search query: @author Thomadakis, S. / total: 4
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| Author: | Lustgarten, T. Thomadakis, S. |
| Title: | Mobility barriers and Tobin's q |
| Journal: | Journal of Business
1987 : OCT, VOL. 60:4, p.519-537 |
| Index terms: | MOBILITY ORGANIZATIONAL STRUCTURE RESOURCES |
| Language: | eng |
| Abstract: | It is stated that the cross-sectional relation of Tobin's q, i.e. the ratio of the market value of the firm to the replacement cost of its assets, to structural features of firms is market state dependent. Empirical tests of the relation of q to structural features, such as industry concentration, firm specialization, advertising and research and development intensities, and proxies for the use of specialized resources, are designed, controlling for the state of prevailing expectations. These features can operate as barriers to entry or to exit. The role of industry concentration in the determination of q is quite variable, shifting from positive to negative over different time periods. Coefficients for all structural variables also changed. |
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