Global Diversification, Industrial Diversification, And Firm Value  

Oleh:

Yost, Keven ; Denis, David J. ; Denis, Diane K.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 5 (2002), page 1951-1980.
Topik: diversification; studies; globalizaiton; diversification; trends; correlation analysis; corporate finance
Fulltext: p 1951.pdf (127.5KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Using a sample of 44,288 firm - years between 1984 and 1997, this paper documents an increase in the extent of global diversification over time. This trend does not reflect a substitution of global for industrial diversification. The paper also finds that global diversification results in average valuation discounts of approximately the same magnitude as those for industrial diversification. Analysis of the changes in excess value associated with changes in diversification reveals that increases in global diversification reduce excess value, while reductions in global diversification increase excess value. These findings support the view that the costs of global diversification out weight the benefits.

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