DIVERSIFICATIONS EFFECT ON FIRM VALUE

被引：1604

作者：

BERGER, PG ^{[1
]}

OFEK, E ^{[1
]}

机构：

[1] NYU, STERN SCH BUSINESS, NEW YORK, NY 10003 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1995年 / 37卷 / 01期

关键词：

DIVERSIFICATION; FOCUS; OVERINVESTMENT; CROSS-SUBSIDIZATION; ORGANIZATIONAL STRUCTURE;

D O I：

10.1016/0304-405X(94)00798-6

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We estimate diversification's effect on firm value by imputing stand-alone values for individual business segments. Comparing the sum of these stand-alone values to the firm's actual value implies a 13% to 15% average value loss from diversification during 1986-1991. The value loss is smaller when the segments of the diversified firm are in the same two-digit SIC code. We find that overinvestment and cross-subsidization contribute to the value loss. The loss is reduced modestly by tax benefits of diversification.

引用

页码：39 / 65

页数：27

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