Impacto de la estrategia de diversificación en el valor de las empresas familiares

Abstract

To diversify or not to? Take the risk or stay safe? These are questions that an entrepreneur generates when he makes decisions in his company and needs to impact the market. Family businesses have specific characteristics that drive them to generate strategies with some differences. This article carries out an analysis of the effect on the market value of family businesses according to their level of diversification. A panel data methodology is used for an analysis of public companies in North America. It is shown that there is a value discount in the total number of companies that engage in diversification strategies. Additionally, there are relevant results where it is indicated that the discount in the value is lower in family companies compared to non-family companies according to the level of diversification. In the same way, there are important effects on financial variables of family businesses diversified in their value. It is concluded that companies diversify in order to have a better position in the market and choose this path to face the business environment, to expand, increase their profitability and promote investment opportunities.