Resumo

ARANGO HERRERA, Eduardo; GARCIA FERNANDEZ, Francisco  e  SERNA HINOJOSA, José Antonio. Impact of the diversification strategy on the financial performance of companies in the Mexican Stock Exchange. Rev. mex. econ. finanz [online]. 2020, vol.15, n.1, pp.135-144.  Epub 03-Jul-2020. ISSN 2448-6795.  https://doi.org/10.21919/remef.v15i1.384.

This work aims to analyze the impact of diversification on financial performance (EBITDA and Tobin’s Q) through the Herfindahl and Entropy metrics. The obtained data came from secondary sources corresponding to 133 companies in the Mexican Stock Exchange for the 2011-2016 period. This data went through a quantitative analysis using panel data technics. The results indicate that the diversification metrics are significant when performance is measured using EBITDA. The main limitation was access to detailed financial information on the marketed products. This work proposes EBITDA as a metric to measure financial performance in a diversification context in emerging countries. In conclusion, the positive and significative effect of the Herfindahl metric illustrated that EBITDA provides better results than Tobin´s Q when measuring diversification performance.

Palavras-chave : L22; L25; M13; diversification; financial performance; metrics 1.2.