Efectos del control familiar en el nivel y tipo de diversificación: evidencias empíricas para los grupos empresariales españoles

• Alejandro Hernández Trasobares ^[1] ; Carmen Galve Górriz ^[1]
  1. [1] Universidad de Zaragoza

     Universidad de Zaragoza

     Zaragoza, España

     
• Localización: Revista europea de dirección y economía de la empresa, ISSN 1019-6838, Vol. 24, Nº 3, 2015, págs. 162-174
• Idioma: español
• DOI: 10.1016/j.redee.2015.03.004
• Títulos paralelos:
  • The effects of family control on the level and type of diversification: Empirical evidence for Spanish business groups
• Enlaces
  • Texto completo (pdf)
  • Texto completo
• Dialnet Métricas: 1 Cita
• Resumen
  • español

    El objetivo de la presente investigación es analizar la influencia de la naturaleza familiar en el nivel y tipo de diversificación, considerando adicionalmente el efecto de la concentración de la propiedad existente en el negocio familiar. Para dicho estudio se emplea una muestra de 99 empresas cotizadas, sociedades cabeceras de grupos empresariales, y se considera como unidad de análisis de la diversificación el grupo empresarial (empresa matriz y sociedades dependientes). Los resultados muestran que los grupos familiares presentan menores niveles medios de diversificación total y no relacionada, y que la naturaleza familiar influye negativamente en el nivel de diversificación no relacionada. Se constata también la existencia de una relación no lineal en forma de U entre el nivel de diversificación (total y no relacionada) y la concentración de la propiedad existente en el grupo familiar, poniéndose de manifiesto un diferente comportamiento según el capital poseído por los principales accionistas. Los resultados obtenidos permiten avanzar en la literatura académica de empresa familiar y de grupos empresariales, aportando nuevas evidencias en cuanto a las estrategias de diversificación adoptadas por los grupos familiares.

  • English

    The aim of this paper is to analyze the influence of family character on the level and type of diversification, additionally considering the effect of ownership concentration that exists in family business. The study uses a sample of 99 listed companies, parent companies of business groups, with business group being considered as the unit of analysis (parent company and subsidiaries firms). The results show that family groups have lower average levels of total diversification and unrelated diversification, and they show the negative influence of family character in unrelated diversification level. The existence of a nonlinear U-shaped relationship between the level of diversification (total and unrelated) and the ownership concentration in family group is also observed, thus confirming a different behavior depending on the capital held by the main shareholders. The results obtained provide new evidence for the academic literature on family firms and business groups, as well as on the diversification strategies adopted by the family groups.

