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Diversification's effect on firm value
Open accessAbstract
We estimate diversification's effect on firm value by imputing stand-alone values for individual business segments. Comparing the sum of these stand-alone values to the firm's actual value implies a 13% to 15% average value loss from diversification during 1986–1991. The value loss is smaller when the segments of the diversified firm are in the same two-digit SIC code. We find that overinvestment and cross-subsidization contribute to the value loss. The loss is reduced modestly by tax benefits of diversification.
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Cites
Regression Diagnostics: Identifying Influential Data and Sources of Collinearity
Belsley, D. A., Kuh, E., & Welsch, R. E. (1980) · Wiley Series in Probability and Statistics · doi:10.1002/0471725153 · Cited by 7,297
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How does financial reporting quality relate to investment efficiency?
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2009.09.001 · Cited by 3,214
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Bascle, G. (2008) · Strategic Organization · doi:10.1177/1476127008094339 · Cited by 1,133
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Metadata
- Authors
- Berger, P. G., & Ofek, E.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1995-01
- Volume
- 37
- Issue
- 1
- Pages
- 39-65
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2049324641
- Cited by
- 3,061
- References
- 1
- FWCI
- 121.77
- Type
- journal article
- Language
- en
- Open access
- hybrid
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