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¿Qué Factores Determinan La Decisión De Diversificar? El Caso De Las Empresas Españolas (1997-2001) / What Factors Determine The Decision To Diversify? The Case Of Spanish Firms (1997-2001)


  • Martínez Campillo, A.

    () (Universidad de León (España))

  • Fernández Gago, R.

    () (Universidad de León (España))


Este trabajo pretende examinar qué factores determinan la decisión empresarial de participar en nuevos sectores de actividad. De la revisión de la literatura académica es posible distinguir dos grupos de determinantes -los de orden discrecional y los de orden económico- en función de su potencial para maximizar la utilidad de los directivos o la riqueza empresarial, respectivamente. Tras aplicar una regresión Logit sobre una muestra de 508 casos potenciales de diversificación para el período 1997-2001, los resultados revelan que ambos grupos de determinantes afectan sobre la propensión a diversificar de las empresas españolas. Específicamente, un factor de índole económica resulta el más influyente de todos los considerados. / This study seeks to analyze the determinants of the diversification decision. According to previous literature, we distinguish between managerial and economic determinants depending on if they may maximize managers´ utility or firms´ utility respectively. After applying a Logit regression analysis on a sample of 508 potential cases of diversification (1997-2001), results indicate that both managerial and economic determinants influence the decision to diversify. Specifically, one economic factor seems to be the most important determinant of such a decision in Spanish firms.

Suggested Citation

  • Martínez Campillo, A. & Fernández Gago, R., 2009. "¿Qué Factores Determinan La Decisión De Diversificar? El Caso De Las Empresas Españolas (1997-2001) / What Factors Determine The Decision To Diversify? The Case Of Spanish Firms (1997-2001)," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 15(1), pages 15-28.
  • Handle: RePEc:idi:jiedee:v:15:y:2009:i:1:p:15-28

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