Impacto de la estrategia de diversificación en el valor de las empresas familiares
Palabras clave:
Empresas familiares, diversificación, exceso de valor, datos de panel, Norteamérica
Resumen
¿Diversificarse o no hacerlo? ¿Tomar el riesgo o mantenerse seguros? Son preguntas que un empresario genera cuando toma decisiones en su compañía y requiere impactar en el mercado. Las empresas familiares tienen características específicas que los impulsa a generar estrategias con algunas diferencias. En el presente artículo se realiza un análisis del efecto en el valor de mercado de las empresas familiares de acuerdo con su nivel de diversificación. Se utiliza una metodología de datos de panel para un análisis a empresas públicas de América del Norte. Se demuestra que existe un descuento de valor en el total de empresas que incurren en estrategias de diversificación. Adicionalmente, se encuentran resultados relevantes donde se indica que el descuento en el valor es menor en las empresas familiares respecto con las no familiares de acuerdo con el nivel de diversificación. De igual manera, se encuentran importantes efectos en variables financieras de empresas familiares-diversificadas en su valor. Se concluye, que las empresas se diversifican con el objetivo de tener una mejor posición en el mercado y optan por este camino para hacer frente al ambiente de negocios, para extenderse, aumentar su rentabilidad y propiciar oportunidades de inversión.
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Acosta, A., Molina, C. A., Andino, T. S., y Rodríguez, V. E. (2019). Sistema familiar y continuidad de las empresas familiares. Revista de Ciencias Sociales (Ve), XXV(4), 265-275.
Adhikari, H., y Sutton, N. (2016). All in the family: The effect of family ownership on acquistion performance. Journal of Economics and Business, 88, 65-78. https://doi.org/10.1016/j.jeconbus.2016.08.001
Ajay, R., y Madhumathi, R. (2012). Diversification strategy and its influence on capital structure decisions of manufacturing organizations in India. International Journal of Social Sciences and Humanity, 2(5), 421-426. https://doi.org/10.7763/IJSSH.2012.V2.138
Belausteguigoitia, I. (2004). Empresas familiares: Su dinámica, equilibrio y consolidación. McGraw-Hill.
Berger, P. G., y Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39-65. https://doi.org/10.1016/0304-405X(94)00798-6
Bettis, R. A. (1981). Performance differences in related and unrelated diversified firms. Strategic Management Journal, 2(4), 379-393.
Bozer, G., Levin, L., y Santora, J. C. (2017). Succession in family business: multisource perspectives. Journal of Small Business and Enterprise Develpoment, 24(4), 753-774. https://doi.org/10.1108/JSBED-10-2016-0163
Cernas, D. A., y Mercado, P. (2015). La adquicision de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial? Estudios Gerenciales, 31(136), 266-274. https://doi.org/10.1016/j.estger.2015.05.001
Chrisman, J. J., Chua, J. H., Kellenmanns, F. W., Matheme, C. F., y Debicki, B. J. (2008). Managment journals as venues for publication on family business research. Entrepreneurship Theory and Practice, 32(5), 927-934. https://doi.org/10.1111/j.1540-6520.2008.00263.x
Chung, H-M. (2013). The role of family management and family ownership on diversification: The case of family business group. Asia Pacific Journal of Management, 30(3), 871-891. https://doi.org/10.1007/s10490-012-9284-x
Del Brio, E., De Miguel, A., y Pindado, J. (2003). Investment and firm value: An analysis using panel data. Applied Financial Economics, 13(12), 913-923. https://doi.org/10.1080/0960310032000082079
Delbufalo, E., Poggesi, S., y Borra, S. (2016). Diversification, family involvement and firm performance: Empirical evidence from Italian manufacturing firms. Journal of Managment Development, 35(5), 663-680. https://doi.org/10.1108/JMD-09-2015-0129
Ducassy, I., y Prevot, F. (2010). The effect of family dynamics on diversification strategy: Empirical evidence from French companies. Journal of Family Bussines Strategy, 1(4), 224-235. https://doi.org/10.1016/j.jfbs.2010.10.001
Dyer, W. G. (1988). Culture and continuity in family firms. Journal of the Family Firm Institute, 1(1), 37-50. https://doi.org/10.1111/j.1741-6248.1988.00037.x
Feltham, T. S., Feltham, G., y Barnett, J. J. (2005). The dependence of Family Business on a single decision-maker. Journal of Small Bussines Managment, 43(1), 1-15. https://doi.org/10.1111/j.1540-627X.2004.00122.x
Galván, A., García, F., y Serna, J. A. (2017). Estrategia de diversificación empresarial en México: Un análisis de valor. Revista Venezolana de Gerencia, 22(79), 368-386.
