2024-03-29T14:08:52Zhttps://uvadoc.uva.es/oai/requestoai:uvadoc.uva.es:10324/270952024-02-01T19:01:04Zcom_10324_1147com_10324_931com_10324_894col_10324_1266
Andrés Alonso, Pablo de
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500
Fuente Herrero, Gabriel de la
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0000-0002-6452-9232
Velasco González, María Del Pilar
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0000-0002-9958-7889
2017-11-14T22:26:07Z
2017-11-14T22:26:07Z
2016
International Review of Financial Analysis 48 (2016) 261–271
1057-5219
http://uvadoc.uva.es/handle/10324/27095
http://dx.doi.org/10.1016/j.irfa.2016.10.007
261
271
International Review of Financial Analysis
48
Producción Científica
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.
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.
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eng
Elsevier
info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-nd/4.0/
The authors (Pablo de Andrés, Gabriel de la Fuente and Pilar Velasco)
Attribution-NonCommercial-NoDerivatives 4.0 International
Empresas-Finanzas
Corporate Finance
Corporate diversification
Firm value
Growth opportunities
GMM
Mediating effect
Diversificación corporativa
Valor de la empresa
Oportunidades de crecimiento
Efecto mediación
Are Real Options a missing piece in the Diversification-Value Puzzle?
info:eu-repo/semantics/article
http://www.sciencedirect.com/science/article/pii/S1057521916301582
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