全球智库信息集成服务系统(G2TT): The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w12297
来源ID	Working Paper 12297
	The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?
	Vojislav Maksimovic; Gordon Phillips
发表日期	2006-06-12
出版年	2006
语种	英语
摘要	We examine the effect of financial dependence on acquisition and investment within existing industries by single-segment and conglomerate firms for industries undergoing different long run changes in industry conditions. Conglomerates and single-segment firms differ more in rates of within-industry acquisitions than in capital expenditure rates, which are similar across organizational type. In particular, 36 percent of within-industry growth by conglomerate firms in growth industries is from intra-industry acquisitions, compared to nine percent for single segment firms. Financial dependence, a deficit in a segment%u2019s internal financing, decreases the likelihood of within-industry acquisitions and opening new plants, especially for single-segment firms. These effects are mitigated for conglomerates in growth industries. The findings persist after controlling for firm size and segment productivity. Acquisitions lead to increased efficiency as plants acquired by conglomerate firms in growth industries increase in productivity post acquisition. The results are consistent with the comparative advantages of different firm organizations differing across long-run industry conditions.
主题	Financial Economics ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w12297
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/569951
推荐引用方式 GB/T 7714	Vojislav Maksimovic,Gordon Phillips. The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?. 2006.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w12297.pdf（624KB）	智库出版物		限制开放	CC BY-NC-SA	浏览