Diversification strategies in family and non-family groups: main differences according non-family group type
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Published
18-09-2018
Alejandro Hernández Trasobares
Carmen Galvez Górriz
Abstract
In the last decade, the interest for the study of ownership structure as a determinant of diversification arises. However, there is a lack of researches that analyze the influence of the nature of the ultimate owner in the level and type of diversification. Therefore, the objective of this paper is to analyze the diversification strategies used by the main Spanish business groups whose parent company is listed on the stock markets, and to study the differences between family and non-family business groups, considering in these last, the type of ultimate owner. In the study a sample of ninety-nine listed companies is used, where companies that constitute the business group are identified. In the paper are used as econometric methodologies the binomial logistic models and panel data models.The results show that family nature of business group positively influences in specialization and related diversification and negatively on unrelated diversification. Family groups differ most form those non-family groups where there is not a reference shareholder than can exercise effective control and ownership dispersion is higher, the groups referred as "non effective control". The research allows further analysis of differences between family and non-family groups, considering the nature of the ultimate owner for non-family groups.
How to Cite
Hernández Trasobares, A., & Galvez Górriz, C. (2018). Diversification strategies in family and non-family groups: main differences according non-family group type. Cuadernos De Gestión, 16(1), 85–108. https://doi.org/10.5295/cdg.140509ah
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Keywords
Family firm, business group, diversification, ultimate owner, agency theory, growth
References
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Amit, R. and Livnat, J., 1988. Diversification strategies, business cycles and economic performance. Strategic Management Journal, 9 (2), 99–110.
Anderson, R.C. and Reeb, D.M., 2003. Founding-Family ownership, corporate diversification and firm leverage. Journal of Law and Economics, 46 (2), 653-684.
Arregle, J.L., Hitt, M.A., Sirmon, D.G. and Very, P.V., 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44 (1), 73-95.
Barney, J.B., 1991. Firm resources and sustained competitive advantage. Journal of Management, 17 (1), 99-120.
Berger, P. and Ofek, E., 1995. Diversification’s effect on firm value. Journal of Financial Economics, 37 (1), 39–65.
Bettis, R.A., 1981. Performance differences in related and unrelated diversified firms. Strategic Management Journal, 2 (4), 379-393.
Bru, L. and Crespi, R., 2006. Diversification of family business groups and board control. Working Paper (Available at SSRN: http://ssrn.com/abstract=924845).
Cennamo, C., Berrone, P., Cruz, C. and Gomez-Mejia, L.R., 2012. Socioemotional wealth and proactive stakeholder engagement: Why family controlled firms care more about their stakeholders. Entrepreneurship Theory & Practice, 36 (6), 1153-1173.
Chang, S. and Wang, C., 2007. The effect of product diversification strategies on the relationship between international diversification and firm performance. Journal of World Business, 42 (1), 61-79.
Chen, C.J. and Yu, C.M.J., 2012. Managerial ownership, diversification, and firm performance: Evidence from an emerging market. International Business Review, 21 (3), 518-534.
Chrisman, J.J., Chua, J.H. and Litz, R., 2004. Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28 (4), 335-354.
Chrisman, J. J., Chua, J. H. and Sharma, P., 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29 (5), 555-576.
Claessens, S., Djankov, S. and Lang, L., 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58 (1-2), 81-112.
Claver, E., Rienda, L. and Quer, D., 2009. Family firm’s international commitment. The influence of family-related factors. Family Business Review, 22 (2), 125-135.
Comisión Nacional del Mercado de Valores, 2010. www.cnmv.es.
Davis, J.H., Allen, M.R. and Hayes, H.D., 2010. Is blood thicker than water? A study of stewardship perceptions in family business. Entrepreneurship Theory and Practice, 34 (6), 1093-1115.
Davis, J.H., Schoorman, D.F. and Donaldson, L., 1997. Towards a stewardship theory of management. Academy of Management Review, 22 (1), 20-47.
