Abstract

The question of the relationship between shareholder structure and diversification of the enterprise has caused many debates. We propose to shed a particular light in applying this question in the context of companies listed on the BVMT, which have specific characteristics in terms of relations between shareholders and leaders. Our study focuses on 51 companies. We are studying the relations between character of the company level and type of diversification. Our results show that family businesses are more diverse than the non-family ones. In addition, we identify a negative relationship between the presence of an actionnarial block and level of diversification for the non-family businesses. In contrast, this relationship is not found for the family businesses. Our results allow as well to emphasize the special features of family businesses. However, our results also show that these features do not lead to a difference between family businesses and non-family businesses in terms of the choice of type of diversification (connected or not connected). This article aims to analyze the impact of the managerial property and strategic resources on diversification in the Tunisian companies listed on the stock exchange of movable values of Tunis (BVMT). The data have been collected from a sample of 51 Tunisian enterprises holding data on four successive years. The results obtained show the existence of an impact statistically significant of the managerial property on the strategy of diversification of the undertaking. These results have also shown that the non redeployable resources positively affect the connected diversification