Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms

We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random 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.本研究基于委托代理理论（agency theory），探析国际化对拉美企业股权结构的直接效应与联立效应。研究选取2007至2011年间的425家拉美企业作为样本，共得到1776组观测值，采用随机效应模型与三阶段最小二乘面板数据回归方法对上述效应展开检验。结果显示，此前提出的“国际化对股权集中度具有正向影响”的假设未得到验证。当分析股权结构对国际化程度的影响时，本研究结果支持委托代理理论所预测的负相关关系。以股权进入模式实现的更高程度国际化，与更低的股权集中度显著相关。最后，国际化程度与股权集中度二者的决定关系存在联立性。