Del Brio, E., Maia-Ramires, E.L. and De Miguel, A., 2011. Ownership structure and diversification in a scenario of weak shareholder protection. Applied Economics, 43 (29) 1-11.
Denis, D., Denis, D. and Yost, K., 2002. Global diversification, industrial diversification, and firm value. Journal of Finance, 57 (5), 1951-1979.
Denis, D., Denis, D. and Sarin, A., 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52 (1), 135–160.
Donaldson, L. and Davis, J.H., 1991. Stewardship theory or agency theory. Australian Journal of Management, 16 (1), 49-64.
Ducassy, I. and Prevot, F., 2010. The effects of family dynamics on diversified strategy: empirical evidence from French companies. Journal of Family Business Strategy, 1 (4), 224-235.
Eisenmann T.R., 2002. The effects of CEO equity ownership and firm diversification on risk taking. Strategic Management Journal, 23 (6), 513–534.
European Commission: Family business definition, 2012. http://ec.europa.eu/enterprise/policies/sme/promoting-entrepreneurship/family-business/index_en.htm.
Faccio, M. and Lang, L., 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Fama, E. and Jensen, M., 1983. Agency problems and residual claims. Journal of Law and Economics, 26 (2), 301–325.
Fernández, Z. and Nieto, M.J., 2006. Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37 (3), 340-351.
García, M.G., 2003. El gobierno corporativo y las decisiones de crecimiento empresarial: Evidencia en las cajas de ahorro españolas. Tesis, (Dr). Universidad de Las Palmas de Gran Canaria.
García, M.G., García, J.M. and Álamo, F.R., 2005. El gobierno corporativo, la estrategia de diversificación y los resultados: evidencia en las cajas de ahorros españolas. Estudios Financieros. Revista de Contabilidad y Tributación: Comentarios, Casos Prácticos, 266, 161-212.
Gomes, J. and Lidvan, D., 2004. Optimal Diversification: Reconciling Theory and Evidence. Journal of Finance, 59 (2), 507-535.
Gomez-Mejia, L., Cruz, C., Berrone, P. and De Castro, J., 2011. The bind that ties: socioemotional wealth’ preservation in family firms. Academy of Management Annals, 5 (1), 653-707.
Gomez-Mejia, L., Haynes, K., Nuñez, M., Jacobson, K. and Moyano, J., 2007. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52 (1), 106-137.
Gomez-Mejia, L., Makri, M. and Larraza, M., 2010. Diversification decisions in familycontrolled firms. Journal of Management Studies, 47 (2), 223–252.
Goranova, M., Alessandri, T., Brandes, P. and Dharwadkar, R., 2007. Managerial ownership and corporate diversification: A longitudinal view. Strategic Management Journal, 28 (3), 211–225.
Habbershon, T.G. and Williams, M.L., 1999. A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12 (1), 1-22.
Hill, C. and Snell, S., 1989. Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32 (1), 25-46.
Jacquemin, A.P and Berry, C.H., 1979. Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27 (4), 359-369.
Jensen, M. 1986., Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76 (2), 323–329.
Jensen, M. and Murphy, K., 1990. Performance pay and top management incentives. Journal of Political Economy, 98 (2), 225-263.
Kang, D.L., 1999. Ownership structure and the boundaries of the firm: how large-block family owners lead to increased vertical integration, diversification and superior firm performance. Academy of Management annual meeting: business policy and strategy division, January.
La Porta, R., Lopez de Silanes, F. and Shleifer, A., 1999. Corporate ownership around the world. Journal of Finance, 54 (2), 471-517.
Laeven, L. and Levine, R., 2007. Is there a diversification discount in financial conglomerates?. Journal of Financial Economics, 85 (2), 331-67.
Markides, C. and Williamson, P., 1994. Related diversification, core competences and corporate performance. Strategic Management Journal, 15, 149-165.
Martin, J.D. and Sayrak, A., 2003. Corporate diversification and shareholder value. Journal of Corporate Finance, 9 (1), 37-57.
May, D.O., 1995. Do managerial motives influence firm risk reduction strategies? Journal of Finance, 50 (4), 1291-1308.
