haku: @indexterm capital markets / yhteensä: 931
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| Tekijä: | Klein, P.G. Saidenberg, M.R. |
| Otsikko: | Organizational structure and the diversification discount: evidence from commercial banking |
| Lehti: | Journal of Industrial Economics
2010 : MAR, VOL. 58:1, p. 127-155 |
| Asiasana: | USA banking finance capital markets holding companies subsidiary companies organizational structure |
| Kieli: | eng |
| Tiivistelmä: | This paper provides evidence on organizational structure and performance at bank holding companies (BHC's). A BHC's member banks are shown to benefit from access to internal capital markets. It is questioned if these benefits are best realized within loosely structured, decentralized organizations or more consolidated, centralized firms. It is found that BHC's with many subsidiaries are less profitable, having lower 'q' ratios than similar BHC's with fewer subsidiaries. However, due to studying multi-unit firms in a single industry, the results suggest that the diversification discount reported in the corporate finance literature reflects industry diversification and also organizational structure. |
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