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Por favor, use este identificador para citar o enlazar este ítem: http://uvadoc.uva.es/handle/10324/27095
Título: Are Real Options a missing piece in the Diversification-Value Puzzle?
Autor: Andrés Alonso, Pablo de
Fuente Herrero, Gabriel de la
Velasco, Pilar
Año del Documento: 2016
Editorial: Elsevier
Descripción: Producción Científica
Documento Fuente: International Review of Financial Analysis 48 (2016) 261–271
Resumen: This paper examines the impact of corporate diversification on a firm’s market value in terms of changes in its mix of value sources between growth options and assets-in-place. We argue that the traditionally assumed replicability of corporate diversification benefits by individual investors might not be as feasible when diversification implies acquiring new growth options as when it only involves assets-in-place investments. We further explain why a different effect of diversification on a firm’s mix of value sources can occur, therefore leading to a mediating role of growth options between diversification and market value. Using a panel sample of U.S. firms from 1998 to 2010, we find that a firm’s growth options portfolio helps explain the effect of diversification strategy on its market value.
Materias (normalizadas): Empresas-Finanzas
Palabras Clave: Corporate Finance
Corporate diversification
Firm value
Growth opportunities
GMM
Mediating effect
Diversificación corporativa
Valor de la empresa
Oportunidades de crecimiento
Efecto mediación
ISSN: 1057-5219
Revisión por Pares: SI
DOI: http://dx.doi.org/10.1016/j.irfa.2016.10.007
Patrocinador: Financial support has been received from the Regional Government of Castilla y León (Ref. VA260U14), the Spanish Ministry of Science and Innovation (Ref. ECO2014-56102-P), the Spanish Ministry of Education (FPU Programme), and the Banco Herrero Foundation.
Version del Editor: http://www.sciencedirect.com/science/article/pii/S1057521916301582
Propietario de los Derechos: The authors (Pablo de Andrés, Gabriel de la Fuente and Pilar Velasco)
Idioma: eng
URI: http://uvadoc.uva.es/handle/10324/27095
Derechos: info:eu-repo/semantics/openAccess
Aparece en las colecciones:DEP21 - Artículos de revista

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