References
- Abdullah, F., Shah, A., Gohar, R., & Muhammad Iqbal, A. (2011). The effect of group and family ownership on firm performance: Empirical evidence from Pakistan. International Review of Business Research Papers, 7(4), 191–208. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1907150
- Almeida, H., & Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. Journal of Finance, 61(6), 2637–2680. DOI:https://doi.org/10.1111/j.1540-6261.2006.01001.x
- Almodóvar, P. (2012). The international performance of standardizing and customizing Spanish firms. The M Curve Relationships. Multinational Business Review, 20(4), 306–330. https://doi.org/10.1108/15253831211286246
- Almodóvar, P., & Rugman, A. M. (2014). The M Curve and the Performance of Spanish International New Ventures. British Journal of Management, 25(1), S6–S23. https://doi.org/10.1111/1467-8551.12022
- Alonso-Borrego, C., & Arellano, M. (1999). Symmetrically normalized instrumental-variable estimation using panel data. Journal of Business & Economic Statistics, 17(1), 36. DOI:https://doi.org/10.2307/1392237
- An, Y. H., & Naughton, T. (2009). The impact of family ownership on firm value and earnings quality: Evidence from Korea. European financial management association conference, Milan, 24-27 June.
- Anderson, R., & Reeb, D. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1327. https://doi.org/10.1111/1540-6261.00567
- Arellano, M. (2003). Panel Data Econometrics. The Economic Journal (Vol, 114). DOI:https://doi.org/10.1093/0199245282.001.0001
- Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
- Baltagi, B. (1995). Econometric analysis of panel data. John Wiley and Sons.
- Berger, P., & Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39–65. https://doi.org/10.1016/0304-405X(94)00798-6
- Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out Tunneling: An Application to Indian Business Groups. The Quarterly Journal of Economics, 117(1), 121–148. https://doi.org/10.1162/003355302753399463
- Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
- Bobillo, A., López- Iturriaga, F., & Tejerina- Gaite, F. (2012). The effects of international diversification on firm performance: An empirical study across twelve European countries. International Journal of Management, 29(4), 531–542. https://go.gale.com/ps/anonymous?id=GALE%7CA314801147&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=08130183&p=AONE&sw=w
- Bobillo, A., López-Iturriaga, F., & Tejerina-Gaite, F. (2008). International diversification and firm performance: An international analysis. The Business Review Cambridge, 9(2), 84–91. https://www.academia.edu/1163497/International_diversification_and_firm_performance_An_international_analysis
- Bobillo, A., López-Iturriaga, F., & Tejerina-Gaite, F. (2010). Firm performance and international diversification: The international and external competitive advantage. International Business Review, 19(6), 607–618. https://doi.org/10.1016/j.ibusrev.2010.03.006
- Bonilla, C. A., Sepulveda, J., & Carvajal, M. (2010). Family ownership and firm performance in Chile: A note on Martínez et al.’s evidence. Family Business Review, 23(2), 148–154. https://doi.org/10.1177/089448651002300204
- Buchuk, D., Larraín, B., Muñoz, F., & Urzúa, F. (2014). The internal capital markets of business groups: Evidence from intra-group loans. Journal of Financial Economics, 112(2), 190–212. https://doi.org/10.1016/j.jfineco.2014.01.003
- Campa, J., & Kedia, S. (2002). Explaining the diversification discount. Journal of Finance, 57(4), 1731–1762. https://doi.org/10.1111/1540-6261.00476
- Capar, N., & Kotabe, M. (2003). The relationship between international diversification and performance in service firms. Journal of International Business Studies, 34(4), 345–355. https://doi.org/10.1057/palgrave.jibs.8400036
- Chen, S., & Tan, H. (2012). Region effects in the internationalization performance relationship in Chinese firms. Journal of World Business, 47(1), 73–80. https://doi.org/10.1016/j.jwb.2010.10.022
- Chen-Ho, M., & Kumar, V. (2010). The impact of institutional distance on the international diversity–performance relationship. Journal of World Business, 45(1), 93–103. DOI:https://doi.org/10.1016/j.jwb.2009.04.005
- Chin‐Chun, H., & Boggs, D. J. (2003). Internationalization and performance: Traditional measures and their decomposition. Multinational Business Review, 11(3), 23–50. https://doi.org/10.1108/1525383X200300015
- Chua, J., Chrisman, J., Steier, L., & Rau, S. (2012). Sources of heterogeneity in family firms: An Introduction. Entrepreneurship Theory and Practice, 36(6), 1103–1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x
- Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian Corporations. J. Financ. Econ., 58(1/2), 81–112. https://doi.org/10.1016/S0304-405X(00)00067-2
- Contractor, F., Kumar, V., & Kundu, S. (2007). Nature of the relationship between international expansion and performance: The case of emerging market firms. Journal of World Business, 42(4), 401–417. https://doi.org/10.1016/j.jwb.2007.06.003
