The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
International Evidence on the Value of Corporate Diversification
Abstract
The valuation effect of diversification is examined for large samples of firms in Germany, Japan, and the United Kingdom for 1992 and 1994. We find no significant diversification discount in Germany, but a significant diversification discount of 10 percent in Japan and 15 percent in the U.K. Concentrated ownership in the hands of insiders enhances the valuation effect of diversification in Germany, but not in Japan or the U.K. For Japan, only firms with strong links to an industrial group have a diversification discount. These findings suggest that international differences in corporate governance affect the impact of diversification on shareholder wealth.
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Citations
Cites
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
The role of banks in reducing the costs of financial distress in Japan
Hoshi, T., Kashyap, A., & Scharfstein, D. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90021-q · Cited by 1,213
Cited by
International Evidence on Cash Holdings and Expected Managerial Agency Problems
Kalcheva, I., & Lins, K. V. (2007) · Review of Financial Studies · doi:10.1093/rfs/hhm023 · Cited by 820
Self-citationThe Cost of Diversity: The Diversification Discount and Inefficient Investment
Rajan, R. G., Servaes, H., & Zingales, L. (1998) · SSRN Electronic Journal · doi:10.2139/ssrn.56108 · Cited by 409
Self-citation(1999) · RePEc: Research Papers in Economics · Cited by 93
Metadata
- Authors
- Lins, K., & Servaes, H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-12
- Volume
- 54
- Issue
- 6
- Pages
- 2215-2239
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2021292353
- Cited by
- 508
- References
- 2
- FWCI
- 86.65
- Type
- journal article
- Language
- en
- Open access
- closed
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