Mazzi, C., 2011. Family business and financial performance: current state of knowledge and future research challenges. Journal of Family Business Strategy, 2 (3), 166-181.
Menard, S., 2002. Longitudinal Research. Quantitative Applications in the Social Sciences. 2ª Ed. Thousand Oaks: Sage Publications.
Miller, D., Le Breton-Miller, I and Scholnick, B., 2008. Stewardship vs. stagnation: An empirical comparison of small family and non-family business. Journal of Management Studies, 45 (1), 51-78.
Miller, D., Le Breton-Miller, I. and Lester, R.H., 2010. Family ownership and acquisition behaviour in publicly-traded companies. Strategic Management Journal, 31 (2), 201-214.
Miller, R.A., 1973. Concentration and marginal concentration, advertising and diversity: Three issues structure performance tests. Industrial Organization Review, 1 (1), 15-24.
Montgomery, C.A., 1985. Product-market diversification and market power. Academy of Management Journal, 28 (4), 789-798.
Montgomery, C.A., 1994. Corporate diversification. Journal of Economic Perspectives, 8 (3), 163-178.
Moores, K., 2009. Paradigms and theory building in the domain of business families. Family Business Review, 22 (2), 167-180.
Muñoz-Bullón, F. and Sánchez-Bueno, M.J., 2011. Do family ties shape the performance consequences of diversification? Evidence form the European Union. Journal of World Business, 47 (3), 469-477.
Newbound, G., Buckley, P. and Turwell, J., 1978. Going international: The experience of smaller companies overseas. Somerset, NJ: Halstead Press.
Palepu, K., 1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6 (3), 239-255.
Palich, L.E., Cardinal, L.B. and Miller, C.C., 2000. Curvilinearity in the diversificationperformance linkage: An examination of over three decades of research. Strategic Management Journal, 21 (2), 155-17.
Penrose, E., 1959. The Theory of the Growth of the Firm. New York: John Wiley.
Peteraf, M.A., 1993. The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14 (3), 179-191.
Pollack R., 1985. A transaction cost approach to familiar and households. Journal of Economic Literature, 23, 581-608.
Rumelt, R.P., 1974. Strategy, Structure and Economic Performance. Boston: Harvard University Press.
Rumelt, R.P., 1982. Diversification strategy and profitability. Strategic Management Journal, 3 (4), 359- 369.
Sacristán, M., Gómez, S. and Cabeza, L., 2011. Large shareholders’ combinations in family firm: Prevalence and performance effects. Journal of Family Business Strategy, 2 (2), 101-112.
Schulze W.S., Lubatkin, M.H. and Dino, R.N., 2002. Altruism, agency, and the competitiveness of family firms. Managerial and Decision Economics, 23 (4-5), 247-259.
Shackman, J.D., 2007. Corporate diversification, vertical integration and internal capital markets: Across-country study. Management International Review, 47 (4), 479–504.
Shleifer, A. and Vishny, R.W., 1986. Large shareholders and corporate control. Journal of Political Economy, 94 (3), 461-488.
Shleifer, A. and Vishny, R.W., 1990. Equilibrium short horizons of investors and firms. American Economic Review Papers and Proceedings, 80 (2), 148-153.
Shleifer, A. and Vishny, R.W., 1989. Management entrenchment: The case of manager specific investments. Journal of Financial Economics, 25 (1), 123-139.
Sirmon, D.G. and Hitt, M.A., 2003. Managing resources: linking unique resources, management and wealth creation in family firms. Entrepreneurship Theory and Practice, 27 (4), 339-358.
Tagiuri, R. and Davis, J., 1982. Bivalent Attributes of the Family Firm. Working paper, Cambridge: Harvard Business School.
Tanriverdi, H. and Venkatraman, N., 2005. Knowledge relatedness and the performance of multibusiness firms. Strategic Management Journal, 26 (1), 97-119.