Gersick, K. E., Davis, J. A., Hampton, M. M., e Ivan, L. (1997). Generation to generation: Life cycles of the family business. Harvard Business School Press.
Gutiérrez, J. M., Romero, J., Díaz, M. G., y Sulbarán, N. (2017). Emprendimiento como fuente de desarrollo de la empresa familiar. Algunas reflexiones sobre Venezuela. Revista de Ciencias Sociales (Ve), XXIII(4), 98-107.
Handler, W. C. (1989). Methodological issues and considerations in studying family business. Journal of the Family Business, 2(3), 257-276. https://doi.org/10.1111/j.1741-6248.1989.00257.x
Hernández-Trasobaresa, A., y Galve-Górriz, C. (2017). Diversification and family control as determinants of performance: A study of listed groups. European Research on Managment and Business Economic, 23(1), 46-54. https://doi.org/10.1016/j.iedeen.2016.04.001
Hyland, D. C., y Diltz, J. D. (2002). Why firms diversify: An empirical examination. Financial Management, 31(1), 51-82.
Iootty, M., y Ebeling, F. (2009). Coerência corporativa e diversificação via fusões e aquisições: um exame para empresas líderes da indústria manufatureira norte-americana nos anos 90. Nova Economia, 17(3). https://doi.org/10.1590/S0103-63512007000300005
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. http://dx.doi.org/10.2139/ssrn.99580
Junior, J. N., y Funchai, B. (2013). The effect of corporate diversification on the capital structure of Brazilian organizations. Revisca Contabilidade y Financas, 24(62), 154-161.
Lee, G. K., y Lieberman, M. B. (2010). Acquisition vs internal development as modes of Market entry. Strategic Managment Journal, 31(2), 140-158. https://doi.org/10.1002/smj.804
Lockamy, A., Carson, C. M., y Lohrke, F. T. (2016). An eveluation of key determinants preventing intra-family business succession. Journal of Family Bussines Managment, 6(1), 64-80. https://doi.org/10.1108/JFBM-01-2015-0002
Luan, C-J., Chen, Y-Y., Huang, H-Y., y Wang, K-S. (2018). CEO succession decision in family businesses. Asia Pacific Managment Review, 23(2), 130-136. https://doi.org/10.1016/j.apmrv.2017.03.003
Markides, C. C. (1992). Consequence of corporate refocusing: Ex ante evidence. Academy of Management Journal, 35(2), 398-412. https://doi.org/10.5465/256379
Mazzi, C. (2011). Family business and family performance current state of knowledge and future research challenges. Journal of Familiy Bussines Strategy, 2(3), 166-181. https://doi.org/10.1016/j.jfbs.2011.07.001
Motylska-Kuzma, A. (2017). The financial decisions of family business. Journal of Small Business and Enterprise Development, 7(3), 351-373. https://doi.org/10.1108/JFBM-07-2017-0019
Muñoz-Bullon, F., Sánchez-Bueno, M. J., y Suárez-González, I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly, 21(1), 39-52. https://doi.org/10.1016/j.brq.2017.11.001
Navarro-Caballero, M., Hernández-Fernández, L., Navarro-Manotas, E., & Hernández-Chacín, J. (2020). Innovación en las micro, pequeñas y medianas empresas familiares del sector manufacturero del Atlántico-Colombia. Revista de Ciencias Sociales (Ve), XXVI(4), 124-144. https://doi.org/10.31876/rcs.v26i4.34653
Nayvar, P. R. (1992). On the measurement of corporate diversification strategy: Evidence from large U.S. service firms. Strategic Management Journal, 13(3), 219-235. https://doi.org/10.1002/smj.4250130305
Pandya, A. M., y Rao, N. V. (2011). Diversification and firmperformance: An empirical evaluation. Journal of Financial and Strategic Decisions, 11(2), 67-81.
