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Industrial Diversification and Performance in an Emerging Market

Emel Yücel Author-Email: Eyucel@cu.edu.tr
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Emel Yücel Author-Email: Eyucel@cu.edu.tr: The Faculty of Kozan Business Administration, Cukurova University, Adana, Turkey Author-Name: Yıldırım Beyazıt Önal Author-Email: ybeyazit@cu.edu.tr

Panoeconomicus, 2016, vol. 63, issue 4, 441-454

Abstract: In this study, we investigated the relationship between industrial diversification and firm performance using a market-based performance meas- ure and an accounting measure. We used the data of the firms listed on Borsa Istanbul during the period between 2006 and 2012. The results of the panel data indicate that there is a significant positive relationship between diversifica- tion and performance. We found that diversified firms outperformed the single firms. As is compatible with a resource-based approach, it was found that di- versified firms tended to use their resources more efficiently compared to single firms.

Keywords: Industrial diversification; Internal capital market; Agency cost; Return on assets; Tobin’s Q; Turkey (search for similar items in EconPapers)
JEL-codes: G30 G34 (search for similar items in EconPapers)
Date: 2016
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