Tsai, W., Kuo, Y. and Hung, J., 2009. Corporate diversification and CEO turnover in family businesses: Self entrenchment or risk reduction? Small Business Economics, 32 (1), 57-76.
Ward, J.L., 1988. The special role of strategic planning for family businesses. Family Business Review, 1 (2), 105-118.
Waserman, N., 2006. Stewards, agents and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49 (5), 960-976.
Zahra, S.A., 2005. Entrepreneurial risk taking in family firms. Family Business Review, 18 (1), 23–40.
Zozaya, N. 2007. Las fusiones y adquisiciones como fórmula de crecimiento empresarial. Dirección General de Política de la Pyme. Ministerio de Industria y Turismo.
Amit, R. and Livnat, J., 1988. Diversification strategies, business cycles and economic performance. Strategic Management Journal, 9 (2), 99–110.
Anderson, R.C. and Reeb, D.M., 2003. Founding-Family ownership, corporate diversification and firm leverage. Journal of Law and Economics, 46 (2), 653-684.
Arregle, J.L., Hitt, M.A., Sirmon, D.G. and Very, P.V., 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44 (1), 73-95.
Barney, J.B., 1991. Firm resources and sustained competitive advantage. Journal of Management, 17 (1), 99-120.
Berger, P. and Ofek, E., 1995. Diversification’s effect on firm value. Journal of Financial Economics, 37 (1), 39–65.
Bettis, R.A., 1981. Performance differences in related and unrelated diversified firms. Strategic Management Journal, 2 (4), 379-393.
Bru, L. and Crespi, R., 2006. Diversification of family business groups and board control. Working Paper (Available at SSRN: http://ssrn.com/abstract=924845).
Cennamo, C., Berrone, P., Cruz, C. and Gomez-Mejia, L.R., 2012. Socioemotional wealth and proactive stakeholder engagement: Why family controlled firms care more about their stakeholders. Entrepreneurship Theory & Practice, 36 (6), 1153-1173.
Chang, S. and Wang, C., 2007. The effect of product diversification strategies on the relationship between international diversification and firm performance. Journal of World Business, 42 (1), 61-79.
Chen, C.J. and Yu, C.M.J., 2012. Managerial ownership, diversification, and firm performance: Evidence from an emerging market. International Business Review, 21 (3), 518-534.
Chrisman, J.J., Chua, J.H. and Litz, R., 2004. Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28 (4), 335-354.
Chrisman, J. J., Chua, J. H. and Sharma, P., 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29 (5), 555-576.
Claessens, S., Djankov, S. and Lang, L., 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58 (1-2), 81-112.
Claver, E., Rienda, L. and Quer, D., 2009. Family firm’s international commitment. The influence of family-related factors. Family Business Review, 22 (2), 125-135.
Comisión Nacional del Mercado de Valores, 2010. www.cnmv.es.
Davis, J.H., Allen, M.R. and Hayes, H.D., 2010. Is blood thicker than water? A study of stewardship perceptions in family business. Entrepreneurship Theory and Practice, 34 (6), 1093-1115.
Davis, J.H., Schoorman, D.F. and Donaldson, L., 1997. Towards a stewardship theory of management. Academy of Management Review, 22 (1), 20-47.
Del Brio, E., Maia-Ramires, E.L. and De Miguel, A., 2011. Ownership structure and diversification in a scenario of weak shareholder protection. Applied Economics, 43 (29) 1-11.
Denis, D., Denis, D. and Yost, K., 2002. Global diversification, industrial diversification, and firm value. Journal of Finance, 57 (5), 1951-1979.
Denis, D., Denis, D. and Sarin, A., 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52 (1), 135–160.
Donaldson, L. and Davis, J.H., 1991. Stewardship theory or agency theory. Australian Journal of Management, 16 (1), 49-64.
Ducassy, I. and Prevot, F., 2010. The effects of family dynamics on diversified strategy: empirical evidence from French companies. Journal of Family Business Strategy, 1 (4), 224-235.
Eisenmann T.R., 2002. The effects of CEO equity ownership and firm diversification on risk taking. Strategic Management Journal, 23 (6), 513–534.
