The Effects of International and Industrial Diversification on Firm Value: Evidence from Turkey

被引：0

作者：

Bank, Semra ^{[1
]}

Unal, Huseyin ^{[2
]}

Guneysu, Yusuf ^{[3
]}

机构：

[1] Karadeniz Tech Univ, IIBF Isletme Bolumu, Trabzon, Turkey

[2] Karadeniz Tech Univ, Sosyal Bilimler Enstitusu, Ekonometri Anabilim Dali, Trabzon, Turkey

[3] Trabzon Univ, Iktisadi Idari & Sosyal Bilimler Fak, Uluslararasi Ticaret & Lojist Bolumu, Trabzon, Turkey

来源：

ESKISEHIR OSMANGAZI UNIVERSITESI IIBF DERGISI-ESKISEHIR OSMANGAZI UNIVERSITY JOURNAL OF ECONOMICS AND ADMINISTRATIVE SCIENCES | 2022年 / 17卷 / 02期

关键词：

International Diversification; Industrial Diversification; Firm Value; Institutional Investors' Share Ownership; CORPORATE DIVERSIFICATION; INSTITUTIONAL OWNERSHIP; AGENCY COSTS; MARKET VALUE; CASH FLOW; TOBIN Q; PERFORMANCE; BENEFITS; RISK;

D O I：

10.17153/oguiibf.1082288

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study determined that international diversification does not have a significant effect on the value of the firms operating in the manufacturing sector among the firms listed in the Borsa Istanbul Equity Market; however, that the industrial diversification increases the firm value by using the "Excess Value Methodology" developed by Berger and Ofek (1995) and modified by Fauver et al (2004). Acquired diversification premiums were also observed to continue in the case of control of institutional investors' share ownership; in addition, a positive relation was found between institutional investors' share ownership and firm value at low share ownership, while it is negative in high ownership rates.

引用

页码：519 / 534

页数：16

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