Christian Espinosa, profesor asociado del Departamento de Contabilidad y Auditoría, en conjunto con los profesores Mauricio Jara y Carlos Maquieira publican en la revista North American Journal of Economics and Finance.
In this paper we analyse the moderating effects of family nature and pyramidal ownership on the relationship between corporate diversification and performance in Chilean companies. Using a sample of 104 companies listed on the Santiago Stock Exchange between 2005 and 2016, we report a diversification discount. Second, we find that when firms are owned by a family, the relationship between performance and diversification is positive. However, when family ownership is pyramidal, the relationship between performance and diversification becomes negative.
Espinosa, C., Jara, M. and Maquieira, C. (2017). The Influence of Family and Pyramidal Ownership on Corporate Diversification in Chile. Forthcoming North American Journal of Economics and Finance.