The aim of this study is to examine the determining factors of a firm's performance, as a direct consequence of its diversification strategy in its expansion into foreign markets, considering certain factors like the market, the product and the company itself. As a novelty, the methodology employed uses the event-study to estimate the excess of returns generated by its shares on the Stock Market, based on a sample of 35 expansion announcements into external markets corresponding to 11 diversifying companies. A regression analysis is also carried out to examine the impact of these factors, market, product and company, on the excesses in returns observed. The empirical application carriedout in Spain, has allowed us to detect that, on average, the impact of the news about a company' expansion on the returns of its shares is positive, its determining factors being the speciality of the product offered and the level of development in the target country. El propósito de este trabajo consiste en examinar los determinantes de los resultados empresariales, derivados de la estrategia de diversificación en la expansión a mercados exteriores, en términos de los factores del mercado, del producto y de la empresa. Como novedad, la metodología aplicada utiliza el estudio del suceso ("event-study") para estimar los excesos de rentabilidad de las acciones generados en la Bolsa por una muestra de 35 noticias de expansión a mercados exteriores correspondientes a 11 empresas españolas diversificadas; así como el análisis de regresión para examinar el impacto de los factores del mercado, del producto y de la empresa sobre dichos excesos de rentabilidad. La aplicación empírica realizada en nuestro país permite detectar que, en promedio, el impacto de dichas noticias sobre la rentabilidad de las acciones es positivo, siendo sus determinantes la especialización del producto y el grado de desarrollo del país de destino.
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number
2000-13.