SavedAdd your journal

Journals / BDDK Bankacılık ve Finansal Piyasalar Dergisi / 2014 / Cilt: 8 - Sayı: 2

Kurumsal Çeşitlendirme, Grup Bağlantıları ve Firma Değeri: Türkiye Örneği

Corporate Diversification, Grup Affiliation and Firm Value: Evidence from Turkey

ELİF AKBEN SELÇUK
Pages
151–174
DOI
—
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Regression results indicate that diversified firms trade at a premium compared to single-segment firms.

📌 3 Key Takeaways

🎯
Objective & Hypothesis: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.
📊
Key Findings & Data:Regression results indicate that diversified firms trade at a premium compared to single-segment firms.
💡
Conclusion & Impact:These results suggest that group members already capture the benefits of diversification without the need to diversify further at the firm level
🔬Design:Research Article
📍Scope:2006 Verileri
⚙️Variables:Domain Parameters

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

Özet

Bu çalışmanın amacı, 2006 ve 2012 yılları arasında 255 Türk firmasından oluşan bir örneklemde kurumsal çeşitlendirmenin firma değerine etkisini incelemektir. Regresyon sonuçlarına göre, çeşitlendirilmiş firmalar uzman firmalara kıyasla çeşitlendirme primiyle faaliyet göstermektedir. Bu bulguyu açıklamak amacıyla işletme gruplarıyla bağlantıların çeşitlendirme-değer ilişkisi üzerinde olası bir etkileşim etkisi araştırılmıştır. Analiz sonuçları, çeşitlendirme primi bulgusunun yalnızca işletme gruplarıyla bağlantılı olmayan firmalarda geçerli olduğunu ortaya koymaktadır. Bu sonuçlar grup şirketlerinin çeşitlendirmenin faydalarını elde ettiklerini ve firma düzeyinde ek bir çeşitlendirmeye ihtiyaç duymadıklarını göstermektedir.

🔖

Cite This Article

SELÇUK, E. A. (2014). Kurumsal Çeşitlendirme, Grup Bağlantıları ve Firma Değeri: Türkiye Örneği. BDDK Bankacılık ve Finansal Piyasalar Dergisi, Cilt: 8 - Sayı: 2, 151–174. https://ajindex.com/articles/143706

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (15)

  1. Amihud, Y., and Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2): 605-617
  2. Anderson, R. C., Bates, T. W., Bizjak, J. M., and Lemmon, M. L. (2000). Corporate governance and firm diversification. Financial Management, 29(1): 5-22
  3. Berger, P. G., and Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37: 39-65
  4. Bhide, A. (1990). Reversing corporate diversification. Journal of Applied Corporate Finance, 3(2): 70-81
  5. Brost, M. A., and Kleiner, B. H. (1995). New developments in corporate diversification strategies. Management Research News, 18(3): 24-33
  6. Campa, J. M., and Kedia, S. (2002). Explaining the diversification discount. The Journal of Finance, 57(4): 1731-1762
  7. Chen, C. N., and Chu, W. (2012). Diversification, resource concentration, and business group performance: Evidence from Taiwan. Asia Pacific Journal of Management, 29: 1045-1061
  8. Denis, D. J., Denis, D. K., and Sarin, A. (1997). Agency problems, equity ownership and corporate diversification, The Journal of Finance, 52: 135-160
  9. Denis, D. J., Denis, D. K., and Yost, K. (2002). Global diversification, industrial diversification and firm value. The Journal of Finance, 57: 1951-1979
  10. Dey, T. and Banerjee, R. (2011). Can corporate diversification promote firm value? A survey, University of Munich Working Paper, No. 28928, http://mpra. ub.uni-muenchen.de/28928/ 11. Erdorf, S., Hartmann-Wendels, T., Heinrichs, N., and Matz M. (2013). Corporate diversification and firm value: A survey of recent literature. Financial Markets and Portfolio Management, 27(2): 187-215
  11. Errunza, V., and Senbet, L. (1984). International corporate diversification, market valuation, and size-adjusted evidence. The Journal of Finance, 39: 727- 745
  12. Fauver, L., Houston, J., and Naranjo, A. (2003). Capital markets development, international integration, legal systems, and the value of corporate diversification: A cross-country analysis. Journal of Financial and Quantitative Analysis, 38(1): 135-157
  13. Fleming, G., Oliver, B., and Skourakis, S. (2003). The valuation discount of multi-segment firms in Australia. Accounting and Finance, 43: 167-185
  14. Gonenc, H., Kan, O. B., and Karadaglı, E. D. (2007). Business groups and internal capital markets. Emerging Markets Finance and Trade, 43(2): 63-81
  15. Gunduz, L., and Tatoglu, E. (2003). A comparison of the financial characteristics of