European Commission: Family business definition, 2012. http://ec.europa.eu/enterprise/policies/sme/promoting-entrepreneurship/family-business/index_en.htm.
Faccio, M. and Lang, L., 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Fama, E. and Jensen, M., 1983. Agency problems and residual claims. Journal of Law and Economics, 26 (2), 301–325.
Fernández, Z. and Nieto, M.J., 2006. Impact of ownership on the international involvement of SMEs. Journal of International Business Studies, 37 (3), 340-351.
García, M.G., 2003. El gobierno corporativo y las decisiones de crecimiento empresarial: Evidencia en las cajas de ahorro españolas. Tesis, (Dr). Universidad de Las Palmas de Gran Canaria.
García, M.G., García, J.M. and Álamo, F.R., 2005. El gobierno corporativo, la estrategia de diversificación y los resultados: evidencia en las cajas de ahorros españolas. Estudios Financieros. Revista de Contabilidad y Tributación: Comentarios, Casos Prácticos, 266, 161-212.
Gomes, J. and Lidvan, D., 2004. Optimal Diversification: Reconciling Theory and Evidence. Journal of Finance, 59 (2), 507-535.
Gomez-Mejia, L., Cruz, C., Berrone, P. and De Castro, J., 2011. The bind that ties: socioemotional wealth’ preservation in family firms. Academy of Management Annals, 5 (1), 653-707.
Gomez-Mejia, L., Haynes, K., Nuñez, M., Jacobson, K. and Moyano, J., 2007. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52 (1), 106-137.
Gomez-Mejia, L., Makri, M. and Larraza, M., 2010. Diversification decisions in familycontrolled firms. Journal of Management Studies, 47 (2), 223–252.
Goranova, M., Alessandri, T., Brandes, P. and Dharwadkar, R., 2007. Managerial ownership and corporate diversification: A longitudinal view. Strategic Management Journal, 28 (3), 211–225.
Habbershon, T.G. and Williams, M.L., 1999. A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12 (1), 1-22.
Hill, C. and Snell, S., 1989. Effects of ownership structure and control on corporate productivity. Academy of Management Journal, 32 (1), 25-46.
Jacquemin, A.P and Berry, C.H., 1979. Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27 (4), 359-369.
Jensen, M. 1986., Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76 (2), 323–329.
Jensen, M. and Murphy, K., 1990. Performance pay and top management incentives. Journal of Political Economy, 98 (2), 225-263.
Kang, D.L., 1999. Ownership structure and the boundaries of the firm: how large-block family owners lead to increased vertical integration, diversification and superior firm performance. Academy of Management annual meeting: business policy and strategy division, January.
La Porta, R., Lopez de Silanes, F. and Shleifer, A., 1999. Corporate ownership around the world. Journal of Finance, 54 (2), 471-517.
Laeven, L. and Levine, R., 2007. Is there a diversification discount in financial conglomerates?. Journal of Financial Economics, 85 (2), 331-67.
Markides, C. and Williamson, P., 1994. Related diversification, core competences and corporate performance. Strategic Management Journal, 15, 149-165.
Martin, J.D. and Sayrak, A., 2003. Corporate diversification and shareholder value. Journal of Corporate Finance, 9 (1), 37-57.
May, D.O., 1995. Do managerial motives influence firm risk reduction strategies? Journal of Finance, 50 (4), 1291-1308.
Mazzi, C., 2011. Family business and financial performance: current state of knowledge and future research challenges. Journal of Family Business Strategy, 2 (3), 166-181.
Menard, S., 2002. Longitudinal Research. Quantitative Applications in the Social Sciences. 2ª Ed. Thousand Oaks: Sage Publications.
Miller, D., Le Breton-Miller, I and Scholnick, B., 2008. Stewardship vs. stagnation: An empirical comparison of small family and non-family business. Journal of Management Studies, 45 (1), 51-78.
