| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w4376
|
| 来源ID | Working Paper 4376
|
| Tobin's Q, Corporate Diversification and Firm Performance |
| Larry H.P. Lang; Rene M. Stulz
|
| 发表日期 | 1993-06-01
|
| 出版年 | 1993
|
| 语种 | 英语
|
| 摘要 | In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for different diversification measures and when we control for other known determinants of q. We show further that diversified firms have lower q's than equivalent portfolios of specialized firms. This negative relation holds throughout the 1980s in our sample. Finally, it holds for firms that have kept their number of segments constant over a number of years as well as for firms that have not. In our sample, firms that increase their number of segments have lower q's than firms that keep their number of segment constant. Our evidence is consistent with the view that firms seek growth through diversification when they have exhausted internal growth opportunities. We fail to find evidence supportive of the view that diversification provides firms with a valuable intangible asset |
| URL | https://www.nber.org/papers/w4376
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561745
|
推荐引用方式
GB/T 7714 |
Larry H.P. Lang,Rene M. Stulz. Tobin's Q, Corporate Diversification and Firm Performance. 1993.
|
|
文件名：
|
w4376.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
