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Corporate focus and stock returns
Open accessAbstract
Greater corporate focus is consistent with shareholder wealth maximization. Diseconomies of scope in the 1980s are confirmed by a trend towards focus or specialization, a positive relation between stock returns and focus increases, and the failure of diversified firms to exploit financial economies of scope (coinsurance of debt or reliance on internal capital markets). Large focused firms were less likely to be subject to hostile takeover attempts than were other firms, but diversified firms were distinguished in the 1980s mostly by being relatively active participants, as both buyers and sellers, in the market for corporate control.
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Citations
Cited by
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Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Financial accounting information, organizational complexity and corporate governance systems
Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2003.09.005 · Cited by 1,059
Global Diversification, Industrial Diversification, and Firm Value
Denis, D. J., Denis, D. K., & Yost, K. (2002) · The Journal of Finance · doi:10.1111/0022-1082.00485 · Cited by 1,049
Foreign direct investment, diversification and firm performance
Doukas, J. A., & Lang, L. H. P. (2003) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8400014 · Cited by 225
Metadata
- Authors
- Comment, R., & Jarrell, G. A.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1995-01
- Volume
- 37
- Issue
- 1
- Pages
- 67-87
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2018474480
- Cited by
- 1,075
- References
- 0
- FWCI
- 144.75
- Type
- journal article
- Language
- en
- Open access
- hybrid
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
