메뉴 건너뛰기




Volumn 11, Issue 3, 2003, Pages 365-392

When does corporate diversification matter to productivity and performance? Evidence from East Asia

Author keywords

Asia; Corporate diversification; Learning by doing; Vertical integration

Indexed keywords


EID: 0141800061     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0927-538X(03)00029-5     Document Type: Article
Times cited : (49)

References (42)
  • 2
    • 0141772829 scopus 로고
    • Application of input-output analysis for less developed countries
    • R. Staglin (Ed.), Göttingen, Germany: Vandenhoeck and Ruprecht
    • IBulmer-Thomas V. Application of input-output analysis for less developed countries. In: Staglin R. (Ed.), International Use of Input-Output Analysis 1982 199-230 Vandenhoeck and Ruprecht Göttingen, Germany
    • (1982) International Use of Input-Output Analysis , pp. 199-230
    • Bulmer-Thomas, V.1
  • 4
    • 0141772830 scopus 로고    scopus 로고
    • The benefits and costs of internal markets: Evidence from Asia's financial crisis
    • J. P. Fan, M. Hanazaki, & J. Teranishi (Eds.), Routledge. In press
    • Claessens S. Djankov S. Fan J.P.H. Lang L. The benefits and costs of internal markets: Evidence from Asia's financial crisis. In: Fan J.P.H. Hanazaki M. Teranishi J. (Eds.) Designing Financial Systems in East Asia and Japan 2003 Routledge. In press.
    • (2003) Designing Financial Systems in East Asia and Japan
    • Claessens, S.1    Djankov, S.2    Fan, J.P.H.3    Lang, L.4
  • 5
    • 0001677738 scopus 로고    scopus 로고
    • Is "Learning-by-exporting" important? Micro-dynamic evidence from Colombia, Mexico and Morocco
    • Clerides S. Lach S. Tybout J. Is "Learning-by-exporting" important? Micro-dynamic evidence from Colombia, Mexico and Morocco Quarterly Journal of Economics 113 1998 903-947
    • (1998) Quarterly Journal of Economics , vol.113 , pp. 903-947
    • Clerides, S.1    Lach, S.2    Tybout, J.3
  • 6
    • 84979188687 scopus 로고
    • The nature of the firm
    • Coase R.H. The nature of the firm Economica 4 1937 386-405
    • (1937) Economica , vol.4 , pp. 386-405
    • Coase, R.H.1
  • 8
    • 0039646787 scopus 로고    scopus 로고
    • Agency problem, equity ownership, and corporate diversification
    • Denis D.J. Denis D.K. Sarin A. Agency problem, equity ownership, and corporate diversification Journal of Finance 52 1997 135-160
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 9
    • 0040807284 scopus 로고    scopus 로고
    • The measurement of relatedness: An application to corporate diversification
    • Fan J.P.H. Lang L.H.P. The measurement of relatedness: An application to corporate diversification Journal of Business 73 2000 629-660
    • (2000) Journal of Business , vol.73 , pp. 629-660
    • Fan, J.P.H.1    Lang, L.H.P.2
  • 10
    • 25344455096 scopus 로고    scopus 로고
    • On the patterns and wealth effects of vertical mergers
    • Working Paper, Hong Kong University of Science and Technology
    • Fan, J.P.H., Goyal, V.K., 2002. On the patterns and wealth effects of vertical mergers. Working Paper, Hong Kong University of Science and Technology.
    • (2002)
    • Fan, J.P.H.1    Goyal, V.K.2
  • 11
    • 0037345044 scopus 로고    scopus 로고
    • Capital market development, integration, legal systems, and the value of corporate diversification: A cross-country analysis
    • (in press)
    • Fauver L. Houston J. Naranjo A. Capital market development, integration, legal systems, and the value of corporate diversification: A cross-country analysis Journal of Financial and Quantitative Analysis 2003 (in press)
    • (2003) Journal of Financial and Quantitative Analysis
    • Fauver, L.1    Houston, J.2    Naranjo, A.3
  • 13
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association
    • Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association The American Economic Review 76 2 1986 323-329
