메뉴 건너뛰기




Volumn 31, Issue , 2014, Pages 37-68

The effect of institutional factors on the value of corporate diversification

Author keywords

Capital markets; Conglomerate discount; Diversification; Institutions; International; Labor markets

Indexed keywords


EID: 84911418958     PISSN: 07423322     EISSN: None     Source Type: Book Series    
DOI: 10.1108/S0742-332220140000031000     Document Type: Article
Times cited : (12)

References (36)
  • 1
    • 65649118577 scopus 로고    scopus 로고
    • Determinants of vertical integration: Financial development and contracting costs
    • Acemoglu, D., Johnson, S., & Mitton, T. (2009). Determinants of vertical integration: Financial development and contracting costs. The Journal of Finance, 64, 1251-1290.
    • (2009) The Journal of Finance , vol.64 , pp. 1251-1290
    • Acemoglu, D.1    Johnson, S.2    Mitton, T.3
  • 2
    • 33744812200 scopus 로고    scopus 로고
    • A theory of pyramidal ownership and family business groups
    • Almeida, H. V., & Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. Journal of Finance, 61(6), 2637-2680.
    • (2006) Journal of Finance , vol.61 , Issue.6 , pp. 2637-2680
    • Almeida, H.V.1    Wolfenzon, D.2
  • 3
    • 0035730596 scopus 로고    scopus 로고
    • Domestic accounting standards, international accounting standards, and the predictability of earnings
    • Ashbaugh, H., & Pincus, M. (2001). Domestic accounting standards, international accounting standards, and the predictability of earnings. Journal of Accounting Research, 39, 417-434.
    • (2001) Journal of Accounting Research , vol.39 , pp. 417-434
    • Ashbaugh, H.1    Pincus, M.2
  • 4
    • 84878980825 scopus 로고    scopus 로고
    • Capital markets and firm organization: How Financial development shapes European corporate groups
    • Belenzon, S., Berkovitz, T., & Rios, L. A. (2013). Capital markets and firm organization: How Financial development shapes European corporate groups. Management Science, 59(6), 1326-1343.
    • (2013) Management Science , vol.59 , Issue.6 , pp. 1326-1343
    • Belenzon, S.1    Berkovitz, T.2    Rios, L.A.3
  • 6
    • 84897464697 scopus 로고    scopus 로고
    • The internal capital markets of business groups: Evidence from intra-group loans
    • Buchuk, D., Larrain, B., Munoz, F., & Urzúa Infante, F. (2014). The internal capital markets of business groups: Evidence from intra-group loans. Journal of Financial Economics, 112, 190-212.
    • (2014) Journal of Financial Economics , vol.112 , pp. 190-212
    • Buchuk, D.1    Larrain, B.2    Munoz, F.3    Urzúa Infante, F.4
  • 7
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa, J. M., & Kedia, S. (2002). Explaining the diversification discount. Journal of Finance, 57, 1731-1762.
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 8
    • 33750477612 scopus 로고    scopus 로고
    • Corporate diversification and credit constraints: Real effects across the business cycle
    • Dimitrov, V., & Tice, S. (2006). Corporate diversification and credit constraints: Real effects across the business cycle. Review of Financial Studies, 19, 1465-1498.
    • (2006) Review of Financial Studies , vol.19 , pp. 1465-1498
    • Dimitrov, V.1    Tice, S.2
  • 9
    • 0037345044 scopus 로고    scopus 로고
    • Capital market development, legal systems and the value of corporate diversification: A cross-country analysis
    • Fauver, L., Houston, J., & Naranjo, A. (2003). Capital market development, legal systems and the value of corporate diversification: A cross-country analysis. Journal of Financial and Quantitative Analysis, 38, 135-157.
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 135-157
    • Fauver, L.1    Houston, J.2    Naranjo, A.3
  • 10
    • 36148931410 scopus 로고    scopus 로고
    • Affiliated firms and financial support: Evidence from Indian business groups
    • Gopalan, R., Nanda, V., & Seru, A. (2007). Affiliated firms and financial support: Evidence from Indian business groups. Journal of Financial Economics, 86, 759-795.
    • (2007) Journal of Financial Economics , vol.86 , pp. 759-795
    • Gopalan, R.1    Nanda, V.2    Seru, A.3
  • 12
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47, 153-161.
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.J.1
  • 13
    • 0008505990 scopus 로고    scopus 로고
    • A reexamination of the conglomerate merger wave in the 1960s: An internal capital markets view
    • Hubbard, R. G., & Palia, D. (1999). A reexamination of the conglomerate merger wave in the 1960s: An internal capital markets view. Journal of Finance, 54, 1131-1152.
    • (1999) Journal of Finance , vol.54 , pp. 1131-1152
    • Hubbard, R.G.1    Palia, D.2
  • 14
    • 77952885974 scopus 로고    scopus 로고
    • Rational learning and the diversification discount
    • Hund, J., Monk, D., & Tice, S. (2010). Rational learning and the diversification discount. Journal of Financial Economics, 96, 463-484.
    • (2010) Journal of Financial Economics , vol.96 , pp. 463-484
    • Hund, J.1    Monk, D.2    Tice, S.3
  • 15
    • 0000041775 scopus 로고    scopus 로고
    • The right way to restructure conglomerates in emerging markets (cover story)
    • Khanna, T., & Palepu, K. (1999). The right way to restructure conglomerates in emerging markets (cover story). Harvard Business Review, 77, 125-134.
