Skip navigation
Skip navigation

Two Sides of a Coin: Endogenours and Exogenous Effects of Corporate Diversification on Firm Value

He, Xi

Description

We investigate the value effects of two types of corporate diversification - unexpected exogenous diversification and endogenous diversification. Combining Heckman's sample-selection estimator with a two-stage least squares estimator and a generalized method of moments instrumental variables estimator to control for both endogeneity and sample-selection bias, we find that while an unexpected increase in diversification caused by exogenous shocks destroys firm value, an endogenous increase in...[Show more]

CollectionsANU Research Publications
Date published: 2012
Type: Journal article
URI: http://hdl.handle.net/1885/50216
Source: International Review of Finance
DOI: 10.1111/j.1468-2443.2012.01158.x

Download

File Description SizeFormat Image
01_He_Two_Sides_of_a_Coin:__2012.pdf212.38 kBAdobe PDF    Request a copy


Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.

Updated:  17 November 2022/ Responsible Officer:  University Librarian/ Page Contact:  Library Systems & Web Coordinator