Requejo, I. (2010). Corporate governance in family firms: Effects of family control on firm value and corporate financial decisions (Tesis doctoral). Universidad de Salamanca, España.
Romero, J., y Zabala, K. (2018). Planificación estratégica financiera en las cadenas de farmacias familiares del estado Zulia-Venezuela. Revista de Ciencias Sociales (Ve), XXIV(4), 9-25.
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27. https://doi.org/10.1016/0304-405X(90)90011-N
Suárez, I. (1993). Fundamentos teóricos y empíricos de la relación entre diversificación y resultados empresariales: Un panorama. Revista de Economia Aplicada, 1(3), 139-165.
Tecce, D. J., Rumelt, R., Dosi, G., y Winter, S. (1994). Understanding corporate coherence, Theory and evidence. Journal of Economic Behavior and Organization, 23(1), 25-41.
Vallone, C. (2013). Contribution on family business definition. In AIDEA (Eds.), The firm’s role in the economy: Does a growth-oriented business model exist? Cacucci.
Villalonga, B. (2004). Does diversification cause the “diversification discount”? Financial Management, 33(2), 5-27.
White, W. S., Krinke, T. D., y Geller, D. L. (2004). Family business succession planning: Devising an overall strategy. Journal of Financial Service Professionals, 58(3), 67-86.
Whiteside, M. F., y Brown, F. H. (1991). Drawbacks of a dual systems approach to family firms: Can we expand our thinking. Family Business Review, 4(4), 383-395.
World Federation of Exchanges - WFE (2017). Family firms and listing: Opportunities for public capital markets. WFE. https://www.world-exchanges.org/storage/app/media/research/Studies_Reports/wfe-family-owned-businesses-amp-listing-report.pdf
Adhikari, H., y Sutton, N. (2016). All in the family: The effect of family ownership on acquistion performance. Journal of Economics and Business, 88, 65-78. https://doi.org/10.1016/j.jeconbus.2016.08.001
Ajay, R., y Madhumathi, R. (2012). Diversification strategy and its influence on capital structure decisions of manufacturing organizations in India. International Journal of Social Sciences and Humanity, 2(5), 421-426. https://doi.org/10.7763/IJSSH.2012.V2.138
Belausteguigoitia, I. (2004). Empresas familiares: Su dinámica, equilibrio y consolidación. McGraw-Hill.
Berger, P. G., y Ofek, E. (1995). Diversification’s effect on firm value. Journal of Financial Economics, 37(1), 39-65. https://doi.org/10.1016/0304-405X(94)00798-6
Bettis, R. A. (1981). Performance differences in related and unrelated diversified firms. Strategic Management Journal, 2(4), 379-393.
