International diversification, ownership structure and performance in an emerging market: evidence from Chile

References

• Aguilera, R. V., Ciravegna, L., Cuervo-Cazurra, A., & Gonzalez-Perez, M. A. (2017). Multilatinas and the internationalization of Latin American firms. Journal of World Business, 52(4), 447–460. https://doi.org/https://doi.org/10.1016/j.jwb.2017.05.006
   Web of Science ®Google Scholar
• Almeida, H., & Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. The Journal of Finance, 61(6), 2637–2680. https://doi.org/https://doi.org/10.1111/j.1540-6261.2006.01001.x
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1108/15253831211286246
   Google Scholar
• Almodóvar, P., & Rugman, A. M. (2014). The M curve and the performance of Spanish international new ventures. British Journal of Management, 25, S6–S23. https://doi.org/https://doi.org/10.1111/1467-8551.12022
   Web of Science ®Google Scholar
• Alonso-Borrego, C., & Arellano, M. (1999). Symmetrically normalized instrumental-variable estimation using panel data. Journal of Business & Economic Statistics , 17(1), 36. https://doi.org/https://doi.org/10.2307/1392237
   Web of Science ®Google Scholar
• Álvarez, R. E. (2004). The export performance of Chilean firms: Some stylised facts. CEPAL Review, 83, 115–127.
   Google Scholar
• Arellano, M. (2003). Panel Data Econometrics. Oxford: Oxford University Press.
   Google Scholar
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/https://doi.org/10.2307/2297968
   Web of Science ®Google Scholar
• Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/https://doi.org/10.1016/0304-4076(94)01642-D
   Web of Science ®Google Scholar
• Aulakh, P. S., Kotabe, M., & Teegen, H. (2000). Export strategies and performance of firms from emerging economies: Evidence from Brazil. Academy of Management Journal, 43(3), 342–361. https://doi.org/https://doi.org/10.2307/1556399
   Web of Science ®Google Scholar
• Banalieva, E. R., & Robertson, C. J. (2010). Performance, diversity, and multiplicity of foreign cross-listing portfolios. International Business Review, 19(6), 531–547. https://doi.org/https://doi.org/10.1016/j.ibusrev.2010.04.003
   Web of Science ®Google Scholar
• Bausch, A., & Krist, M. (2007). The effect of context-related moderators on the internationalization–performance relationship: Evidence from meta-analysis. Management International Review, 47(3), 319–346. https://doi.org/https://doi.org/10.1007/s11575-007-0019-z
   Google Scholar
• Benito-Osorio, D., Colino, A., Guerras-Martín, L. Á., & Zúñiga-Vicente, J. Á. (2016). The international diversification performance link in Spain: Does firm size really matter? International Business Review, 25(2), 548–558. https://doi.org/https://doi.org/10.1016/j.ibusrev.2015.09.004
   Web of Science ®Google Scholar
• Berger, P., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39–65. https://doi.org/https://doi.org/10.1016/0304-405X(94)00798-6
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1162/003355302753399463
   Web of Science ®Google Scholar
• Bhaumik, S. K., & Driffield, N. (2011). Direction of outward FDI of EMNEs: Evidence from the Indian pharmaceutical sector. Thunderbird International Business Review, 53(5), 615–628. https://doi.org/https://doi.org/10.1002/tie.20438
   Google Scholar
• Bhaumik, S., Driffield, N., Gaur, A., Mickiewicz, T., & Vaaler, P. (2019). Corporate governance and MNE strategies in emerging economies. Journal of World Business, 54(4), 234–243. https://doi.org/https://doi.org/10.1016/j.jwb.2019.03.004
   Web of Science ®Google Scholar
• Bhaumik, S. K., & Selarka, E. (2012). Does ownership concentration improve M&A outcomes in emerging markets? Evidence from India. Journal of Corporate Finance, 18(4), 717–726.
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/S0304-4076(98)00009-8
   Web of Science ®Google Scholar
• 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.
   Google Scholar
• 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.
