Corporate Diversification and Firm Value: Evidence From Emerging Markets

dc.contributor.author Akben Selçuk, Elif
dc.contributor.author Selçuk, Elif Akben
dc.contributor.other Business Administration
dc.date.accessioned 2019-06-27T08:02:41Z
dc.date.available 2019-06-27T08:02:41Z
dc.date.issued 2015
dc.department Fakülteler, İşletme Fakültesi, İşletme Bölümü en_US
dc.description.abstract Purpose - The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil Chile Indonesia Malaysia Philippines Poland South Africa Thailand and Turkey. For the purpose of this study a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes. Design/methodology/approach - Employing panel data from 1568 companies for the period 2005-2010 this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm. Findings - Overall analysis results suggest that for the period from 2005 to 2010 diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries providing support for diversification premium. Originality/value - The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology. en_US]
dc.identifier.citationcount 12
dc.identifier.doi 10.1108/IJoEM-12-2012-0180 en_US
dc.identifier.endpage +
dc.identifier.issn 1746-8809 en_US
dc.identifier.issn 1746-8817 en_US
dc.identifier.issn 1746-8809
dc.identifier.issn 1746-8817
dc.identifier.issue 3
dc.identifier.scopus 2-s2.0-84937840632 en_US
dc.identifier.scopusquality Q2
dc.identifier.startpage 294 en_US
dc.identifier.uri https://hdl.handle.net/20.500.12469/665
dc.identifier.uri https://doi.org/10.1108/IJoEM-12-2012-0180
dc.identifier.volume 10 en_US
dc.identifier.wos WOS:000214794700001 en_US
dc.identifier.wosquality Q2
dc.institutionauthor Akben Selçuk, Elif en_US
dc.language.iso en en_US
dc.publisher Emerald Group Publishing Limited en_US
dc.relation.journal International Journal of Emerging Markets en_US
dc.relation.publicationcategory Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı en_US
dc.rights info:eu-repo/semantics/closedAccess en_US
dc.scopus.citedbyCount 17
dc.subject Emerging markets en_US
dc.subject Firm value en_US
dc.subject Corporate diversification en_US
dc.subject Diversification discount and premium en_US
dc.title Corporate Diversification and Firm Value: Evidence From Emerging Markets en_US
dc.type Article en_US
dc.wos.citedbyCount 12
dspace.entity.type Publication
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