    • (1986) The American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 14
    • 0003191078 scopus 로고
    • Eclipse of the public corporation
    • Jensen M.C. Eclipse of the public corporation Harvard Business Review 67 1989 61-74
    • (1989) Harvard Business Review , vol.67 , pp. 61-74
    • Jensen, M.C.1
  • 15
    • 43949156174 scopus 로고
    • The Sources of economic growth of the east Asia newly industrialized countries
    • Kim J. Lau L. The Sources of economic growth of the east Asia newly industrialized countries Journal of the Japanese and International Economice 8 1994 235-271
    • (1994) Journal of the Japanese and International Economice , vol.8 , pp. 235-271
    • Kim, J.1    Lau, L.2
  • 16
    • 0000827401 scopus 로고
    • Vertical integration, appropriable rents, and the competitive contracting process
    • Klein B. Crawford R.A. Alchian A. Vertical integration, appropriable rents, and the competitive contracting process Journal of Law and Economics 21 1978 297-326
    • (1978) Journal of Law and Economics , vol.21 , pp. 297-326
    • Klein, B.1    Crawford, R.A.2    Alchian, A.3
  • 17
    • 0002515177 scopus 로고
    • The myth of Asia's miracle
    • (November-December)
    • Krugman P. The myth of Asia's miracle Foreign Affairs 1994 62-78 (November-December)
    • (1994) Foreign Affairs , pp. 62-78
    • Krugman, P.1
  • 18
    • 0009167334 scopus 로고    scopus 로고
    • Cash flows and investment: Evidence from internal capital markets
    • Lamont O. Cash flows and investment: evidence from internal capital markets Journal of Finance 52 1997 83-109
    • (1997) Journal of Finance , vol.52 , pp. 83-109
    • Lamont, O.1
  • 19
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang L.H.P. Stulz R.M. Tobin's q, corporate diversification, and firm performance Journal of Political Economy 102 1994 1248-1280
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 21
    • 0001178285 scopus 로고
    • Relatedness in the patterns of interindustry diversification
    • Lemelin A. Relatedness in the patterns of interindustry diversification The Review of Economics and Statistics 64 1982 646-657
    • (1982) The Review of Economics and Statistics , vol.64 , pp. 646-657
    • Lemelin, A.1
  • 22
    • 0003195790 scopus 로고    scopus 로고
    • Ownership structure, corporate governance and firm value: Evidence from the East Asian financial crisis
    • (in press)
    • Lemmon M. Lins K. Ownership structure, corporate governance and firm value: evidence from the East Asian financial crisis Journal of Finance 2003 (in press)
    • (2003) Journal of Finance
    • Lemmon, M.1    Lins, K.2
  • 23
    • 0040426296 scopus 로고    scopus 로고
    • International evidence on the value of corporate diversification
    • Lins K. Servaes H. International evidence on the value of corporate diversification Journal of Finance 54 1999 2215-2239
    • (1999) Journal of Finance , vol.54 , pp. 2215-2239
    • Lins, K.1    Servaes, H.2
  • 24
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • (Summer)
    • Lins K. Servaes H. Is corporate diversification beneficial in emerging markets? Financial Management 2002 5-31 (Summer)
    • (2002) Financial Management , pp. 5-31
    • Lins, K.1    Servaes, H.2
  • 25
    • 0036094466 scopus 로고    scopus 로고
    • A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis
    • Mitton T. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis Journal of Financial Economics 64 2002 215-241
    • (2002) Journal of Financial Economics , vol.64 , pp. 215-241
    • Mitton, T.1
  • 26
    • 70350102522 scopus 로고
    • Vertical integration: Determinants and effects
    • R. Schmalensee, & R. D. Willig (Eds.), (Elsevier, Amsterdam)
    • Perry M.K. Vertical integration: Determinants and effects. In: Schmalensee R. Willig R.D. (Eds.), Handbook of Industrial Organization, Volume I (Elsevier, Amsterdam) 1989 183-255
    • (1989) Handbook of Industrial Organization , vol.1 , pp. 183-255
