High ownership concentration and exporting of emerging market firms: evidence from Peru

摘要: Despite the extraordinarily high ownership concentration widely observed in emerging market firms as a result of institutional voids, there is little research on how this affects exporting behavior firms. From principal–agent and perspectives, we hypothesize that has negative relationship with export intensity, because, markets, highly concentrated bridges interests owners (principals) managers (agents) so principals must be prudent exploring risky international markets. Moreover, country diversification strengthens between because broad geographic dispersion increases risk exposure principal-agent problems. Empirical analysis based panel dataset for publicly listed Peru from 2005 to 2014 supports hypotheses. The study highlights aversion attitude activated by concentration, an protects overconfidently business opportunities. extends conventional literature interface context. We also discuss generalizability findings other e.g. China.