메뉴 건너뛰기




Volumn 14, Issue 3, 2000, Pages 247-260

An agency analysis of firm diversification: The consequences of discretionary cash and managerial risk considerations

Author keywords

Agency costs; Firm discussion; Risk

Indexed keywords


EID: 4043059868     PISSN: 0924865X     EISSN: 15737179     Source Type: Journal    
DOI: 10.1023/A:1008350413455     Document Type: Article
Times cited : (13)

References (26)
  • 1
    • 0019610159 scopus 로고
    • Risk Reduction as a Managerial Motive for Merger
    • Amihud, Y. and B. Lev, "Risk Reduction as a Managerial Motive for Merger." Bell Journal of Economics 12, 605-617, (1981).
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 2
  • 3
    • 85015692260 scopus 로고
    • The Pricing of Options and Corporate Liabilities
    • Black, F. and M. Scholes, "The Pricing of Options and Corporate Liabilities." Journal of Political Economy 637-659, (1973).
    • (1973) Journal of Political Economy , pp. 637-659
    • Black, F.1    Scholes, M.2
  • 6
    • 0002995046 scopus 로고
    • A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends
    • Crutchley, Claire and Robert S. Hansen, "A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends." Financial Management 18, 36-46, (1989).
    • (1989) Financial Management , vol.18 , pp. 36-46
    • Crutchley, C.1    Hansen, R.S.2
  • 7
    • 84935941592 scopus 로고
    • The Structure of Corporate Ownership: Causes and Consequences
    • Demsetz, Harold and Kenneth Lehn, "The Structure of Corporate Ownership: Causes and Consequences." Journal of Political Economy 93, 1155-1177, (1985).
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 8
    • 33749030268 scopus 로고
    • The Options Pricing Model and the Risk Factor of Stocks
    • Galai, D. and R. W. Masulis, "The Options Pricing Model and the Risk Factor of Stocks." Journal of Financial Economics 3, 53-81, 1976.
    • (1976) Journal of Financial Economics , vol.3 , pp. 53-81
    • Galai, D.1    Masulis, R.W.2
  • 10
    • 0001066475 scopus 로고
    • Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
    • Jensen, M., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review 76, 323-329, (1986).
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 11
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • Jensen, M. and W. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3, 305-360, (1976).
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 12
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang, L. and R. Stulz, "Tobin's q, corporate diversification, and firm performance." Journal of Political Economy 102, 1248-1280, (1994).
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, L.1    Stulz, R.2
  • 13
    • 0011606018 scopus 로고
    • Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
    • Lang, L., A. Poulsen, and R. Stulz, "Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion." Journal of Financial Economics 37, 3-37, (1995).
    • (1995) Journal of Financial Economics , vol.37 , pp. 3-37
    • Lang, L.1    Poulsen, A.2    Stulz, R.3
  • 14
    • 84977733537 scopus 로고
    • Free Cash Flow and Stockholder Gains in Going Private Transactions
    • Lehn, K. and A. Poulsen, "Free Cash Flow and Stockholder Gains in Going Private Transactions." Journal of Finance 44, 771-787, (1989).
    • (1989) Journal of Finance , vol.44 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 16
    • 84993882034 scopus 로고
    • Do Managerial Motives Influence Firm Risk Reduction Strategies?
    • May, Don, "Do Managerial Motives Influence Firm Risk Reduction Strategies?" Journal of Finance 50, 1291-1308, (1995).
    • (1995) Journal of Finance , vol.50 , pp. 1291-1308
    • May, D.1
  • 17
    • 53949086266 scopus 로고
    • Additional Evidence on Equity Ownership and Corporate Value
    • McConnell, J. and H. Servaes, "Additional Evidence on Equity Ownership and Corporate Value." Journal of Applied Corporate Finance 4, 595-612, (1990).
    • (1990) Journal of Applied Corporate Finance , vol.4 , pp. 595-612
    • McConnell, J.1    Servaes, H.2
  • 18
    • 33645896609 scopus 로고
    • Management Ownership and Market Valuation: An Empirical Analysis
    • Morck, R., A. Shleifer, and R.W. Vishny, "Management Ownership and Market Valuation: an Empirical Analysis." Journal of Financial Economics 20, 293-315, (1988).
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 19
    • 0001873667 scopus 로고
    • Predicting Takeover Targets: A Methodological and Empirical Analysis
    • Palepu, K.G., "Predicting Takeover Targets: a Methodological and Empirical Analysis." Journal of Accounting and Economics 8, 3-35, (1986).
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 3-35
    • Palepu, K.G.1
  • 21
    • 84989135219 scopus 로고
    • Diversification Strategy and Profitability
    • Rumelt, R., "Diversification Strategy and Profitability." Strategic Management Journal 3, 359-369, (1982).
    • (1982) Strategic Management Journal , vol.3 , pp. 359-369
    • Rumelt, R.1
  • 22
    • 45349109969 scopus 로고
    • Management Entrenchment: The Case of Manager-Specific Investments
    • Shleifer, A. and R. Vishny, "Management Entrenchment: the Case of Manager-Specific Investments." Journal of Financial Economics 25, 123-139, (1989).
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 23
    • 84977738488 scopus 로고
    • Ownership Structure, Deregulation, and Bank Risk-Taking
    • Saunders A., F. Strock, and N. Travlos, "Ownership Structure, Deregulation, and Bank Risk-Taking." Journal of Finance 45, 643-654, (1990).
    • (1990) Journal of Finance , vol.45 , pp. 643-654
    • Saunders, A.1    Strock, F.2    Travlos, N.3
  • 24
    • 45549112378 scopus 로고
    • Managerial Control of Voting Rights: Financing Policies and the Market Force for Corporate Control
    • Stulz, R., "Managerial Control of Voting Rights: Financing Policies and the Market Force for Corporate Control." Journal of Financial Economics 20, 25-54, (1988).
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 25
    • 0347852518 scopus 로고
    • Corporate investment decisions
    • S. Myers, ed., New York: Praeger
    • Treynor, J. and F. Black, "Corporate investment decisions." In Modern Developments in Financial Management, S. Myers, ed., New York: Praeger, pp. 310-327, 1976.
    • (1976) Modern Developments in Financial Management , pp. 310-327
    • Treynor, J.1    Black, F.2
  • 26
    • 0001139435 scopus 로고
    • Tobin's q and the Importance of Focus in Firm Performance
    • Wernerfelt, B. and C. Montgomery, "Tobin's q and the Importance of Focus in Firm Performance." American Economic Review 78, 246-250, (1988).
    • (1988) American Economic Review , vol.78 , pp. 246-250
    • Wernerfelt, B.1    Montgomery, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.