Corporate diversification strategies and capital structure

The Quarterly Review of Economics and Finance - Tập 43 - Trang 147-167 - 2003
Manohar Singh1, Wallace N Davidson2, Jo-Ann Suchard3
1Long Island University, 700 Northern Boulevard, Brookville, NY 11548-1326, USA
2Finance Department, Southern Illinois University, Mailcode 4626, Carbondale, IL 62901, USA
3University of New South Wales, Sydney NSW 2052, Australia

Tài liệu tham khảo

Ang, 2000, Agency costs and ownership structure, Journal of Finance, 55, 81, 10.1111/0022-1082.00201 Berger, 1995, Diversification’s effect on firm value, Journal of Financial Economics, 37, 39, 10.1016/0304-405X(94)00798-6 Bettis, 1982, Diversification strategy, accounting determined risk and accounting determined return, Academy of Management Journal, 25, 254, 10.2307/255989 Booth, 2001, Capital structure in developing countries, Journal of Finance, 56, 87, 10.1111/0022-1082.00320 Bradley, 1984, On the existence of optimal capital structure: Theory and evidence, Journal of Finance, 39, 857, 10.2307/2327950 Burgman, 1996, An empirical examination of multinational corporate capital structure, Journal of International Business Studies, 27, 553, 10.1057/palgrave.jibs.8490143 Campa, J. M., & Kedia, S. (2000). Explaining the diversification discount. Working paper, Harvard University. Castanias, 1983, Bankruptcy risk and optimal capital structure, Journal of Finance, 38, 1617, 10.2307/2327591 Chen, 1997, An investigation of the relationship between international activities and capital structure, Journal of Information Systems, 28, 563 Christiansen, 1981, Corporate economic performance: Diversification strategy vs. market structure, Strategic Management Journal, 2, 327, 10.1002/smj.4250020402 Comment, 1995, Corporate focus and stock returns, Journal of Financial Economics, 37, 67, 10.1016/0304-405X(94)00777-X Davis, 1992, Business unit relatedness and performance: A look at the pulp and paper industry, Strategic Management Journal, 13, 349, 10.1002/smj.4250130504 Denis, 1997, Agency problems, equity ownership, and corporate diversification, Journal of Finance, 52, 135, 10.2307/2329559 Ethier, 1996, The multinational firm, Quarterly Journal of Economics, 101, 805, 10.2307/1884179 Ethier, 1990, Managerial control of international firms and patterns of direct investment, Journal of International Economics, 28, 25, 10.1016/0022-1996(90)90048-Q Eun, 1996, Cross-border acquisitions and shareholder wealth: Tests of the synergy and internationalization hypotheses, Journal of Banking and Finance, 20, 1559, 10.1016/S0378-4266(96)00013-1 Fatemi, 1988, The effect of international diversification on corporate financing policy, Journal of Business Research, 16, 17, 10.1016/0148-2963(88)90078-1 Fee, C. E., & Thomas, S. (1999). Corporate diversification, asymmetric information, and firm value: Evidence from stock market trading characteristics. Working paper, Michigan State University. Graham, J. R., Lemmon, M. L., & Wolf, J. (1999). Does corporate diversification destroy value? Working paper, Duke University. Harris, 1990, Capital structure and the informational role of debt, Journal of Finance, 45, 321, 10.2307/2328660 Harris, 1991, The theory of capital structure, Journal of Finance, 46, 297, 10.2307/2328697 Heston, 1994, Does industrial structure explain the benefits of international diversification?, Journal of Financial Economics, 36, 3, 10.1016/0304-405X(94)90028-0 Jacquemin, 1979, Entropy measure diversification and corporate growth, Journal of Industrial Economics, 27, 359, 10.2307/2097958 Kaplan, 1992, The success of acquisitions: Evidence for divestitures, Journal of Finance, 47, 107, 10.2307/2329092 Kim, 1986, Excess market value, the multinational corporation and Tobin’s q ratio: A note, Journal of International Business Studies, 17, 119, 10.1057/palgrave.jibs.8490420 Lang, 1994, Tobin’s q, corporate diversification and firm performance, Journal of Political Economy, 102, 1248, 10.1086/261970 Lee, 1988, Multinational corporations vs. domestic corporations: International environmental factors and determinants of capital structure, Journal of International Business Studies, 19, 195, 10.1057/palgrave.jibs.8490381 Lewellen, 1971, A pure financial rationale for the conglomerate merger, Journal of Finance, 26, 521, 10.2307/2326063 Li, 1996, A theory of corporate scope and financial structure, Journal of Finance, 51, 691, 10.2307/2329376 Michel, 1986, Multinational corporations vs. domestic corporations: Financial performance and characteristics, Journal of International Business Studies, 17, 89, 10.1057/palgrave.jibs.8490435 Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, American Economic Review, 48, 261 Montgomery, 1985, Product–market diversification and market power, Academy of Management Journal, 28, 789, 10.2307/256237 Myers, 1977, Interactions of corporate financing and investment decisions—implications for capital budgeting: Reply, Journal of Finance, 32, 218, 10.2307/2326920 Myers, 1977, The determinants of corporate borrowing, Journal of Financial Economics, 5, 147, 10.1016/0304-405X(77)90015-0 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Rajan, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance, 50, 1421, 10.2307/2329322 Riahi-Belkaoui, 1994, Multidivisional structure and capital structure: The contingency of diversification strategy, Managerial Decision Economics, 15, 267, 10.1002/mde.4090150308 Rumelt, 1982, Diversification strategy and profitability, Strategic Management Journal, 3, 359, 10.1002/smj.4250030407 Senbet, 1979, International capital market equilibrium and the multinational firm financing and investment policies, Journal of Financial and Quantitative Analysis, 14, 455, 10.2307/2330181 Servaes, 1996, The value of diversification during the conglomerate merger wave, Journal of Finance, 51, 1201, 10.2307/2329392 Shapiro, 1978, Financial structure and cost of capital in the multinational corporation, Journal of Financial and Quantitative Analysis, 13, 211, 10.2307/2330383 Smith, 1992, The investment opportunity set and corporate financing, dividend and compensation policies, dividend and compensation policies, Journal of Financial Economics, 32, 263, 10.1016/0304-405X(92)90029-W Stimpert, 1997, Seeing the big picture: The influence of industry, diversification, and business strategy on performance, Academy of Management Journal, 40, 560, 10.2307/257053 Stulz, 1990, Managerial discretion and optimal financing policies, Journal of Financial Economics, 26, 3, 10.1016/0304-405X(90)90011-N Varadarajan, 1987, Diversification and performance: A reexamination using a new two-dimensional conceptualization of diversity in firms, Academy of Management Journal, 30, 380, 10.2307/256281 Villalonga, B. (2000). Does diversification cause the “diversification discount”? Working paper, UCLA. Weston, 1970, Diversification and merger trends, Business Economics, 5, 50 Whited, T. (2001). Is it efficient investment that causes the diversification discount? Journal of Finance, forthcoming.