Internal Capital Market Controls and Financial Performance in Multidivisional Firms

Charles W L Hill

Journal of Industrial Economics, 1988, vol. 37, issue 1, 67-83

Abstract: It is proposed that, within the population of M-form firms, the control systems necessary to realize economic benefits from interrelationships between subunits o f a firm are incompatible with the systems necessary to realize benef its from an M-form type internal capital market. This hypothesis is t ested on 156 large U.K. firms. Questionnaire data are used to classif y the firms according to their internal control characteristics. The findings provide tentative support for the hypothesis. Copyright 1988 by Blackwell Publishing Ltd.

Date: 1988
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