   Google Scholar
• 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/https://doi.org/10.1016/j.ibusrev.2010.03.006
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jfineco.2014.01.003
   Web of Science ®Google Scholar
• Campa, J., & Kedia, S. (2002). Explaining the diversification discount. The Journal of Finance, 57(4), 1731–1762. https://doi.org/https://doi.org/10.1111/1540-6261.00476
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1057/palgrave.jibs.8400036
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jwb.2010.10.022
   Web of Science ®Google Scholar
• Cheung, Y. L., Rau, P. R., & Stouraitis, A. (2006). Tunneling, propping and expropriation: Evidence from connected party transactions in Hong Kong. Journal of Financial Economics, 82(2), 343–386. https://doi.org/https://doi.org/10.1016/j.jfineco.2004.08.012
   Web of Science ®Google Scholar
• Ciravegna, L., Majano, S. B., & Zhan, G. (2014). The inception of internationalization of small and medium enterprises: The role of activeness and networks. Journal of Business Research, 67(6), 1081–1089. https://doi.org/https://doi.org/10.1016/j.jbusres.2013.06.002
   Web of Science ®Google Scholar
• Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741–2771. https://doi.org/https://doi.org/10.1111/1540-6261.00511
   Web of Science ®Google Scholar
• Claessens, S., Djankov, S., & Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1–2), 81–112. https://doi.org/https://doi.org/10.1016/S0304-405X(00)00067-2
   Web of Science ®Google Scholar
• Contractor, F. J., 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/https://doi.org/10.1016/j.jwb.2007.06.003
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1057/palgrave.jibs.8400003
   Web of Science ®Google Scholar
• De Jong, G., & van Houten, J. (2014). The impact of MNE cultural diversity on the internationalization-performance relationship: Theory and evidence from European multinational enterprises. International Business Review, 23(1), 313–326. https://doi.org/https://doi.org/10.1016/j.ibusrev.2013.05.005
   Web of Science ®Google Scholar
• del Sol, P., & Kogan, J. (2007). Regional competitive advantage based on pioneering economic reforms: The case of Chilean FDI. Journal of International Business Studies, 38(6), 901–927. https://doi.org/https://doi.org/10.1057/palgrave.jibs.8400299
   Web of Science ®Google Scholar
• Delios, A., & Beamish, P. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711–727. https://doi.org/https://doi.org/10.1002/(SICI)1097-0266(199908)20:8<711::AID-SMJ41>3.0.CO;2-8
   Web of Science ®Google Scholar
• Dess, G., Gupta, A., Hennart, J. F., & Hill, C. (1995). Conducting and integrating strategy research at the international, corporate, and business levels: Issues and directions. Journal of Management, 21(3), 357–393. https://doi.org/https://doi.org/10.1177/014920639502100301
   Web of Science ®Google Scholar
• Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430–465. https://doi.org/https://doi.org/10.1016/j.jfineco.2007.02.007
   Web of Science ®Google Scholar
• Espinosa, C. (2009). Estructura de propiedad y desempeño de la firma: el caso chileno. Academia. Revista Latinoamericana de Administración, 43, 41–62.
   Google Scholar
• Espinosa, 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.
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.ibusrev.2008.04.002
   Web of Science ®Google Scholar
• Faccio, M., & Lang, L. (2002). The ultimate ownership of western European corporations. Journal of Financial Economics, 65(3), 365–395. https://doi.org/https://doi.org/10.1016/S0304-405X(02)00146-0
   Web of Science ®Google Scholar
• Faccio, M., Lang, L. H., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54–78. https://doi.org/https://doi.org/10.1257/aer.91.1.54
   Web of Science ®Google Scholar
• Fernández, V. (2005). Monetary policy and the banking sector in Chile. Emerging Markets Finance and Trade, 41, 5–36.
