EconPapers    
Economics at your fingertips  
 

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

Abstract: 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)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.bddk.org.tr/WebSitesi/turkce/Raporlar/BDDK_Dergi/136176._makale.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:8:y:2014:i:2:p:151-174

Access Statistics for this article

More articles in Journal of BRSA Banking and Financial Markets from Banking Regulation and Supervision Agency Contact information at EDIRC.
Series data maintained by Zafer Kovancý ().

 
Page updated 2018-02-04
Handle: RePEc:bdd:journl:v:8:y:2014:i:2:p:151-174