• Referencias bibliográficas
  • Achen, C. H. (1986). The Statistical Analysis of Quast-Experiments. Berkeley: University of California Press.
  • Aguiar, I. y Santana, D. (2008). Grupos piramidales y deuda en España. Ekonomiaz:Revista Vasca de Economía, 68, 288-309.
  • Almeida, H. V. y Wolfenzon, D. (2006). A theory of pyramidal ownership and familybusiness groups. Journal of Finance, 61(6), 2637-2680.
  • Amihud, Y. y Lev, B. (1999). Does corporate ownership structure affects its strategytowards diversification? Strategic Management Journal,...
  • Amit, R. y Livnat, J. (1988). Diversification strategies, business cycles and economicperformance. Strategic Management Journal, 9(2), 99-110.
  • Anderson, R. C. y Reeb, D. M. (2003). Founding-family ownership, corporate diver-sification and firm leverage. Journal of Law and Economics,...
  • Arregle, J. L., Hitt, M. A., Sirmon, D. G. y Very, P. V. (2007). The development oforganizational social capital: Attributes of family firms....
  • Backman, M. (1999). Asian Eclipse: Exposing the Dark Side of Business in Asia. Singa-pore: Wiley.
  • Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal ofManagement, 17(1), 99-120.
  • Berger, P. y Ofek, E. (1995). Diversification's effect on firm value. Journal of FinancialEconomics, 37, 39-65.
  • Berrone, P., Cruz, C. y Gomez-Mejia, L. (2012). Socioemotional wealth in family fims:Theorical dimensions, assessment approaches and agenda...
  • Bhaumik, S. K., Driffield, N. y Pal, S. (2010). Does ownership structure of emergingmarket firms affect their outward FDI? The case of the...
  • Bru L, Crespi R (2006). Diversification of family business groups andboard control. Working Paper. [consultado 5 Oct 2008]. Disponible en:http://ssrn.com/abstract=924845
  • Casson, M. (1999). The economics of family firm. Scandinavian Economic HistoryReview, 47, 10-23.
  • Cennamo, C., Berrone, P., Cruz, C. y Gomez-Mejia, L. R. (2012). Socioemotional wealthand proactive stakeholder engagement: Why family controlled...
  • Chang, S., Wu, W. y Wong, Y. (2010). Family control and stock market reactions toinnovation announcements. British Journal of Management,...
  • Chang, S. y Wang, C. (2007). The effect of product diversification strategies on therelationship between international diversification and...
  • Chen, C. J. y Yu, C. M. J. (2011). Managerial ownership, diversification, and firm per-formance: Evidence from an emerging market. International...
  • Chrisman, J. J., Chua, J. H. y Sharma, P. (2005). Trends and directions in the deve-lopment of a strategic management theory of the family...
  • Chua, J. H., Chrisman, J. J. y Sharma, P. (1999). Defining the family business bybehaviour. Entrepreneurship Theory and Practice, 23(4), 19-39.
  • Claessens, S., Djankov, S. y Lang, L. (2000). The separation of ownership and controlin East Asian Corporations. Journal of Financial Economics,...
  • Claver, E., Rienda, L. y Quer, D. (2009). Family firm's international commitment. Theinfluence of family-related factors. Family Business...
  • Corbetta, G. y Salvato, C. (2004). Self-serving or self-actualizing: Models of manand agency costs in different types of family firms. Entrepreneurship...
  • Del Brio, E., de Miguel, A. y Tobar, J. E. (2010). Efectos de la regulación bursátil sobre laeficiencia de los mercados de valores. Comparación...
  • Demsetz, H. y Lehn, K. (1985). The structure of corporate ownership: Causes andconsequences. Journal of Political Economics, 93, 1155-1177.
  • Denis, D., Denis, D. y Sarin, A. (1997). Agency problems, equity ownership, andcorporate diversification. Journal of Finance, 52, 135-160.
  • Denis, D., Denis, D. y Yost, K. (2002). Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5), 1951-1979.
  • Ducassy, I. y Prevot, F. (2010). The effects of family dynamics on diversified strategy:Empirical evidence from French companies. Journal...
  • Eisenmann, T. R. (2002). The effects of CEO equity ownership and firm diversificationon risk taking. Strategic Management Journal, 23(6),...
  • Faccio, M., Lang, L. H. P. y Young, L. (2001). Dividends and expropriation. AmericanEconomic Review, 91, 54-78.
  • Faccio, M. y Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65, 365-395.
  • Faccio, M., Masulis, R. y McConnell, J. (2007). Political connections and corporatebailouts. The Journal of Finance, 61(6), 2597-2635.
  • Fama, E. y Jensen, M. (1983). Agency problems and residual claims. Journal of Lawand Economics, 26, 301-325.
  • Fama, E. F. y Jensen, M. C. (1985). Organizational forms and investment decisions. Journal of Financial Economics, 14(1), 101-119.
  • Fernández, Z. y Nieto, M. J. (2006). Impact of ownership on the international invol-vement of SMEs. Journal of International Business Studies,...
  • Galve, C. y Salas, V. (1996). Ownership structure and firm performance: Some empi-rical evidence from Spain. Managerial and Decision Economic,...
  • Gomes, J. y Livdan, D. (2004). Optimal diversification: Reconciling theory and evi-dence. The Journal of Finance, 59(2), 507-535.
  • Gomez-Mejia, L., Haynes, K., Nuñez, M., Jacobson, K. y Moyano, J. (2007). Socioe-motional wealth and business risks in family-controlled firms:...
  • Gomez-Mejia, L., Makri, M. y Larraza, M. (2010). Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2),...
  • Goranova, M., Alessandri, T., Brandes, P. y Dharwadkar, R. (2007). Managerialownership and corporate diversification: A longitudinal view....
  • Heckman, J. (1979). Sample selection bias a specification error. Econometrica, 47, 153-161.
  • Heugens, P., van Oosterhout, J. H. y van Essen, M. (2009). Meta-analyzingownership concentration and firm performance in Asia: Towards a more...