Miller, D., Le Breton-Miller, I. and Lester, R.H., 2010. Family ownership and acquisition behaviour in publicly-traded companies. Strategic Management Journal, 31 (2), 201-214.
Miller, R.A., 1973. Concentration and marginal concentration, advertising and diversity: Three issues structure performance tests. Industrial Organization Review, 1 (1), 15-24.
Montgomery, C.A., 1985. Product-market diversification and market power. Academy of Management Journal, 28 (4), 789-798.
Montgomery, C.A., 1994. Corporate diversification. Journal of Economic Perspectives, 8 (3), 163-178.
Moores, K., 2009. Paradigms and theory building in the domain of business families. Family Business Review, 22 (2), 167-180.
Muñoz-Bullón, F. and Sánchez-Bueno, M.J., 2011. Do family ties shape the performance consequences of diversification? Evidence form the European Union. Journal of World Business, 47 (3), 469-477.
Newbound, G., Buckley, P. and Turwell, J., 1978. Going international: The experience of smaller companies overseas. Somerset, NJ: Halstead Press.
Palepu, K., 1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6 (3), 239-255.
Palich, L.E., Cardinal, L.B. and Miller, C.C., 2000. Curvilinearity in the diversificationperformance linkage: An examination of over three decades of research. Strategic Management Journal, 21 (2), 155-17.
Penrose, E., 1959. The Theory of the Growth of the Firm. New York: John Wiley.
Peteraf, M.A., 1993. The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14 (3), 179-191.
Pollack R., 1985. A transaction cost approach to familiar and households. Journal of Economic Literature, 23, 581-608.
Rumelt, R.P., 1974. Strategy, Structure and Economic Performance. Boston: Harvard University Press.
Rumelt, R.P., 1982. Diversification strategy and profitability. Strategic Management Journal, 3 (4), 359- 369.
Sacristán, M., Gómez, S. and Cabeza, L., 2011. Large shareholders’ combinations in family firm: Prevalence and performance effects. Journal of Family Business Strategy, 2 (2), 101-112.
Schulze W.S., Lubatkin, M.H. and Dino, R.N., 2002. Altruism, agency, and the competitiveness of family firms. Managerial and Decision Economics, 23 (4-5), 247-259.
Shackman, J.D., 2007. Corporate diversification, vertical integration and internal capital markets: Across-country study. Management International Review, 47 (4), 479–504.
Shleifer, A. and Vishny, R.W., 1986. Large shareholders and corporate control. Journal of Political Economy, 94 (3), 461-488.
Shleifer, A. and Vishny, R.W., 1990. Equilibrium short horizons of investors and firms. American Economic Review Papers and Proceedings, 80 (2), 148-153.
Shleifer, A. and Vishny, R.W., 1989. Management entrenchment: The case of manager specific investments. Journal of Financial Economics, 25 (1), 123-139.
Sirmon, D.G. and Hitt, M.A., 2003. Managing resources: linking unique resources, management and wealth creation in family firms. Entrepreneurship Theory and Practice, 27 (4), 339-358.
Tagiuri, R. and Davis, J., 1982. Bivalent Attributes of the Family Firm. Working paper, Cambridge: Harvard Business School.
Tanriverdi, H. and Venkatraman, N., 2005. Knowledge relatedness and the performance of multibusiness firms. Strategic Management Journal, 26 (1), 97-119.
Tsai, W., Kuo, Y. and Hung, J., 2009. Corporate diversification and CEO turnover in family businesses: Self entrenchment or risk reduction? Small Business Economics, 32 (1), 57-76.
Ward, J.L., 1988. The special role of strategic planning for family businesses. Family Business Review, 1 (2), 105-118.
Waserman, N., 2006. Stewards, agents and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49 (5), 960-976.
Zahra, S.A., 2005. Entrepreneurial risk taking in family firms. Family Business Review, 18 (1), 23–40.
Zozaya, N. 2007. Las fusiones y adquisiciones como fórmula de crecimiento empresarial. Dirección General de Política de la Pyme. Ministerio de Industria y Turismo.
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