公司多元化经营文献综述.doc

本份文档包含：关于该选题的外文文献 、文献综述 一、外文文献 标题: The effects of institutional ownership on the value and risk of diversified firms 作者: Mohammad Jafarinejada, Surendranath R. Joryb, Thanh N. Ngoc, 期刊: International Review of Financial Analysis (Volume 40 2015): 207-219 年份: 2015 The effects of institutional ownership on the value and risk of diversified firms Abstract We study the link between institutional ownership and firms diversification strategy, value and risk. Our sample includes US-listed firms with segment data from 1998 to 2012. We find that not all kinds of diversification are value-destroying; unlike industrially-diversified firms, global single-segment firms are trading at a premium relative to their imputed value. The presence of institutional investors and the stability of their shareholdings positively influence the likelihood that a firm is diversified. The proportion (volatility) of institutional ownership is higher (lower) among diversified firms compared to domestic single-segment firms. More importantly, the higher the proportions of institutional shareholdings, the higher the excess value of the diversified firm and the lower the firm idiosyncratic risk. Institutional ownership volatility, on the other hand, is inversely related to a firm excess value but positively related to its idiosyncratic risk. Thus, the presence of long-term stable institutional investors enhances the value of diversified firms. Our findings remain robust to various model specifications and estimation techniques. Keywords: Institutional ownership; ?Corporate diversification;?Diversification discount;? 1. Introduction The effect of diversification on firm value continues to attract considerable research interest. There are two main types of diversification: product- and geographic diversification (Vachani, 1991?and?Martin, 2008). Product diversification refers to the degree to which firms are involved in different industries (we refer to them as business segments). Geographic diversifi