Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms
Título del documento: Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms
Revista: BAR - Brazilian Administration Review
Base de datos: CLASE
Número de sistema: 000412636
ISSN: 1807-7692
Autores: 1
2
Instituciones: 1Fundacao Getulio Vargas, Escola de Administracao de Empresas, Sao Paulo. Brasil
2Universidade Federal de Uberlandia, Faculdade de Gestao e Negocios, Uberlandia, Minas Gerais. Brasil
Año:
Periodo: Jul-Sep
Volumen: 11
Número: 3
Paginación: 323-339
País: Brasil
Idioma: Inglés
Tipo de documento: Artículo
Enfoque: Aplicado, descriptivo
Resumen en inglés We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, w e use random effects and three - stage least squares panel data regression to test these effects. We find that the hypothesized positive effect of internationalization on ownership concentration is rejected. Our results support the negative relationship that i s predicted by principal - agent theory when analyzing the effect of ownership on the degree of internationalization. Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration . Finally, there is simul taneity in the determination of the relationship between the degree of internationalization and ownership concentration
Disciplinas: Administración y contaduría
Palabras clave: Administración de instituciones,
Organización,
Empresas,
América Latina,
Estructura de la propiedad,
Internacionalización
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