   Web of Science ®Google Scholar
• Fernández, A. I., González, F., & Suárez, N. (2010). How institutions and regulation shape the influence of bank concentration on economic growth: International evidence. International Review of Law and Economics, 30(1), 28–36. https://doi.org/https://doi.org/10.1016/j.irle.2009.09.001
   Web of Science ®Google Scholar
• Fleming, F. C., & de Oliveira Cabral, J. E. (2016). The influence of contextual factors on the multinationality performance relationship: A conceptual model. International Journal of Business Administration, 7(3), 15–26.
   Google Scholar
• Friedman, E., Johnson, S., & Mitton, T. (2003). Propping and tunneling. Journal of Comparative Economics, 31(4), 732–750. https://doi.org/https://doi.org/10.1016/j.jce.2003.08.004
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.intman.2008.10.002
   Web of Science ®Google Scholar
• Gaur, A. S., & Delios, A. (2015). International diversification of emerging market firms: The role of ownership structure and group affiliation. Management International Review, 55(2), 235–253. https://doi.org/https://doi.org/10.1007/s11575-015-0240-0
   Web of Science ®Google Scholar
• Gaur, A. S., & 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/https://doi.org/10.1111/j.1467-8551.2007.00558.x
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jwb.2013.04.002
   Web of Science ®Google Scholar
• Genthon, C. (2008). Innovation and profitability in the computer industry. In B. Laperche & D. Uzunidis (Eds.), Powerful finance and innovation trends in a high-risk economy (pp. 167–182). London: Palgrave Macmillan.
   Google Scholar
• Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1), 51–80. https://doi.org/https://doi.org/10.1002/(SICI)1097-0266(200001)21:1<51::AID-SMJ77>3.0.CO;2-K
   Web of Science ®Google Scholar
• Guillén, M. F., & García-Canal, E. (2009). The American model of the multinational firm and the “new” multinationals from emerging economies. Academy of Management Perspectives, 23(2), 23–35. https://doi.org/https://doi.org/10.5465/amp.2009.39985538
   Web of Science ®Google Scholar
• Hennart, J. F. (2007). The theoretical rationale for a multinationality − performance relationship. Management International Review, 47(3), 423–452. https://doi.org/https://doi.org/10.1007/s11575-007-0023-3
   Google Scholar
• Hennart, J. F. (2011). A theoretical assessment of the empirical literature on the impact of multinationality on performance. Global Strategy Journal, 1(1–2), 135–151. https://doi.org/https://doi.org/10.1002/gsj.8
   Web of Science ®Google Scholar
• Hernández-Perlines, F., Ariza-Montes, A., & Araya-Castillo, L. (2020). Socioemotional wealth, entrepreneurial orientation and international performance in family firms. Economic Research-Ekonomska Istraživanja, 33(1), 3125–3145. https://doi.org/https://doi.org/10.1080/1331677X.2019.1685398
   Web of Science ®Google Scholar
• Hitt, M. A., Bierman, L., Uhlenbruck, K., & Shimizu, K. (2006b). The importance of resources in the internationalization of professional service firms: The goof, the bad, and the ugly. Academy of Management Journal, 49(6), 1137–1157. https://doi.org/https://doi.org/10.5465/amj.2006.23478217
   Web of Science ®Google Scholar
• Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product‐diversified firms. Academy of Management Journal, 40(4), 767–798.
   Web of Science ®Google Scholar
• Hitt, M. A., Tihanyi, L., Miller, T., & Connelly, B. (2006a). International diversification: Antecedents, outcomes, and moderators. Journal of Management, 32(6), 831–867. https://doi.org/https://doi.org/10.1177/0149206306293575
   Web of Science ®Google Scholar
• Iglesias, A. (2000). Pension reform and corporate governance: Impact in Chile. Rev. ABANTE, 3(1), 109–141.
   Google Scholar
• Jara-Bertin, M., Lopez-Iturriaga, F., & Espinosa, C. (2015). Diversification and control in emerging markets: The case of Chilean Firms. Business Research Quarterly, 18, 259–274.
   Google Scholar
• 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.
