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| Tekijä: | Lins, K. V. Servaes, H. |
| Otsikko: | Is corporate finance diversification beneficial in emerging markets? |
| Lehti: | Financial Management
2002 : Summer, VOL. 31:2, p. 5-31 |
| Asiasana: | Emerging markets Corporate forecasting Diversification |
| Kieli: | eng |
| Tiivistelmä: | Using a sample of over 1000 firms from seven emerging markets in 1995, the authors find that diversified firms trade at a discount of approximately 7 % compared to single-segment firms. Diversified firms are also less profitable than single-segment firms, but lower profitability only explains part of the discount. The find a discount only for those firms that are part of industrial groups and for diversified firms with management ownership concentration between 10% and 30 %. The results do not support internal capital market efficiency in economies with severe capital market imperfections. |
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