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Diversificación y Desempeño en Sud América: Evidencia para Chile

  • Christian Espinosa

    ()

    (Facultad de Economía y Empresa, Universidad Diego Portales)

  • Carlos Maquieira

    (Facultad de Economía y Empresa, Universidad Santo Tomás)

Este artículo centra su atención en la relación entre desempeño de la firma y el grado de diversificación de la misma. La muestra consiste de 70 empresas chilenas para el período 2000-2007. Se encuentra que mientras mayor el grado de diversificación de la firma el desempeño es mayor. Más aun al separar la muestra en dos grupos: menos y más diversificadas, se reporta que para las empresas menos diversificadas, en la medida que el principal accionista tenga mayor propiedad accionaria entonces mayor es el desempeño de la firma. Contrariamente, en el grupo de las empresas más diversificadas se observa que mientras mayor es la participación del principal y los tres más importantes accionistas, menor es el desempeño. Otro resultado interesante y que se presenta para casi todos los modelos estimados es que en la medida que la empresa tenga más activos específicos (activos fijos) menor es su desempeño. Finalmente, no conocemos de ningún trabajo previo en esta área que controle por premio por riesgo país, lo cual a la luz de nuestros resultados es relevante pues se muestra para todos los modelos que mientras mayor sea este entonces menor es el desempeño de la firma, lo cual podría indicar que el inversionista marginal en Chile no diversifica completamente el riesgo país.

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Paper provided by Facultad de Economía y Empresa, Universidad Diego Portales in its series Working Papers with number 10.

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Date of creation: Oct 2010
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Handle: RePEc:ptl:wpaper:10
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