   Google Scholar
• Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets: An analysis of Indian diversified business groups. The Journal of Finance, 55(2), 867–891. https://doi.org/https://doi.org/10.1111/0022-1082.00229
   Web of Science ®Google Scholar
• Khanna, T., & Rivkin, J. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22(1), 45–74. https://doi.org/https://doi.org/10.1002/1097-0266(200101)22:1<45::AID-SMJ147>3.0.CO;2-F
   Web of Science ®Google Scholar
• Khanna, N., & Tice, S. (2001). The bright side of internal capital markets. The Journal of Finance, 56(4), 1489–1527. https://doi.org/https://doi.org/10.1111/0022-1082.00377
   Web of Science ®Google Scholar
• Kirca, A. H., Hult, G. T. M., Deligonul, S., Perry, M., & Cavusgil, S. T. (2012). A multilevel examination of the drivers of firm multinationality: A meta-analysis. J. Manage, 38(2), 502–530.
   Web of Science ®Google Scholar
• Kumar, V., & Singh, N. (2008). Internationalization and performance of Indian pharmaceutical firms. Thunderbird International Business Review, 50(5), 321–330. https://doi.org/https://doi.org/10.1002/tie.20217
   Google Scholar
• La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131–1150. https://doi.org/https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
   Web of Science ®Google Scholar
• La Porta, R., Lopez-de-Silane, F., Shleifer, A., & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/https://doi.org/10.1086/250042
   Web of Science ®Google Scholar
• La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517. https://doi.org/https://doi.org/10.1111/0022-1082.00115
   Web of Science ®Google Scholar
• Lampel, J., & Giachetti, C. (2013). International diversification of manufacturing operations: Performance implications and moderating forces. Journal of Operations Management, 31(4), 213–227. https://doi.org/https://doi.org/10.1016/j.jom.2013.04.001
   Web of Science ®Google Scholar
• Larraín, F., & Vergara, R. (2000). Un Cuarto de Siglo de Reformas Fiscales. In La Transformación Económica de Chile.
   Google Scholar
• Leal, R., & Carvalhal-da-Silva, A. (2005). Controlling shareholders and corporate valuation in Brazil. Corporate Ownership & Control, 3(2), 137–141.
   Google Scholar
• Lee, I. (2010). The M curve: The performance of born-regional firms from Korea. Multinational Business Review, 18(4), 1–22.
   Google Scholar
• Lee, I. (2013). The M Curve and the multinationality-performance relationship of Korean INVs. Multinational Business Review, 21(3), 214–231.
   Google Scholar
• Lefort, F., & González, R. (2008). Hacia un mejor Gobierno Corporativo en Chile. Revista ABANTE, 11, 17–37.
   Google Scholar
• Lefort, F., & Walker, E. (2000). Ownership and capital structure of Chilean conglomerates: Facts and hypotheses of governance. Revista ABANTE, 3, 3–27.
   Google Scholar
• Lefort, F., & Walker, E. (2007). Do markets penalize agency conflicts between controlling and minority shareholders? Evidence from Chile. The Developing Economies, 45(3), 283–314. https://doi.org/https://doi.org/10.1111/j.1746-1049.2007.00044.x
   Web of Science ®Google Scholar
• Lensink, R., & Van-der-Molen, R. (2010). Does group affiliation increase firm value for diversified groups? Journal of Empirical Finance, 17(3), 332–344. https://doi.org/https://doi.org/10.1016/j.jempfin.2009.11.003
   Web of Science ®Google Scholar
• Li, J., & Yue, D. (2008). Market size, legal institutions, and international diversification. Management International Review, 48(6), 667–688. https://doi.org/https://doi.org/10.1007/s11575-008-0102-0
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.intman.2010.12.004
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1002/mde.1447
   Google Scholar
• Liu, Q., & Tian, G. (2012). Controlling shareholders expropriation and firm leverage decision: Evidence from Chinese non-tradable share reform. Journal of Corporate Finance, 18(4), 782–803. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2012.06.002
   Web of Science ®Google Scholar
• Loncan, T., & Meucci, W. (2010). Degree of Internationalization and performance: Evidence from emerging Brazilian multinational firms. Journal of Globalization, Competitiveness & Governability, 4(1), 40–51.
