{"id":100038,"date":"2018-03-11T10:21:21","date_gmt":"2018-03-11T10:21:21","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/diversification-strategies-and-firm-value-causes-and-consequences-international-evidence\/"},"modified":"2018-03-11T10:21:21","modified_gmt":"2018-03-11T10:21:21","slug":"diversification-strategies-and-firm-value-causes-and-consequences-international-evidence","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/gestion-financiera\/diversification-strategies-and-firm-value-causes-and-consequences-international-evidence\/","title":{"rendered":"Diversification strategies and firm value: causes and consequences. international evidence"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Antonio Galv\u00e1n Vera <\/strong><\/h2>\n<p>La presente tesis aborda el impacto en el valor empresarial de la diversificaci\u00f3n de producto y global, as\u00ed como los determinantes de la estrategia de diversificaci\u00f3n agregando el comportamiento de los premios otorgados a los accionistas en forma de dividendos en distintos marcos institucionales. Primero, se muestra evidencia de una relaci\u00f3n curvil\u00ednea entre la estrategia de diversificaci\u00f3n y el exceso de valor, en consecuencia, existe un nivel \u00f3ptimo de diversificaci\u00f3n indicando que primero se crea valor y despu\u00e9s de cierto punto comienza a ser destructora de valor para las empresas de la zona-euro. Asimismo, resultados demuestran que la diversificaci\u00f3n no relacionada se convierte en destructora de valor a niveles m\u00e1s bajos que los presentados por la diversificaci\u00f3n relacionada, por tanto esta \u00faltima modera el descuento en el valor de las empresas multi-segmento. Segundo, la diversificaci\u00f3n global por si misma destruye valor. Se demuestra que las empresas globalmente diversificadas operando en pa\u00edses con sistema de ley com\u00fan\/orientaci\u00f3n de mercado obtienen un premio en su valor, mientras que sus contrapartes del sistema de ley civil\/orientaci\u00f3n bancaria tienen un descuento. Importante, esta creaci\u00f3n o destrucci\u00f3n de valor es regulada por el nivel de diversificaci\u00f3n de producto. Tercero, se proporciona evidencia sobre que la diversificaci\u00f3n es afectada negativamente por los dividendos a\u00fan despu\u00e9s de controlar el problema de censura de la variable de diversificaci\u00f3n,  el mismo patr\u00f3n aparece entre el ratio del pago de dividendos y la diversificaci\u00f3n indicando que ambas estrategias compiten por el uso de los recursos de la empresa. Este efecto de sustituci\u00f3n entre la diversificaci\u00f3n y los dividendos es condicionado por el sistema legal, la orientaci\u00f3n del sistema financiero y el nivel de la econom\u00eda, por tanto la regla general de la sustituci\u00f3n se convierte en un efecto de complementariedad en algunos de los casos en las empresas.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Diversification strategies and firm value: causes and consequences. international evidence<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Diversification strategies and firm value: causes and consequences. international evidence <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Antonio Galv\u00e1n Vera <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Salamanca<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 26\/03\/2010<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Julio Pindado Garcia<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Alberto de Miguel hidalgo <\/li>\n<li>joaquim Jos\u00e9 Dos santos ramalho (vocal)<\/li>\n<li>f\u00e9lix L\u00f3pez iturriaga (vocal)<\/li>\n<li>david Hillier (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Antonio Galv\u00e1n Vera La presente tesis aborda el impacto en el valor empresarial de la diversificaci\u00f3n de [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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