L'influence des fluctuations boursières sur la performance financière de la firme diversifiée

Frantz Maurer ()
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Frantz Maurer: Université Montesquieu Bordeaux 4

Revue Finance Contrôle Stratégie, 1999, vol. 2, issue 4, pages 105-134

Abstract: Based on a sample of 70 French industrial firms, this paper analyses the market-based performance of diversified firms by including the stock market environment. The findings show that unrelated diversifiers outperform related ones during bearish markets, and that there is no significant performance difference between these two strategies during bullish markets. Finally, this paper suggests the importance of explicitly considering the stock market background in the study of diversification-performance relationship.

Keywords: related/unrelated diversification; market-based performance; bearish/bullish markets (search for similar items in EconPapers)
Date: 1999

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Persistent link: http://EconPapers.repec.org/RePEc:dij:revfcs:v:2:y:1999:i:q4:p:105-134

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