000162316 001__ 162316
000162316 005__ 20251017144612.0
000162316 0247_ $$2doi$$a10.1177/23409444251351328
000162316 0248_ $$2sideral$$a144895
000162316 037__ $$aART-2025-144895
000162316 041__ $$aeng
000162316 100__ $$0(orcid)0000-0002-1255-0734$$aChopo-Murillo, Maria Sonia
000162316 245__ $$aPerformance and Corporate Diversification: Evidence From the Insurance Industry
000162316 260__ $$c2025
000162316 5060_ $$aAccess copy available to the general public$$fUnrestricted
000162316 5203_ $$aThis article investigates whether corporate diversification may be driven by poor performance. We analyze Spanish non-life insurers’ diversification status and extent over a 13-year sample period. Performance is measured through cost/revenue inefficiency, adjusted for scale inefficiency. The results do not reject the hypothesis that poor cost and revenue performance motivates diversification (both status and total extent), suggesting that firms pursue it to better exploit diversification economies. However, inefficiency does not seem to explain the extent of unrelated diversification, indicating that such economies may arise under both related and unrelated strategies. In addition, our results appear to support the benefits of internal capital markets as a motive for diversification, since opaque insurers tend to exhibit higher levels of total diversification than transparent ones. Furthermore, non-life insurers seem to diversify into unrelated lines to circumvent barriers to growth in the product markets in which they operate.
000162316 536__ $$9info:eu-repo/grantAgreement/ES/MICINN/PID2021-127736NB-I00
000162316 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc$$uhttps://creativecommons.org/licenses/by-nc/4.0/deed.es
000162316 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000162316 700__ $$aRubio-Misas, María
000162316 700__ $$0(orcid)0000-0001-8405-1056$$aSalas-Fumás, Vicente$$uUniversidad de Zaragoza
000162316 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000162316 773__ $$g(2025), [20 pp.]$$pBus. res. q.$$tBRQ Business Research Quarterly$$x2340-9436
000162316 8564_ $$s465407$$uhttps://zaguan.unizar.es/record/162316/files/texto_completo.pdf$$yVersión publicada
000162316 8564_ $$s2309039$$uhttps://zaguan.unizar.es/record/162316/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000162316 909CO $$ooai:zaguan.unizar.es:162316$$particulos$$pdriver
000162316 951__ $$a2025-10-17-14:17:57
000162316 980__ $$aARTICLE