Estrategias de diversificación en los grupos familiares y no familiares: principales diferencias según el tipo de grupo no familiar

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Publicado 18-09-2018
Alejandro Hernández Trasobares Carmen Galvez Górriz

Resumen

Durante la última década surge un interés por el estudio de la estructura de propiedad como elemento determinante
de la diversificación. Sin embargo, existe una carencia de investigaciones que analicen la influencia de la naturaleza del último propietario en el nivel y tipo de diversificación. Por ello, el objeto del presente trabajo es analizar las estrategias de diversificación empleadas por los grandes grupos empresariales españoles cuya empresa matriz cotiza en los mercados de valores, estudiando las diferencias existentes entre grupos familiares y no familiares, y considerando en estos últimos la naturaleza del último propietario. Se parte de una muestra de noventa y nueve grupos empresariales, donde se identifican las compañías que constituyen el grupo empresarial, siendo empleadas como metodologías econométricas los modelos logísticos binomiales y los modelos datos panel.
Los resultados muestran como la naturaleza familiar del grupo influye positivamente en la especialización y en el empleo de estrategias de diversificación relacionada, y negativamente en el empleo de estrategias de diversificación no relacionada. Los grupos familiares difieren en mayor medida de aquellos grupos no familiares donde no existe un accionista de referencia que pueda ejercer el control efectivo del grupo y la dispersión de la propiedad es mayor, los denominados grupos "sin control efectivo". La investigación permite profundizar en el análisis de las diferencias existentes entre grupos familiares y no familiares, y más concretamente en el ámbito de las estrategias de crecimiento, considerando la naturaleza del último propietario de los grupos no familiares.

Cómo citar

Hernández Trasobares, A., & Galvez Górriz, C. (2018). Estrategias de diversificación en los grupos familiares y no familiares: principales diferencias según el tipo de grupo no familiar. Cuadernos De Gestión, 16(1), 85–108. https://doi.org/10.5295/cdg.140509ah
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Keywords

Empresa familiar, grupo empresarial, diversificación, último propietario, teoría de agencia, crecimiento

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