   Google Scholar
• Lopez, R., & Yadav, N. (2010). Imports of intermediate inputs and spillover effects: Evidence from Chilean plants. Journal of Development Studies, 46(8), 1385–1403. https://doi.org/https://doi.org/10.1080/00220380903428423
   Web of Science ®Google Scholar
• Lu, J. W., & Beamish, P. W. (2004). International diversification and firm performance: The S-curve hypothesis. Academy of Management Journal, 47(4), 598–609. https://doi.org/https://doi.org/10.2307/20159604
   Web of Science ®Google Scholar
• Majluf, N., Abarca, N., Rodríguez, D., & Fuentes, L. (1998). Governance and ownership structure in chilean economic groups. Abante, 1, 111–139.
   Google Scholar
• Maldifassi, J. O., & Chacón Caorsi, J. (2014). Export success factors of small- and medium-sized firms in Chile. Journal of Small Business and Enterprise Development, 21(3), 450–469. https://doi.org/https://doi.org/10.1108/JSBED-03-2014-0053
   Google Scholar
• Masulis, R. W., Pham, P. K., & Zein, J. (2011). Family business groups around the world: Financing advantages, control motivations, and organizational choices. Review of Financial Studies, 24(11), 3556–3600. https://doi.org/https://doi.org/10.1093/rfs/hhr052
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1007/s10490-006-6113-0
   Google Scholar
• Mendoza, X., Espinosa, C., & Araya-Castillo, L. (2020). When geography matters: International diversification and firm performance of Spanish multinationals. BRQ Business Research Quarterly, 23(1), 234094442089898. https://doi.org/https://doi.org/10.1177/2340944420898981
   Web of Science ®Google Scholar
• O., ´Ryan, R., De Miguel, C., Miller, S., & Pereira, M. (2011). The Socioeconomic and environmental effects of free trade agreements: A dynamic CGE analysis for Chile. Environment and Development Economics, 16(3), 305–332. https://doi.org/https://doi.org/10.1017/S1355770X10000227
   Web of Science ®Google Scholar
• Oh, C. H., & Contractor, F. (2014). A regional perspective on multinational expansion strategies: Reconsidering the three‐stage paradigm. British Journal of Management, 25, S42–S59. https://doi.org/https://doi.org/10.1111/1467-8551.12019
   Web of Science ®Google Scholar
• Outreville, J. F. (2010). Internationalization, performance and volatility: The world largest financial groups. Journal of Financial Services Research, 38(2-3), 115–134. https://doi.org/https://doi.org/10.1007/s10693-010-0090-7
   Web of Science ®Google Scholar
• Outreville, J. F. (2012). A note on geographical diversification and performance of the world’s largest reinsurance groups. Multinational Business Review, 20(4), 376–391.
   Google Scholar
• Paligorova, T., & Xu, Z. (2012). Complex ownership and capital structure. Journal of Corporate Finance, 18(4), 701–716. https://doi.org/https://doi.org/10.1016/j.jcorpfin.2012.05.001
   Web of Science ®Google Scholar
• Pan, W. H., & Tsai, W. C. (2012). Internationalization, regional diversification and firm performance: The moderating effects of administrative intensity. International Journal of Business and Social Science, 3(18), 274–282.
   Google Scholar
• 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/https://doi.org/10.1080/1331677X.2019.1583587
   Web of Science ®Google Scholar
• Qian, G., Li, L., Li, J., & Qian, Z. (2008). Regional diversification and firm performance. Journal of International Business Studies, 39(2), 197–214. https://doi.org/https://doi.org/10.1057/palgrave.jibs.8400346
   Web of Science ®Google Scholar
• Ramamurti, R., & Singh, J. (2009). Indian multinationals: Generic internationalization strategies. In R. Ramamurti & J. Singh (Eds.), Emerging multinationals from emerging markets (pp. 1–66). Cambridge University Press.