    • (1999) Harvard Business Review , vol.77 , pp. 125-134
    • Khanna, T.1    Palepu, K.2
  • 16
    • 0000859784 scopus 로고    scopus 로고
    • Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups
    • Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55, 867-891.
    • (2000) The Journal of Finance , vol.55 , pp. 867-891
    • Khanna, T.1    Palepu, K.2
  • 18
    • 0001937627 scopus 로고    scopus 로고
    • Estimating the performance effects of business groups in emerging markets
    • Khanna, T., & Rivkin, J. W. (2001). Estimating the performance effects of business groups in emerging markets. Strategic Management Journal, 22, 45-74.
    • (2001) Strategic Management Journal , vol.22 , pp. 45-74
    • Khanna, T.1    Rivkin, J.W.2
  • 19
    • 84878373700 scopus 로고    scopus 로고
    • Does diversification create value in the presence of external financing constraints? Evidence from the 2008-2009 financial crisis
    • Kuppuswamy, V., & Villalonga, B. (2011). Does diversification create value in the presence of external financing constraints? Evidence from the 2008-2009 financial crisis. Harvard Business School Finance Working Paper No. 1569546.
    • (2011) Harvard Business School Finance Working Paper No. 1569546
    • Kuppuswamy, V.1    Villalonga, B.2
  • 21
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang, L. H. P., & Stulz, R. M. (1994). Tobin's q, corporate diversification, and firm performance. Journal of Political Economy, 102, 1248.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248
    • Lang, L.H.P.1    Stulz, R.M.2
  • 22
    • 0040426296 scopus 로고    scopus 로고
    • International evidence on the value of corporate diversification
    • Lins, K., & Servaes, H. (1999). International evidence on the value of corporate diversification. The Journal of Finance, 54, 2215-2239.
    • (1999) The Journal of Finance , vol.54 , pp. 2215-2239
    • Lins, K.1    Servaes, H.2
  • 23
    • 0036337921 scopus 로고    scopus 로고
    • Is corporate diversification beneficial in emerging markets?
    • Lins, K. V., & Servaes, H. (2002). Is corporate diversification beneficial in emerging markets? Financial Management, 31, 5-31.
    • (2002) Financial Management , vol.31 , pp. 5-31
    • Lins, K.V.1    Servaes, H.2
  • 25
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: The diversification discount and inefficient investment
    • Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: The diversification discount and inefficient investment. The Journal of Finance, 55, 35-80.
    • (2000) The Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.1    Servaes, H.2    Zingales, L.3
  • 26
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: Divisional rent-seeking and inefficient investment
    • Scharfstein, D. S., & Stein, J. C. (2000). The dark side of internal capital markets: Divisional rent-seeking and inefficient investment. The Journal of Finance, 55, 2537-2564.
    • (2000) The Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.S.1    Stein, J.C.2
  • 27
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes, H. (1996). The value of diversification during the conglomerate merger wave. Journal of Finance, 51, 1201-1225.
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 28
    • 0002271588 scopus 로고
    • Takeovers in the '60s and '80s: Evidence and implications
    • Shleifer, A., & Vishny, R. W. (1991). Takeovers in the '60s and '80s: Evidence and implications. Strategic Management Journal, 12, 51-59.
    • (1991) Strategic Management Journal , vol.12 , pp. 51-59
    • Shleifer, A.1    Vishny, R.W.2
  • 29
    • 0039054530 scopus 로고    scopus 로고
    • Internal capital markets and the competition for corporate resources
    • Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52, 111-133.
    • (1997) The Journal of Finance , vol.52 , pp. 111-133
    • Stein, J.C.1
  • 30
    • 66049156972 scopus 로고    scopus 로고
    • Agency, information and corporate investment
    • In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.) [Corporate Finance]. NH, Amsterdam: Elsevier
    • Stein, J. C. (2003). Agency, information and corporate investment. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 1A, pp. 111-165) [Corporate Finance]. NH, Amsterdam: Elsevier.
    • (2003) Handbook of the Economics of Finance , vol.1 A , pp. 111-165
    • Stein, J.C.1
  • 32
    • 84911407738 scopus 로고    scopus 로고
    • Thomson financial
    • Electronic database, May 2003
    • UCLA. Thomson Financial. (2003). Worldscope database. Electronic database, May 2003.
    • (2003) Worldscope Database
    • UCLA1
  • 34
    • 1842763647 scopus 로고    scopus 로고
    • Diversification discount or premium? New evidence from the business information tracking series
    • Villalonga, B. (2004a). Diversification discount or premium? New evidence from the business information tracking series. Journal of Finance, 59, 479-506.
    • (2004) Journal of Finance , vol.59 , pp. 479-506
    • Villalonga, B.1
  • 35
    • 3042777269 scopus 로고    scopus 로고
    • Does diversification cause the diversification discount?
    • Villalonga, B. (2004b). Does diversification cause the diversification discount? Financial Management, 33, 5-27.
    • (2004) Financial Management , vol.33 , pp. 5-27
    • Villalonga, B.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.