  • Jacquemin, A. P. y Berry, C. H. (1979). Entropy measure of diversification and corpo-rate growth. The Journal of Industrial Economics, 27(4),...
  • Jensen, M. C. y Meckling, W. H. (1986). Theory of the firm: Managerial beha-viour, agency costs, and ownership structure. Journal of Financial...
  • Johnson, S., la Porta, R., Lopez-de-Silanes, F. y Shleifer, A. (2000). Tunneling. AmericanEconomic Review, 90, 22-27.
  • Kali, R. y Sarkar, J. (2011). Diversification and tunnelling, evidence from Indian busi-ness groups. Journal of Comparative Economics, 39,...
  • Kang, D. L. (1999). Ownership structure and the boundaries of the firm: How large-block family owners lead to increased vertical integration,...
  • La Porta, R., Lopez de Silanes, F. y Shleifer, A. (1999). Corporate ownership aroundthe world. Journal of Finance, 54(2), 471-517.
  • Lane, P., Cannella, A. y Lubatkin, M. (1999). Ownership structure and corporate stra-tegy: One question viewed from two different worlds....
  • Larraza, M., Makri, M. y Gomez-Mejia, L. (2004). Propiedad familiar, participaciónaccionarial del consejero delegado y diversificación. In...
  • Markides, C. y Williamson, P. (1994). Related diversification, core competences andcorporate performance. Strategic Management Journal, 15,...
  • May, D. O. (1995). Do managerial motives influence firm risk reduction strategies?Journal of Finance, 50(4), 1291-1308.
  • Miller, D. y le Breton-Miller, I. (2009). Agency vs. stewardship in public family firms:A social embeddedness reconciliation. Entrepreneurship:...
  • Miller, D., le Breton-Miller, I. y Lester, R. H. (2010). Family ownership and acquisitionbehaviour in publicly-traded companies. Strategic...
  • Miller, D. y le Breton-Miller, I. (2006). Family governance and firm performance:Agency, stewardship, and capabilities. Family Business Review,...
  • Montgomery, C. (1985). Product-market diversification and market power. Academy of Management Journal, 28(4), 789-798.
  • Moores, K. (2009). Paradigms and theory building in the domain of business families. Family Business Review, 22(2), 167-180.
  • Muñoz-Bullón, F. y Sánchez-Bueno, M. J. (2011). Do family ties shape the perfor-mance consequences of diversification? Evidence form the European...
  • Newbound, G., Buckley, P. y Turwell, J. (1978). Going International: The Experience ofSmaller Companies Overseas. Somerset, NJ: Halstead Press.
  • Palepu, K. (1985). Diversification strategy, profit performance and the entropy mea-sure. Strategic Management Journal, 6(3), 239-255.
  • Palich, L. E., Cardinal, L. B. y Miller, C. C. (2000). Curvilinearity in the diversification-performance linkage: An examination of over three...
  • Pearson, A., Carr, J. y Shaw, J. (2008). Toward a theory of family involvement: A socialcapital perspective. Entrepreneurship Theory and Practice,...
  • Pollack, R. (1985). A transaction cost approach to familiar and households. Journal of Economic Literature, 23, 581-608.
  • Ramaswamy, K., Li, M. y Veliyath, R. (2002). Variations in ownership behaviour andcorporate diversification. Journal of Finance, 52(1), 135-160.
  • Rumelt, R. P. (1974). Strategy, Structure and Economic Performance. Boston: HarvardUniversity Press.
  • Rumelt, R. P. (1982). Diversification strategy and profitability. Strategic ManagementJournal, 3(4), 359-369.
  • Sacristán, M., Gómez, S. y Cabeza, L. (2011). Large shareholders' combinations infamily firm: Prevalence and performance effects. Journal...
  • Santana, D. J. y Aguiar, I. (2006). El último propietario de las empresas cotizadasespañolas. Cuadernos de Economía de Dirección de la Empresa,...
  • Sayrak, A. y Martin, J. D. (2001). Corporate Governance and the Performance of Diver-sified Firms [manuscrito no publicado]. Baylor University.
  • Schoar, A. (1999). Effects of corporate diversification on productivity [Working paper].University of Chicago.
  • Schulze, W. S., Lubatkin, M. H. y Dino, R. N. (2002). Altruism, agency, andthe competitiveness of family firms. Managerial and Decision Economics,...
  • Schulze, W. S., Lubatkin, M. H. y Dino, R. N. (2003). Exploring the agency conse-quences of ownership dispersion among the directors of private...
  • Shleifer, A. y Vishny, R. (1986). Large shareholders and corporate control. Journal ofPolitical Economy, 94, 461-488.
  • Shleifer, A. y Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52, 737-783.
  • Storey, D. J. (1994). New firm growth and bank financing. Small Business Economics, 6(2), 139-150.
  • Tanriverdi, H. y Venkatraman, N. (2005). Knowledge relatedness and the perfor-mance of multibusiness firms. Strategic Management Journal,...
  • Tsai, W., Kuo, Y. y Hung, J. (2009). Corporate diversification and CEO turnover infamily businesses: Self entrenchment or risk reduction?...
  • Villalonga, B. y Amit, R. (2006). How do family ownership, control and managementaffect firm value? Journal of Financial Economics, 80(2),...
  • Wan, W. P., Hoskisson, R. E., Short, J. C. y Yiu, D. W. (2011). Resource-based theoryand corporate diversification: Accomplishments and opportunities....
  • Wiseman, R. y Gomez-Mejia, L. (1998). A behavioral agency model of managerialrisk taking. Academy of Management Review, 23(1), 133-153.
  • Wooldridge, J. M. (2006). Introducción a la Econometría. Un enfoque moderno. Thomson Editorial.
  • Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press.
  • Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family BusinessReview, 18, 23-40.
  • Zozaya, N. (2007). Las fusiones y adquisiciones como fórmula de crecimiento empre-sarial. Dirección General de Política de la Pyme. Ministerio...