    • Perry, M.K.1
  • 27
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficient investment
    • Rajan R. Servaes H. Zingales L. The cost of diversity: The diversification discount and inefficient investment Journal of Finance 55 2000 35-80
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 28
    • 0003980669 scopus 로고    scopus 로고
    • The dark side of internal capital markets: II. Evidence from diversified conglomerates
    • NBER Working Paper No. 6352
    • Scharfstein D.S. The dark side of internal capital markets: II. Evidence from diversified conglomerates NBER Working Paper No. 6352 1998
    • (1998)
    • Scharfstein, D.S.1
  • 29
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: Divisional rent-seeking and inefficient investment
    • Scharfstein D.S. Stein J. The dark side of internal capital markets: Divisional rent-seeking and inefficient investment Journal of Finance 55 2000 2537-2564
    • (2000) Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.S.1    Stein, J.2
  • 30
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes H. The value of diversification during the conglomerate merger wave Journal of Finance 51 1996 1201-1225
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 32
    • 0001094074 scopus 로고
    • The fundamental structure of input-output tables: An international comparison
    • Simpson D. Tsukui J. The fundamental structure of input-output tables: An international comparison Review of Economics and Statistics 47 1965 434-446
    • (1965) Review of Economics and Statistics , vol.47 , pp. 434-446
    • Simpson, D.1    Tsukui, J.2
  • 33
    • 0039054530 scopus 로고    scopus 로고
    • Internal capital markets and the competition for corporate resources
    • Stein J.C. Internal capital markets and the competition for corporate resources Journal of Finance 52 1997 111-133
    • (1997) Journal of Finance , vol.52 , pp. 111-133
    • Stein, J.C.1
  • 34
    • 0001287832 scopus 로고
    • Human capital, product quality and growth
    • Stockey N. Human capital, product quality and growth Quarterly Journal of Economics 106 1991 587-616
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 587-616
    • Stockey, N.1
  • 35
  • 36
    • 0000453367 scopus 로고
    • The vertical integration of production: Market failure consideration
    • Williamson O.E. The vertical integration of production: Market failure consideration American Economic Review 61 1971 112-123
    • (1971) American Economic Review , vol.61 , pp. 112-123
    • Williamson, O.E.1
  • 38
    • 0003525356 scopus 로고
    • World Bank New York: Oxford University Press
    • World Bank The East Asian Miracle 1994 Oxford University Press New York
    • (1994) The East Asian Miracle
  • 40
    • 0002171252 scopus 로고
    • A tale of two cities: Factor accumulation and technical change in Hong Kong and Singapore
    • O. J. Blanchard, & S. Fisher (Eds.), Cambridge, MA: The MIT Press
    • Young A. In: Blanchard O.J. Fisher S. (Eds.) A tale of two cities: Factor accumulation and technical change in Hong Kong and Singapore, NBER Macroeconomics Annual 1992 13-54 The MIT Press Cambridge, MA
    • (1992) NBER Macroeconomics Annual , pp. 13-54
    • Young, A.1
  • 41
    • 85055294827 scopus 로고
    • Invention and bounded learning by doing
    • Young A. Invention and bounded learning by doing Journal of Political Economy 101 1993 443-472
    • (1993) Journal of Political Economy , vol.101 , pp. 443-472
    • Young, A.1
  • 42
    • 0029480797 scopus 로고
    • The tyranny of numbers: Confronting the statistical realities of the East Asian growth experience
    • Young A. The tyranny of numbers: Confronting the statistical realities of the East Asian growth experience Quarterly Journal of Economics 110 1995 641-680
    • (1995) Quarterly Journal of Economics , vol.110 , pp. 641-680
    • Young, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.