More-money and less-cash effects of diversification: Evidence from Japanese firms

研究成果: Article査読

抄録

This study provides evidence for the more-money and less-cash effects of diversification based on the industry-adjusted debt and cash holdings of Japanese firms. Diversified firms are more leveraged while holding less cash than focused firms in the same industries, even after controlling for the standard determinants of capital structure, unobserved heterogeneity, and the endogeneity of firm scope. The study also finds that these effects are mitigated when a firm has an ownership structure that insulates managers from capital market pressures for risk-taking. This pattern suggests that the risk-taking incentives of managers differentiate the effect of diversification on finance across firms.

本文言語English
論文番号101040
ジャーナルJapan and The World Economy
56
DOI
出版ステータスPublished - 2020 12月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

フィンガープリント

「More-money and less-cash effects of diversification: Evidence from Japanese firms」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル