金融危机对西班牙公司多元化价值的影响

IF 0.9 4区管理学 Q3 BUSINESS, FINANCE

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad Pub Date : 2015-01-02 DOI:10.1080/02102412.2014.982385

G. de la Fuente, Pilar Velasco

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引用次数: 12

摘要

本文考察了金融危机对西班牙等大陆法系国家公司多元化价值的影响。金融危机提供了一个自然的研究实验，用来测试信贷受限环境对内部资本市场产生的收益和成本的影响。通过对1997-2012年期间西班牙上市公司的分析，我们发现金融危机负向调节了产业多元化对公司价值的影响。这一结果支持了这样一种观点，即由于对投资者权利的保护较弱，金融约束可能会加剧大陆法系国家内部资本市场内的代理成本，而不是金融利益。

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The effect of the financial crisis on the value of corporate diversification in Spanish firms

This paper examines the impact of the financial crisis on the value of corporate diversification in a civil law country such as Spain. The financial crisis offers a natural research experiment to test the effect of a credit-constrained environment on benefits and costs emerging from internal capital markets. Using a panel of Spanish listed firms over the 1997–2012 period and controlling for endogeneity, we find that the financial crisis negatively moderates the impact of industrial diversification on a firm’s value. This result supports the idea that financial constraints are likely to exacerbate agency costs within internal capital markets in civil law countries over financial benefits, due to a weaker protection of investors’ rights.

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来源期刊

Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad BUSINESS, FINANCE-

CiteScore

2.10

自引率

10.00%

发文量

期刊介绍： The Spanish Journal of Finance and Accounting ( SJFA) is a quarterly academic journal founded in 1972. It aims to publish high quality research papers in accounting and finance. The scope of SJFA covers theoretical and empirical analysis relating to financial markets and institutions, corporate finance, market microstructure, corporate governance, internal and management accounting and a wide spectrum of financial performance and financial reporting, including auditing and public accounting. The Journal welcomes both theoretical and empirical contributions, and in particular, theoretical papers that yield novel testable implications and empirical papers that are theoretically well motivated. The journal is not a suitable outlet for highly abstract mathematical papers or empirical papers with inadequate theoretical motivation. All manuscripts that meet these editorial guidelines are blind reviewed by external reviewers. SJFA sponsors a periodic conference in which selected papers under review are presented and discussed by additional reviewers in order to increase the quality of the papers published in the journal. If accepted for publication, these selected articles are published in the Journal with a special distinction. The Journal welcomes replies and discussions to both published and forthcoming articles. These contributions, if accepted by the editors, may eventually be published jointly with a reply or comment by the authors of the original paper.