POL: Economic View of the Firm (Topic)最新文献

How Governance Misalignment and Outsourcing Capability Impact Performance 治理错位和外包能力如何影响绩效

POL: Economic View of the Firm (Topic) Pub Date : 2016-07-24 DOI: 10.1111/POMS.12609

Sean Handley

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引用次数: 45

The Hedging Benefits of Domestic and Global Diversification: Evidence from Economic Downturns 国内和全球多元化的对冲效益:来自经济衰退的证据

POL: Economic View of the Firm (Topic) Pub Date : 2016-02-21 DOI: 10.2139/ssrn.2735922

Yixin Liu, D. Mauer, Yilei Zhang

{"title":"The Hedging Benefits of Domestic and Global Diversification: Evidence from Economic Downturns","authors":"Yixin Liu, D. Mauer, Yilei Zhang","doi":"10.2139/ssrn.2735922","DOIUrl":"https://doi.org/10.2139/ssrn.2735922","url":null,"abstract":"We examine the influence of economic downturns on the relation between diversification and firm value in a large panel of U.S. firms over the period from 1984 to 2014. When markets are incomplete or there are significant frictions, diversification provides value when the fortunes of one business segment are imperfectly correlated with the fortunes of another. We test whether this hedging effect of diversification is valued by the market. We find that the hedging value of diversification during economic downturns reduces the diversification discount by 9% for domestically diversified firms and 12% for globally diversified firms. Our results are robust to controlling for endogeneity of diversification decisions. Consistent with a hedging value of diversification, we find that risk reduction as measured by the correlation of a firm’s industrial and regional operations with the state of the economy is a key channel through which diversification becomes more valuable during economic downturns. We find little evidence that the enhanced value of diversification during downturns is attributable to alternative explanations such as mitigation of overinvestment in value-reducing diversification strategies, enhanced value of internal capital markets, or more valuable debt coinsurance.","PeriodicalId":355915,"journal":{"name":"POL: Economic View of the Firm (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114725132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Actions Speak Louder than Modes: Antecedents and Implications of Parent Implementation Capabilities on Business Unit Performance 行动比模式更响亮:母公司实施能力对业务单位绩效的前提和影响

POL: Economic View of the Firm (Topic) Pub Date : 2011-05-01 DOI: 10.1002/SMJ.920

Anne Parmigiani, Samuel S. Holloway

引用次数: 60

Financial Institutions, Technology Diffusion and Trade 金融机构、技术扩散与贸易

POL: Economic View of the Firm (Topic) Pub Date : 2006-12-01 DOI: 10.2139/ssrn.1022222

Y. Kim

引用次数: 1

The Fallacy of 'Only the Strong Survive': The Effects of Extrinsic Motivation on the Persistence Decisions of Underperforming Firms “只有强者才能生存”的谬论:外在动机对业绩不佳企业持续性决策的影响

POL: Economic View of the Firm (Topic) Pub Date : 2004-03-27 DOI: 10.2139/ssrn.1019603

Dawn R. DeTienne, D. Shepherd, Julio O. de Castro

引用次数: 275