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Does global diversification destroy firm value?
16 references·16 citing·40 second hopsampled
Does global diversification destroy firm value? (2006)Does global diversification destroy firm …Corporate Governance and Equity Prices (2003)Corporate Governance and Equi…Global Diversification, Industrial Diversification, and Firm Value (2002)Global Diversification, Indus…Explaining the Diversification Discount (2002)Explaining the Diversificatio…Does Corporate Diversification Destroy Value? (2002)Does Corporate Diversificatio…Accounting for Endogeneity When Assessing Strategy Performance: Does Entry Mode Choice Affect FDI Survival? (1998)Accounting for Endogeneity Wh…Cash Flow and Investment: Evidence from Internal Capital Markets (1997)Cash Flow and Investment: Evi…The Value of Diversification During the Conglomerate Merger Wave (1996)The Value of Diversification …Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…Diversification's effect on firm value (1995)Diversification's effect on f…Tobin's q, Corporate Diversification, and Firm Performance (1994)Tobin's q, Corporate Diversif…Why Investors Value Multinationality (1991)Why Investors Value Multinati…The Exchange-Rate Exposure of U.S. Multinationals (1990)The Exchange-Rate Exposure of…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Risk Reduction as a Managerial Motive for Conglomerate Mergers (1981)Risk Reduction as a Manageria…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…International Corporations: The Industrial Economics of Foreign Investment (1971)International Corporations: T…Multinational enterprises’ risk mitigation strategies in emerging markets: A political coalition perspective (2019)Multinational enterprises’ ri…Multinationality and Performance Literature: A Critical Review and Future Research Agenda (2016)Multinationality and Performa…Economic Crisis, Acquisitions and Firm Performance (2016)Economic Crisis, Acquisitions…Assets of Foreignness: A Theoretical Integration and Agenda for Future Research (2016)Assets of Foreignness: A Theo…Reverse international knowledge transfer in the MNE: (Where) does affiliate performance boost parent performance? (2015)Reverse international knowled…International investors’ reactions to cross-border acquisitions by emerging market multinationals (2014)International investors’ reac…The effects of managerial ownership on international and business diversification: Balancing incentives and risks (2013)The effects of managerial own…Foreign direct investment in emerging markets and acquirers’ value gains (2013)Foreign direct investment in …The use of favors by emerging market managers: Facilitator or inhibitor of international expansion? (2012)The use of favors by emerging…Antecedents of MNE performance: blinded by the obvious in 35 years of literature (2012)Antecedents of MNE performanc…The internationalization of Chinese companies: Firm characteristics, industry effects and corporate governance (2011)The internationalization of C…Multinational risk and performance outcomes: Effects of knowledge intensity and industry context (2011)Multinational risk and perfor…Valuation effects of global diversification (2009)Valuation effects of global d…Diversification, Refocusing and Firm Value (2009)Diversification, Refocusing a…International corporate diversification and performance: Does firm self-selection matter? (2008)International corporate diver…Investor protection and the value effects of bank merger announcements in Europe and the US (2007)Investor protection and the v…The Pricing of Options and Corporate Liabilities (1973)Agency Problems and the Theory of the Firm (1980)Agency Theory: An Assessment and Review (1989)Managerial incentives and risk-taking☆ (2005)Who makes acquisitions? CEO overconfidence and the market's reaction☆ (2008)Determinants of corporate borrowing (1977)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Higher market valuation of companies with a small board of directors (1996)Investor Protection and Corporate Valuation (2002)Digital Business Strategy: Toward a Next Generation of Insights (2013)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)The Nature of the Firm (1937)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Separation of Ownership and Control (1983)Corporate financing and investment decisions when firms have information that investors do not have (1984)Law and Finance (1998)Financing Constraints and Corporate Investment (1987)The Cross-Section of Expected Stock Returns (1992)Enjoying the Quiet Life? Corporate Governance and Managerial Preferences (2003)Specification Tests in Econometrics (1978)International Corporate Governance (2003)Business Groups in Emerging Markets: Paragons or Parasites? (2007)Business Model Design and the Performance of Entrepreneurial Firms (2007)Risk, Return, and Equilibrium: Empirical Tests (1973)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)How do family ownership, control and management affect firm value? (2005)How does financial reporting quality relate to investment efficiency? (2009)The Impact of Corporate Sustainability on Organizational Processes and Performance (2014)Trade, Location of Economic Activity and the MNE: A Search for an Eclectic Approach (1977)Domestic Saving and International Capital Flows (1980)Multinational Corporations and Spillovers (1998)A bivariate causality between stock prices and exchange rates: evidence from recent Asianflu☆ (2000)Exchange rate exposure, hedging, and the use of foreign currency derivatives (2001)The Use of Foreign Currency Derivatives and Firm Market Value (2001)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 2003Corporate Governance and Equity Prices6,115 cited
  • 1995Diversification's effect on firm value3,069 cited
  • 1981Risk Reduction as a Managerial Motive for Conglomerate Mergers2,775 cited
  • 1994Tobin's q, Corporate Diversification, and Firm Performance2,437 cited
  • 1971International Corporations: The Industrial Economics of Foreign Investment2,236 cited
  • 2002Explaining the Diversification Discount1,372 cited
  • 1990The Exchange-Rate Exposure of U.S. Multinationals1,149 cited
  • 1997Cash Flow and Investment: Evidence from Internal Capital Markets1,143 cited
  • 2002Global Diversification, Industrial Diversification, and Firm Value1,047 cited
  • 1998Accounting for Endogeneity When Assessing Strategy Performance: Does Entry Mode Choice Affect FDI Survival?1,014 cited
  • 1991Why Investors Value Multinationality1,006 cited
  • 1996The Value of Diversification During the Conglomerate Merger Wave

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878 cited
  • 2002Does Corporate Diversification Destroy Value?754 cited
  • Cited by

    • 2009Valuation effects of global diversification138 cited
    • 2008International corporate diversification and performance: Does firm self-selection matter?114 cited
    • 2007Investor protection and the value effects of bank merger announcements in Europe and the US108 cited
    • 2014International investors’ reactions to cross-border acquisitions by emerging market multinationals98 cited
    • 2013The effects of managerial ownership on international and business diversification: Balancing incentives and risks97 cited
    • 2015Reverse international knowledge transfer in the MNE: (Where) does affiliate performance boost parent performance?94 cited
    • 2016Multinationality and Performance Literature: A Critical Review and Future Research Agenda82 cited
    • 2012Antecedents of MNE performance: blinded by the obvious in 35 years of literature64 cited
    • 2012The use of favors by emerging market managers: Facilitator or inhibitor of international expansion?62 cited
    • 2016Assets of Foreignness: A Theoretical Integration and Agenda for Future Research62 cited
    • 2019Multinational enterprises’ risk mitigation strategies in emerging markets: A political coalition perspective62 cited
    • 2013Foreign direct investment in emerging markets and acquirers’ value gains59 cited
    • 2011The internationalization of Chinese companies: Firm characteristics, industry effects and corporate governance58 cited
    • 2016Economic Crisis, Acquisitions and Firm Performance52 cited
    • 2009Diversification, Refocusing and Firm Value49 cited
    • 2011Multinational risk and performance outcomes: Effects of knowledge intensity and industry context41 cited