   Google Scholar
• Riyanto, Y. E., & Toolsema, L. A. (2008). Tunneling and propping: A justification for pyramidal ownership. Journal of Banking & Finance, 32(10), 2178–2187. https://doi.org/https://doi.org/10.1016/j.jbankfin.2007.12.044
   Web of Science ®Google Scholar
• Ruigrok, W., & Wagner, H. (2003). Internationalization and performance: An organizational learning perspective. Management International Review, 47(3), 349–383. https://doi.org/https://doi.org/10.1007/s11575-007-0020-6
   Google Scholar
• Santiago-Castro, M., & Brown, C. (2007). Ownership structure and minority rights: A Latin American view. Journal of Economics and Business, 59(5), 430–442. https://doi.org/https://doi.org/10.1016/j.jeconbus.2007.04.005
   Google Scholar
• Saona, P., San Martín, P., & Jara, M. (2018). Group affiliation and ownership concentration as determinants of capital structure decisions: Contextualizing the facts for an emerging economy. Emerging Markets Finance and Trade, 54(14), 3312–3329. https://doi.org/https://doi.org/10.1080/1540496X.2017.1392850
   Web of Science ®Google Scholar
• Shin, J., Mendoza, X., Hawkins, M. A., & Choi, C. (2017). The relationship between multinationality and performance: Knowledge-intensive vs. capital-intensive service micro-multinational enterprises. International Business Review, 26(5), 867–880. https://doi.org/https://doi.org/10.1016/j.ibusrev.2017.02.005
   Web of Science ®Google Scholar
• Shyu, Y., & Lee, C. (2009). Excess control rights and debt maturity structure in family-controlled firms. Corporate Governance: An International Review, 17(5), 611–628. https://doi.org/https://doi.org/10.1111/j.1467-8683.2009.00755.x
   Web of Science ®Google Scholar
• Silva, F., & Majluf, N. (2008). Does family ownership shape performance outcomes? Journal of Business Research, 61(6), 609–614. https://doi.org/https://doi.org/10.1016/j.jbusres.2007.06.035
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jwb.2017.02.002
   Web of Science ®Google Scholar
• Singh, D. A., & Gaur, A. S. (2009). Business group affiliation, firm governance and firm performance: Evidence from China and India. Corporate Governance: An International Review, 17(4), 411–425. https://doi.org/https://doi.org/10.1111/j.1467-8683.2009.00750.x
   Web of Science ®Google Scholar
• Singh, D. A., & Gaur, A. S. (2013). Governance structure, innovation and internationalization: Evidence from India. Journal of International Management, 19(3), 300–309. https://doi.org/https://doi.org/10.1016/j.intman.2013.03.006
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jbusres.2013.05.041
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.jfbs.2017.04.003
   Web of Science ®Google Scholar
• Tsai, H. (2014). Moderators on international diversification of advanced emerging market firms. Journal of Business Research, 67(6), 1243–1248. https://doi.org/https://doi.org/10.1016/j.jbusres.2013.04.006
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1016/j.ibusrev.2008.02.003
   Web of Science ®Google Scholar
• Verbeke, A., & Brugman, P. (2009). Triple testing the quality of multinationality–performance research: An internalization theory perspective. International Business Review, 18(3), 265–274. https://doi.org/https://doi.org/10.1016/j.ibusrev.2009.01.005
   Web of Science ®Google Scholar
• 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/https://doi.org/10.1111/j.1467-6486.2005.00487.x
   Web of Science ®Google Scholar
• Yeh, Y., Lee, T., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2(1‐2), 21–48. https://doi.org/https://doi.org/10.1111/1468-2443.00014
   Google Scholar
• Zahra, S. A. (2003). International expansion of U.S. manufacturing family business: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495–512. https://doi.org/https://doi.org/10.1016/S0883-9026(03)00057-0
   Web of Science ®Google Scholar