Fabre Mendoza, Fernando <br/><br/>
The evolution of competitive advantages of a corporate diversification strategy 

<br/><br/> There is evidence as to clear competitive advantages of conglomerates (holdings or business groups, focused or unrelated) in emergent economies, due to the lack of institutional agreements. In Mexico, conglomerates have profited from financial, operational and technological synergies through internal capital markets substituting goods, labour, contractual, financial and other inefficient local markets. By using data from a panel of 65 businesses traded in Mexico’s Stock Exchange for the past 18 quarters (1170 observation points, balanced sample), it is evident that increments in institutional development levels in the country are reducing the competitive advantages of conglomerates, which suggests a divestment strategy is necessary and  imminent. 
<br/><br/><br/>Artículo en inglés. 
<br/><br/><label>Subjects--Topical Terms: </label><br/>DIVERSIFICACION CORPORATIVA.<br/>VENTAJAS COMPETITIVAS.<br/>MERCADOS INTERNOS DE CAPITAL.