Bozer, G., Levin, L., y Santora, J. C. (2017). Succession in family business: multisource perspectives. Journal of Small Business and Enterprise Develpoment, 24(4), 753-774. https://doi.org/10.1108/JSBED-10-2016-0163
Cernas, D. A., y Mercado, P. (2015). La adquicision de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial? Estudios Gerenciales, 31(136), 266-274. https://doi.org/10.1016/j.estger.2015.05.001
Chrisman, J. J., Chua, J. H., Kellenmanns, F. W., Matheme, C. F., y Debicki, B. J. (2008). Managment journals as venues for publication on family business research. Entrepreneurship Theory and Practice, 32(5), 927-934. https://doi.org/10.1111/j.1540-6520.2008.00263.x
Chung, H-M. (2013). The role of family management and family ownership on diversification: The case of family business group. Asia Pacific Journal of Management, 30(3), 871-891. https://doi.org/10.1007/s10490-012-9284-x
Del Brio, E., De Miguel, A., y Pindado, J. (2003). Investment and firm value: An analysis using panel data. Applied Financial Economics, 13(12), 913-923. https://doi.org/10.1080/0960310032000082079
Delbufalo, E., Poggesi, S., y Borra, S. (2016). Diversification, family involvement and firm performance: Empirical evidence from Italian manufacturing firms. Journal of Managment Development, 35(5), 663-680. https://doi.org/10.1108/JMD-09-2015-0129
Ducassy, I., y Prevot, F. (2010). The effect of family dynamics on diversification strategy: Empirical evidence from French companies. Journal of Family Bussines Strategy, 1(4), 224-235. https://doi.org/10.1016/j.jfbs.2010.10.001
Dyer, W. G. (1988). Culture and continuity in family firms. Journal of the Family Firm Institute, 1(1), 37-50. https://doi.org/10.1111/j.1741-6248.1988.00037.x
Feltham, T. S., Feltham, G., y Barnett, J. J. (2005). The dependence of Family Business on a single decision-maker. Journal of Small Bussines Managment, 43(1), 1-15. https://doi.org/10.1111/j.1540-627X.2004.00122.x
Galván, A., García, F., y Serna, J. A. (2017). Estrategia de diversificación empresarial en México: Un análisis de valor. Revista Venezolana de Gerencia, 22(79), 368-386.
Gersick, K. E., Davis, J. A., Hampton, M. M., e Ivan, L. (1997). Generation to generation: Life cycles of the family business. Harvard Business School Press.
Gutiérrez, J. M., Romero, J., Díaz, M. G., y Sulbarán, N. (2017). Emprendimiento como fuente de desarrollo de la empresa familiar. Algunas reflexiones sobre Venezuela. Revista de Ciencias Sociales (Ve), XXIII(4), 98-107.
Handler, W. C. (1989). Methodological issues and considerations in studying family business. Journal of the Family Business, 2(3), 257-276. https://doi.org/10.1111/j.1741-6248.1989.00257.x
Hernández-Trasobaresa, A., y Galve-Górriz, C. (2017). Diversification and family control as determinants of performance: A study of listed groups. European Research on Managment and Business Economic, 23(1), 46-54. https://doi.org/10.1016/j.iedeen.2016.04.001
Hyland, D. C., y Diltz, J. D. (2002). Why firms diversify: An empirical examination. Financial Management, 31(1), 51-82.
Iootty, M., y Ebeling, F. (2009). Coerência corporativa e diversificação via fusões e aquisições: um exame para empresas líderes da indústria manufatureira norte-americana nos anos 90. Nova Economia, 17(3). https://doi.org/10.1590/S0103-63512007000300005
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. http://dx.doi.org/10.2139/ssrn.99580
Junior, J. N., y Funchai, B. (2013). The effect of corporate diversification on the capital structure of Brazilian organizations. Revisca Contabilidade y Financas, 24(62), 154-161.
