Why firms diversify: An empirical examination

Financial Management

Volumn 31, Issue 1, 2002, Pages 51-81

  Hyland, David C ^a   Diltz, J David ^a  

^a UNIVERSITY OF TEXAS AT ARLINGTON   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0036340511     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.2307/3666321     Document Type: Article

References (57)

1. Risk reduction as a managerial motive for conglomerate mergers
2. Corporate governance and firm diversification
3. Diversification's effect on firm value
4. Causes and effects of corporate refocusing programs
5. Diversification and the value of internal capital markets: The case of tracking stock
6. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
7. Using daily stock returns: The case of event studies
8. The performance of white-knight management
9. A Simple Approximation of Tobin's q
10. Corporate focus and stock returns
11. Agency problems, equity ownership, and corporate diversification
12. Security analysis and corporate diversification
13. Why do firms merge and then divest? A theory of financial synergy
14. Does corporate diversification destroy value?
15. Corporate structure and equity offerings: Are there benefits to diversification?
16. Corporate cash reserves and acquisitions
17. Sample bias as a specification error
18. Corporate diversification and agency
19. Agency costs of free cash flow, corporate finance, and takeovers
20. Takeovers: Their causes and consequences
21. The market for corporate control
22. Contributions of diversification, promotion, and R&D to the value of multi-product firms: A tobin's q approach
23. The impact of industry classifications on financial research
24. The success of acquisitions: Evidence from divestitures
25. Corporate diversification and firm performance
26. A test of the free cash flow hypothesis: The case of bidder returns
27. A pure financial rationale for the conglomerate merger
28. Mergers, executive risk reduction, and stockholder wealth
29. Tobin's q ratio and industrial organization
30. Executive stock ownership and performance: Tracking faint traces
31. Do long-term shareholders benefit from capital acquisitions?
32. Do conglomerate firms allocate resources inefficiently?
33. Takeover motives during the conglomerate merger wave
34. Management ownership and market valuation: An empirical analysis
35. Do managerial objectives drive bad acquisitions?
36. Internalization: An event study test
37. From competitive advantage to corporate strategy
38. The cost of diversity: The diversification discount and inefficient investment
39. The 1980s merger wave: An industrial organization perspective
40. The dark side of internal capital markets: Divisional rent-seeking and inefficient investment
41. The value of diversification during the conglomerate merger wave
42. Are capital markets efficient?
43. The investment opportunity set and corporate financing, dividend, and compensation policies
44. Internal capital markets and the competition for corporate resources
45. Corporate takeovers, strategic objectives, and acquiring-firm shareholder wealth
46. Is it inefficient investment that causes the diversification discount?