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Abstract

We study the relationships among corporate governance, strategic diversification and financial performance in Mexico. The study uses data from 99 non-financial firms listed in the BMV (Mexican Stock Market) during 2004. The main findings are: Firms which property is concentrated in a principal shareholder focus on the domestic market. Family firms try to diversify their productive activities and sources of income. There are no trends, regarding strategies and performance, related to the separation between ownership and control. Finally, when independent committees exist in the boards of directors, mean-narrow-spectrum diversification is encouraged in the firms.

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File URL: http://www.csf.itesm.mx/egade/publicaciones/articulos/Vfin_WillPvf28.pdf
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Bibliographic Info

Article provided by Tecnológico de Monterrey, Campus Ciudad de México in its journal Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics).

Volume (Year): 2 (2008)
Issue (Month): 1 ()
Pages: 58-73

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Handle: RePEc:ega:rafega:200805

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Web page: http://www.ccm.itesm.mx/egap/
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Related research

Keywords: Gobierno corporativo; diversificación estratégica; desempeño empresarial; propiedad familiar; consejos de administración;

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Find related papers by JEL classification:

• G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
• L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
• M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics

References

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1. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
   
   • Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
   • Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
2. Igor Filatotchev & Yung-Chih Lien & Jenifer Piesse, 2005. "Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan," Asia Pacific Journal of Management, Springer, vol. 22(3), pages 257-283, September.
3. Hoshino, Taeko, 2004. "Family Business in Mexico: Responses to Human Resource Limitations and Management Succession," IDE Discussion Papers 12, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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Cited by:

1. Ruiz-Porras, Antonio & Lopez-Mateo, Celina, 2010. "The separation of ownership and control and investment decisions in Mexican manufacturing firms," MPRA Paper 25237, University Library of Munich, Germany.

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