®Google Scholar
• Shleifer , A and Vishny , RW . 1997 . A survey of corporate governance . Journal of Finance , 52 : 35 – 55 .
   Web of Science ®Google Scholar
• Short , H and Keasey , K . 1999 . Managerial ownership and the performance of firms: evidence for UK . Journal of Corporate Finance , 5 : 79 – 101 .
   Google Scholar
• Stulz , RM . 1990 . Managerial discretion and optimal financing policies . Journal of Financial Economics , 26 : 3 – 28 .
   Web of Science ®Google Scholar
• Villalonga , B . 2004a . Diversification discount or premium? New evidence from the business information tracking series . Journal of Finance , 59 : 475 – 502 .
   Web of Science ®Google Scholar
• Villalonga , B . 2004b . Does diversification cause the diversification discount? . Financial Management , 33 : 5 – 27 .
   Web of Science ®Google Scholar
• Wan , W and Hoskisson , R . 2003 . Home country environments, corporate diversification strategies, and firm performance . Academy of Management Journal , 46 : 27 – 45 .
   Web of Science ®Google Scholar
• Yoshikawa , T and Phan , PH . 2005 . The effects of ownership and capital structure on board composition and strategic diversification in Japanese corporations . Corporate Governance: An International Review , 13 : 303 – 12 .
   Google Scholar