Corporate Diversification, Group Affiliation and Firm Value: Evidence From Turkey
Elif AKBEN Selcuk
Journal of BRSA Banking and Financial Markets, 2014, vol. 8, issue 2, 151-174
The objective of this study is to investigate the impact of corporate diversification in a sample of 255 Turkish firms for the period between 2006 and 2012. Regression results indicate that diversified firms trade at a premium compared to single-segment firms. To explain this finding, we also investigate the possible moderating role of business group affiliation for the diversification-value relationship. Analysis results reveal that the diversification premium is confined to firms that are not affiliated with business groups. These results suggest that group members already capture the benefits of diversification without the need to diversify further at the firm level.
Keywords: Corporate diversification; business groups; Turkey (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:8:y:2014:i:2:p:151-174
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