Corporate diversification and firm value: A survey of recent literature

被引：35

作者：

Erdorf S. ^{[1
]}

Hartmann-Wendels T. ^{[2
]}

Heinrichs N. ^{[3
]}

Matz M. ^{[4
]}

机构：

[1] Graduate School of Risk Management, University of Cologne, Albertus-Magnus-Platz

[2] Department of Bank Management, University of Cologne, Albertus-Magnus-Platz

[3] Ernst and Young Real Estate GmbH, Rothenbaumchaussee 78

[4] Bain and Company Germany Inc., Speditionstrasse 21

来源：

Financial Markets and Portfolio Management | 2013年 / 27卷 / 2期

关键词：

Corporate diversification; Discount; Firm valuation; Internal capital markets; Premium;

D O I：

10.1007/s11408-013-0209-6

中图分类号：

学科分类号：

摘要：

We survey the recent literature on corporate diversification. How does corporate diversification influence firm value? Does it create or destroy value? Until the beginning of this century, the predominant thinking among researchers and practitioners was that corporate diversification leads to an average discount on firm value; however, several studies cast doubt on the diversification discount. In the last decade, there has been no clear consensus as to whether there is a discount or even a premium on firm value. Recent literature concludes that the effect on value differs from firm to firm and that corporate diversification alone does not drive the discount or premium; rather, the effect is heterogeneous across certain industry settings, economic conditions, and governance structures. © 2013 Swiss Society for Financial Market Research.

引用

页码：187 / 215

页数：28

共 127 条

[11] Bates, T.W., Kahle, K.M., Stulz, R.M., Why do US firms hold so much more cash than they used to (2009) J. Finance, 64 (5), pp. 1985-2021
[12] Berger, P.G., Hann, R., The impact of SFAS No. 131 on information and monitoring (2003) J. Account. Res., 41 (2), pp. 163-223
[13] Berger, P.G., Ofek, E., Diversification's effect on firm value (1995) J. Financ. Econ., 37 (1), pp. 39-65
[14] Berger, P.G., Ofek, E., Causes and effects of corporate refocusing programs (1999) Rev. Financ. Stud., 12 (2), pp. 311-345
[15] Bernardo, A.E., Chowdhry, B., Resources, real options, and corporate strategy (2002) J. Financ. Econ., 63 (2), pp. 211-234
[16] Billett, M.T., Mauer, D.C., Cross-subsidies, external financing constraints, and the contribution of the internal capital market to firm value (2003) Rev. Financ. Stud., 16 (4), pp. 1167-1201
[17] Bradley, M., Desai, A., Han, E., Kim, A., Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms (1988) J. Financ. Econ, 21 (1), pp. 3-40
[18] Burch, T.R., Nanda, V., Divisional diversity and the conglomerate discount: evidence from spinoffs (2003) J. Financ. Econ, 70 (1), pp. 69-98
[19] Campa, J.M., Kedia, S., Explaining the diversification discount (2002) J. Finance, 57 (4), pp. 1731-1762
[20] Campello, M., Graham, J.R., Harvey, C.R., The real effects of financial constraints: evidence from a financial crisis (2010) J. Financ. Econ., 97 (3), pp. 470-487

← 1 2 3 4 5 6 7 8 9 10 →