- Contractor, F. J., Kundu, S. K., & Hsu, C. C. (2003). A three stage theory of international expansion: The link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5–18. https://doi.org/10.1057/palgrave.jibs.8400003
- Delios, A., Xu, D., & Beamish, P. (2008). Within-country product diversification and foreign subsidiary performance. Journal of International Business Studies, 39(4), 706–724. https://doi.org/10.1057/palgrave.jibs.8400378
- Demsetz, H. (1983). The structure of ownership and the theory of the firm. Journal of Law and Economics, 26(2), 375–390. https://doi.org/10.1086/467041
- Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233. https://doi.org/10.1016/S0929-1199(01)00020-7
- Denis, D., Denis, D., & Yost, K. (2002). Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5), 1951–1979. https://doi.org/10.1111/0022-1082.00485
- Duran, P., Kostova, T., & van Essen, M. (2017). Political ideologies and the internationalization of family controlled firms. Journal of World Business, 52(4), 474–488. https://doi.org/10.1016/j.jwb.2016.07.001
- Durán, P., & Ortiz, M. (2019). When more is better: Multifamily firms and firm performance. Entrepreneurship Theory and Practice, 4, 1–23. DOI:https://doi.org/10.1177/1042258719851206
- Espinosa, C. (2009). Estructura de propiedad y desempeño de la firma: El caso chileno, Academia. Revista Latinoamericana de Administración, 43(43), 41–62. https://www.semanticscholar.org/paper/Estructura-de-propiedad-y-desempe%C3%B1o-de-la-firma%3A-el-M%C3%A9ndez/1cfd3a9b04af3435d36f15835776ceabc25f77bf
- Espinosa-Méndez, C., Jara, M., & Maquieira, C. (2018). The influence of family and pyramidal ownership on corporate diversification in Chile. North American Journal of Economics and Finance, 43, 158–168. https://doi.org/10.1016/j.najef.2017.10.012
- Estrin, S., Meyer, K. E., Wright, M., & Foliano, F. (2008). Export propensity and intensity of subsidiaries in emerging economies. International Business Review, 17(5), 574–586. https://doi.org/10.1016/j.ibusrev.2008.04.002
- Faccio, M., & Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365–395. https://doi.org/10.1016/S0304-405X(02)00146-0
- Garbe, J. N., & Richter, N. F. (2009). Causal analysis of the internationalization and performance relationship based on neural networks – advocating the transnational structure. Journal of International Management, 15(4), 413–431. https://doi.org/10.1016/j.intman.2008.10.002
- Garrido, E., Gomez, J., Maicas, J. P., & Orcos, R. (2014). The institution-based view of strategy: How to measure it. Bus. Res. Q., 17(2), 82–101. DOI:https://doi.org/10.1016/j.brq.2013.11.001
- Gaur, A., & Delios, A. (2015). International diversification of emerging market firms: The role of ownership structure and group affiliation. Manag Int Rev, 55(2), 235–253. https://doi.org/10.1007/s11575-015-0240-0
- Gaur, A., & Kumar, V. (2009). International diversification, business group affiliation and firm performance: Empirical evidence from India. British Journal of Management, 20(2), 172–186. https://doi.org/10.1111/j.1467-8551.2007.00558.x
- Gaur, A., Kumar, V., & Singh, D. A. (2014). Resources, institutions and internationalization process of emerging economy firms. Journal of World Business, 49(1), 12–20. https://doi.org/10.1016/j.jwb.2013.04.002
- Genthon, C. (2008). Innovation and profitability in the computer industry. Powerful Finance and Innovation Trends in a High-risk Economy, 167–182. DOI:https://doi.org/10.1057/9780230584099_11
- Gomez-Mejia, L. R., Makri, M., & Larraza Kintana, M. (2010). Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2), 223–252. https://doi.org/10.1111/j.1467-6486.2009.00889.x
- González, M., Guzmán, A., Pombo, C., & Trujillo, M. A. (2013). Family firms and debt: Risk aversion versus risk of losing control. Journal of Business Research, 66(11), 2308–2320. https://doi.org/10.1016/j.jbusres.2012.03.014
- González, M., Guzmán, A., Pombo, C., & Trujillo, M. A. (2014). Family Involvement and Dividend Policy in Closely Held Firms. Family Business Review, 27(4), 365–385. https://doi.org/10.1177/0894486514538448
- Hafner, C. (2019). Diversification in family firms: A systematic review of product and international diversification strategies. Rev Manag Sci. https://doi.org/10.1007/s11846-019-00352-5
- Hitt, M., Tihanyi, L., Miller, T., & Conelly, B. (2006). International diversification: Antecedents, outcomes, and moderators. Journal of Management, 32(6),831–867. https://doi.org/10.1177/0149206306293575
- Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20(2), 297–326. https://doi.org/10.1177/014920639402000203
- Jara, M., Lopez-Iturriaga, F., & Torres, J. (2020). Firm value and pyramidal structures: New evidence for family firms. Forthcoming Journal of Business Research. https://doi.org/10.1016/j.jbusres.2019.10.063
