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We examine whether and why the value of diversification changed during the 2008–2009 financial crisis. We find that diversified firms increased in value relative to single-segment firms during the crisis, a result that is not driven by the endogeneity of either financing constraints or firms'...
Persistent link: https://www.econbiz.de/10013146869
Using a large sample of diversified firms from 38 countries we investigate the influence of several national-level institutional factors or ‘institutional voids' on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a country's capital...
Persistent link: https://www.econbiz.de/10013065633
Persistent link: https://www.econbiz.de/10009579328
We show that the value of corporate diversification increased during the 2007–2009 financial crisis. Diversification gave firms both financing and investment advantages. First, conglomerates became significantly more leveraged relative to comparable focused firms. Second, conglomerates' access...
Persistent link: https://www.econbiz.de/10013146762
Our paper tests a key prediction of property rights theory, specifically, that agents will respond to marginal incentives embedded in property rights when making non-contractible, revenue-enhancing investments. (Grossman and Hart, 1986; Hart and Moore, 1990). Using rich project-level data from the...
Persistent link: https://www.econbiz.de/10010567251
Men are far more likely to start new ventures than women. We argue that one explanation of this gap is that women respond differently to signals of past entrepreneurial success due to the “male hubris, female humility” effect. We argue that as a result women are disproportionately less...
Persistent link: https://www.econbiz.de/10012996372
Men are far more likely to start new ventures than women. Drawing on the hubris theory of entrepreneurship, we argue that one explanation of this gap is that women have lower susceptibility to hubris and higher levels of humility, the “male hubris-female humility effect.” Decreased hubris...
Persistent link: https://www.econbiz.de/10012904197
The present study explores the antecedents and consequences of vertical integration choices in the context of new product development using project-level data from the motion picture industry. I show that uncertain access to specialized complementary assets can generate market failures for...
Persistent link: https://www.econbiz.de/10013136957
Our paper tests a key prediction of property rights theory, specifically, that agents will respond to marginal incentives embedded in property rights when making non-contractible, revenue-enhancing investments. (Grossman and Hart, 1986; Hart and Moore, 1990). Using rich project-level data from the...
Persistent link: https://www.econbiz.de/10013090583
Governments around the world have prioritized efforts to promote gender equity in the workplace, including at the very apex of the organization - the board. One tool that has been increasingly used by policymakers are gender quotas in boards. We examine how a governance practice, originally...
Persistent link: https://www.econbiz.de/10013249310