Lee, G. K., y Lieberman, M. B. (2010). Acquisition vs internal development as modes of Market entry. Strategic Managment Journal, 31(2), 140-158. https://doi.org/10.1002/smj.804
Lockamy, A., Carson, C. M., y Lohrke, F. T. (2016). An eveluation of key determinants preventing intra-family business succession. Journal of Family Bussines Managment, 6(1), 64-80. https://doi.org/10.1108/JFBM-01-2015-0002
Luan, C-J., Chen, Y-Y., Huang, H-Y., y Wang, K-S. (2018). CEO succession decision in family businesses. Asia Pacific Managment Review, 23(2), 130-136. https://doi.org/10.1016/j.apmrv.2017.03.003
Markides, C. C. (1992). Consequence of corporate refocusing: Ex ante evidence. Academy of Management Journal, 35(2), 398-412. https://doi.org/10.5465/256379
Mazzi, C. (2011). Family business and family performance current state of knowledge and future research challenges. Journal of Familiy Bussines Strategy, 2(3), 166-181. https://doi.org/10.1016/j.jfbs.2011.07.001
Motylska-Kuzma, A. (2017). The financial decisions of family business. Journal of Small Business and Enterprise Development, 7(3), 351-373. https://doi.org/10.1108/JFBM-07-2017-0019
Muñoz-Bullon, F., Sánchez-Bueno, M. J., y Suárez-González, I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly, 21(1), 39-52. https://doi.org/10.1016/j.brq.2017.11.001
Navarro-Caballero, M., Hernández-Fernández, L., Navarro-Manotas, E., & Hernández-Chacín, J. (2020). Innovación en las micro, pequeñas y medianas empresas familiares del sector manufacturero del Atlántico-Colombia. Revista de Ciencias Sociales (Ve), XXVI(4), 124-144. https://doi.org/10.31876/rcs.v26i4.34653
Nayvar, P. R. (1992). On the measurement of corporate diversification strategy: Evidence from large U.S. service firms. Strategic Management Journal, 13(3), 219-235. https://doi.org/10.1002/smj.4250130305
Pandya, A. M., y Rao, N. V. (2011). Diversification and firmperformance: An empirical evaluation. Journal of Financial and Strategic Decisions, 11(2), 67-81.
Requejo, I. (2010). Corporate governance in family firms: Effects of family control on firm value and corporate financial decisions (Tesis doctoral). Universidad de Salamanca, España.
Romero, J., y Zabala, K. (2018). Planificación estratégica financiera en las cadenas de farmacias familiares del estado Zulia-Venezuela. Revista de Ciencias Sociales (Ve), XXIV(4), 9-25.
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27. https://doi.org/10.1016/0304-405X(90)90011-N
Suárez, I. (1993). Fundamentos teóricos y empíricos de la relación entre diversificación y resultados empresariales: Un panorama. Revista de Economia Aplicada, 1(3), 139-165.
Tecce, D. J., Rumelt, R., Dosi, G., y Winter, S. (1994). Understanding corporate coherence, Theory and evidence. Journal of Economic Behavior and Organization, 23(1), 25-41.
Vallone, C. (2013). Contribution on family business definition. In AIDEA (Eds.), The firm’s role in the economy: Does a growth-oriented business model exist? Cacucci.
Villalonga, B. (2004). Does diversification cause the “diversification discount”? Financial Management, 33(2), 5-27.
White, W. S., Krinke, T. D., y Geller, D. L. (2004). Family business succession planning: Devising an overall strategy. Journal of Financial Service Professionals, 58(3), 67-86.
Whiteside, M. F., y Brown, F. H. (1991). Drawbacks of a dual systems approach to family firms: Can we expand our thinking. Family Business Review, 4(4), 383-395.
World Federation of Exchanges - WFE (2017). Family firms and listing: Opportunities for public capital markets. WFE. https://www.world-exchanges.org/storage/app/media/research/Studies_Reports/wfe-family-owned-businesses-amp-listing-report.pdf
Publicado
2021-09-24
Cómo citar
Galván Vera, A., Delgado Rivas, J. G., & García Fernández, F. (2021). Impacto de la estrategia de diversificación en el valor de las empresas familiares. Revista De Ciencias Sociales, 27(3), 169-184. https://doi.org/10.31876/rcs.v27i3.36763
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