- Jara-Bertin, M., Lopez-Iturriaga, F., & Espinosa, C. (2015). Diversification and control in emerging markets: The case of Chilean Firms. Business Research Quarterly, 18(4), 259–274. DOI:https://doi.org/10.1016/j.brq.2015.01.002
- Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
- Kahloul, I., & Hallara, S. (2010). The impact of diversification on firm performance and risk: An empirical evidence. International Research Journal of Finance and Economics, 35, 150–162. https://www.semanticscholar.org/paper/THE-IMPACT-OF-DIVERSIFICATION-ON-FIRM-PERFORMANCE-Kahloul-Hallara/f58a32e7a81bdad2d7740b81afc455eb280ac703
- Khanna, N., & Tice, S. (2001). The bright side of internal capital markets. Journal of Finance, 56(4), 1489–1527. https://doi.org/10.1111/0022-1082.00377
- Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets: An analysis of Indian diversified business groups. Journal of Finance, 55(2), 867–891. https://doi.org/10.1111/0022-1082.00229
- Khanna, T., & Rivkin, J. (2001). Estimating the performance effects of networks in emerging markets. Strategic Management Journal, 22(1), 45–74. https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F
- Kogut, B. (1985). Designing global strategies: Profiting from operational flexibility. Sloan Management Review, 26(1), 27–38. https://doi.org/10.1002/tie.5060280105
- Kortelainen, P. (2007). The effect of group and family ownership on firm performance: Empirical evidence from Norway. LAPPEENRANTA UNIVERSITY OF TECHNOLOGY, School of Business, Section of Accounting and Finance, Accounting.
- Kumar, V., & Singh, N. (2008). Internationalization and performance of Indian pharmaceutical firms. Thunderbird International Business Review, 50(5), 321–330. https://doi.org/10.1002/tie.20217
- La Porta, R., Lopez-de-Silane, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
- Lee, I. (2010). The M curve: The performance of born-regional firms from Korea. Multinational Business Review, 18(4), 1–22. https://doi.org/10.1108/1525383X201000017
- Lefort, F., & González, R. (2008). Hacia un mejor Gobierno Corporativo en Chile. Revista ABANTE, 11(1), 17–37. http://www.abante.cl/files/ABT/Contenidos/Vol-11-N1/lefort.pdf
- Li, J., & Yue, D. (2008). Market size, legal institutions, and international diversification. Management International Review, 48(6), 667–688. https://doi.org/10.1007/s11575-008-0102-0
- Li, L., & Qian, G. (2005). Dimensions of international diversification: Their joint effects on firm performance. Journal of Global Marketing, 18(3–4), 7–35. https://doi.org/10.1300/J042v18n03_02
- Lin, C., Ma, Y., & Su, D. (2009). Corporate governance and firm efficiency: Evidence from China’s publicly listed firms. Managerial and Decision Economics, 30(3), 193–209. https://doi.org/10.1002/mde.1447
- Lin, W.-T., Liu, Y., & Cheng, K. Y. (2011). The internationalization and performance of a firm: Moderating effect of a firm’s behavior. Journal of International Management, 17(1), 83–95. https://doi.org/10.1016/j.intman.2010.12.004
- Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598–609. DOI:https://doi.org/10.2307/20159604
- Martínez, J. I., Stöhr, B. S., & Quiroga, B. F. (2007). Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20(2), 83–94. https://doi.org/10.1111/j.1741-6248.2007.00087.x
- Mathews, J. A. (2006). Dragon multinationals: New players in 21st century of globalization. Asia Pacific Journal of Management, 23(1), 5–27. https://doi.org/10.1007/s10490-006-6113-0
- Morck, R., Shleifer, A., & Vishny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(1-2), 293–315. https://doi.org/10.1016/0304-405X(88)90048-7
- Morck, R., Shleifer, A., & Vishny, R. (1990). Do managerial objectives drive bad acquisitions? Journal of Finance, 45(1), 31–48. https://doi.org/10.1111/j.1540-6261.1990.tb05079.x
- Munoz-Bullon, F., Sanchez-Bueno, M., & Suarez-Gonzalez, I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly, 21(1), 39–52. https://doi.org/10.1016/j.brq.2017.11.001
- Muñoz-Bullón, F., & Sánchez-Bueno, M. J. (2012). Do family ties shape the performance consequences of diversification? Evidence from the European Union. J World Bus, 47(3), 469–477. https://doi.org/10.1016/j.jwb.2011.05.013
- Pangarkar, N. (2008). Internationalization and performance of small and medium-sized enterprises. Journal of World Business, 43(4), 475–485. https://doi.org/10.1016/j.jwb.2007.11.009
- Pervan, M., Pervan, I., & Ćurak, M. (2019). Determinants of firm profitability in the Croatian manufacturing industry: Evidence from dynamic panel analysis. Economic Research-Ekonomska Istraživanja, 32(1), 968–981. https://doi.org/10.1080/1331677X.2019.1583587
- Purkayastha, S., Manolova, T. S., & Edelman, L. F. (2012). Diversification and performance in developed and emerging market contexts: A review of the literature. Int. J. Manag. Rev., 14(1), 18–38. https://doi.org/10.1111/j.1468-2370.2011.00302.x
- Rugman, A. M. (1979). International diversification and the multinational enterprise. Lexington Books.
