Mas-Ruiz, Francisco J.Nicolau, Juan LuisRuiz-Moreno, Felipe2024-07-262024-07-262002-08-010265-1335https://hdl.handle.net/10919/120716The aim of this study is to examine the determining factors of a firm's performance, as a direct consequence of its diversification strategy in its expansion into foreign markets, considering certain factors like the market, the product and the company itself. As a novelty, the methodology employed uses the event-study to estimate the excess of returns generated by its shares on the Stock Market, based on a sample, of 35 expansion announcements into external markets corresponding to 11 diversifying companies. A regression analysis is also carried out to examine the impact of these factors, market, product and company, on the excesses in returns observed. The empirical application, carried-out in Spain, has allowed us to detect that, on average, the impact of the news about a company's expansion on the returns on its shares is positive; its determining factors being the speciality of the product offered and the level of development in the target country.Pages 348-36821 page(s)application/pdfenCreative Commons Attribution 4.0 Internationalinternational marketinggrowthdiversificationArticle - Refereedhttps://doi.org/10.1108/02651330210435663194-5Nicolau Gonzalbez, Juan [0000-0003-0048-2823]