Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms
| Autor | Hsia Hua Sheng - Vinícius Silva Pereira |
| Cargo | Fundação Getúlio Vargas, EAESP/FGV - Universidade Federal de Uberlândia, FAGEN/UFU |
Available online at
http://www.anpad.org.br/bar
BAR, Rio de Janeiro, v. 11, n. 3, art. 5,
pp. 323-339, July/Sept. 2014
http://dx.doi.org/10.1590/1807-7692bar2014353
Effects of Internationalization on Ownership Structure: Evidence
from Latin American Firms
Hsia Hua Sheng
E-mail address: hsia.sheng@fgv.br
Fundação Getúlio Vargas - EAESP/FGV
Fundação Getúlio Vargas, Rua Itapeva, 474, 01332-000, São Paulo, SP, Brazil.
Vinícius Silva Pereira
E-mail address: viniciuss56@gmail.com
Universidade Federal de Uberlândia – FAGEN/UFU
FAGEN/UFU, Av. João Naves de Ávila, 2121, 38408-100, Minas Gerais, MG, Brazil.
Received 16 May 2013; received in revised form 11 March 2014 (this paper has been with the
authors for two revisions); accepted 18 March 2014; published online 1st July 2014.
Editor’s note. Ricardo Pereira Câmara Leal served as Associate Editor for this article.
H. H. Sheng, V. S. Pereira 324
BAR, Rio de Janeiro, v. 11, n. 3, art. 5, pp. 323-339, July/Sept. 2014 www.anpad.org.br/bar
Abstract
We analyze the direct and simultaneous effects of internati onalization on th e ownership structure of Latin
American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and
2011, which corresponds t o 1,776 observations, we use r andom 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 is 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 simultaneity in the
determination of the relationship between the degree of internationalization and ownership concentration.
Key words: internationalization; entry modes; ownership structure; ownership concentration; property identity.
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