Diversification, Organization, and Value of the Firm

研究成果: Article査読

5 被引用数 (Scopus)

抄録

Because corporate diversification coevolves with organizational structure, a discount for diversification, which is widely documented in the literature, can be caused by organizational structure rather than by the industrial scope of the firm. I examine this possibility based on a large sample of Japanese firms for which the legal (parent–subsidiary) structure of the organization is easily observable. I identify a significant discount for diversified firms with and without control over the organizational structure. I also find that firms with a legally segmented structure (e.g., holding companies) are deeply discounted. My results suggest that diversification and organization are both important determinants of firm value.

本文言語English
ページ(範囲)467-499
ページ数33
ジャーナルFinancial Management
45
2
DOI
出版ステータスPublished - 2016 6 1

ASJC Scopus subject areas

  • 会計
  • 財務
  • 経済学、計量経済学

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