- Rugman, A. M. (1981). Inside the multinational: The economics of international markets. Croom Helm.
- Sacristán-Navarro, M., & Gómez-Ansón, S. (2007). Family ownership and pyramids in the Spanish market. Family Business Review, 20(3), 247–265. https://doi.org/10.1111/j.1741-6248.2007.00100.x
- Schneider, B. R. (2013). Hierarchical capitalism in Latin America: Business, labor, and the challenges of equitable development. Cambridge University Press.
- Shleifer, A., & Vishny, R. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3), 461–488. https://doi.org/10.1086/261385
- Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
- Silva, F., & Majluf, N. (2008). Does family ownership shape performance outcomes? Evidence from an Emerging Economy. Journal of Business Research, 61(6), 609–614. https://doi.org/10.1016/j.jbusres.2007.06.035
- Silva, F., Majluf, N., & Paredes, R. (2006). Ownership structure and performance: Empirical evidence from Chilean firms. Corporate Ownership and Control, 3(4), 173–181. https://doi.org/10.22495/cocv3i4c1p3
- Singh, D., & Delios, A. (2017). Corporate governance, board networks and growth in domestic and international markets: Evidence from India. Journal of World Business, 52(5), 615–627. https://doi.org/10.1016/j.jwb.2017.02.002
- Singh, D. A., & Gaur, A. S. (2009). Business group affiliation, firm governance and firm performance: Evidence from China and India. Corporate Governance, 17(4), 411–425. https://doi.org/10.1111/j.1467-8683.2009.00750.x
- Singla, C., & George, R. (2013). Internationalization and performance: A contextual analysis of Indian firms. Journal of Business Research, 66(12), 2500–2506. https://doi.org/10.1016/j.jbusres.2013.05.041
- Sraer, D., & Thesmar, D. (2007). Performance and behavior of family firms: Evidence from the French stock market. The Journal of the European Economic Association, 5(4), 709–751. https://doi.org/10.1162/JEEA.2007.5.4.709
- Torres, J. P., Jara, M., & López-Iturriaga, F. (2017). Corporate control and firm value: The bright side of business groups. Journal of Family Business Strategy, 8(2), 99–108. https://doi.org/10.1016/j.jfbs.2017.04.003
- Tuppura, A., Saarenketo, S., Puumalainen, K., Jantunen, A., & Kyläheiko, K. (2008). Linking knowledge, entry timing and internationalization strategy. International Business Review, 17(4), 473–487. https://doi.org/10.1016/j.ibusrev.2008.02.003
- Vandekerkhof, P., Steijvers, T., Hendriks, W., & Voordeckers, W. (2015). The effect of organizational characteristics on the appointment of nonfamily managers in private family firms: The moderating role of socioemotional wealth. Family Business Review, 28(2), 1–19. https://doi.org/10.1177/0894486513514274
- Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385–417. https://doi.org/10.1016/j.jfineco.2004.12.005
- Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1–33. https://doi.org/10.1111/j.1467-6486.2005.00487.x
- Yigit, I., & Behram, N. K. (2013). The relationship between diversification strategy and organizational performance in developed and emerging economy contexts: Evidence from Turkey and Netherlands. Eurasian Bus. Rev., 3(2), 121–136. https://doi.org/10.14208/ebr.2013.03.02.001