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Journals / BDDK Bankacılık ve Finansal Piyasalar Dergisi / 2012 / Cilt: 6 - Sayı: 2

Investigating the effects of corporate diversification using the berger and ofek methodology An application of Turkey

Firma çeşitlendirmesinin etkilerinin berger ve ofek yöntemiyle incelenmesi: Türkiye uygulaması

Emel YÜCEL
MEHMET ÖZMEN
YILDIRIM BEYAZIT ÖNAL
Pages
147–184
DOI
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AI Summary & Key Takeaways

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

This paper examines effects of corporate diversification on firm value using methodology of Berger and Ofek (1995) excess value measures based on assets and sales multiples We match diversified firms and single-segment firms traded in National Market of I5E during the period of 2005-2010 in order to examine the possible effects of diversification on the firm value in terms of increasing or decreasing, According to the results of balanced panel data regression analyses, diversified firms trade at average diversification premium comparing to similar single segment firms.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This paper examines effects of corporate diversification on firm value using methodology of Berger and Ofek (1995) excess value measures based on assets and sales multiples We match diversified firms and single-segment firms traded in National Market of I5E during the period of 2005-2010 in order to examine the possible effects of diversification on the firm value in terms of increasing or decreasing, According to the results of balanced panel data regression analyses, diversified firms trade at average diversification premium comparing to similar single segment firms.
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Key Findings & Data:This paper examines effects of corporate diversification on firm value using methodology of Berger and Ofek (1995) excess value measures based on assets and sales multiples We match diversified firms and single-segment firms traded in National Market of I5E during the period of 2005-2010 in order to examine the possible effects of diversification on the firm value in terms of increasing or decreasing, According to the results of balanced panel data regression analyses, diversified firms trade at average diversification premium comparing to similar single segment firms.
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Conclusion & Impact:The results underscored the consistency between diversification measures such as Jacquemin-Berry entropy index, Berry-Herfindahl index and line of business data.
🔬Design:Research Article
📍Scope:2005-2010 Verileri
⚙️Variables:Domain Parameters

Abstract

This paper examines effects of corporate diversification on firm value using methodology of Berger and Ofek (1995) excess value measures based on assets and sales multiples We match diversified firms and single-segment firms traded in National Market of I5E during the period of 2005-2010 in order to examine the possible effects of diversification on the firm value in terms of increasing or decreasing, According to the results of balanced panel data regression analyses, diversified firms trade at average diversification premium comparing to similar single segment firms. The results underscored the consistency between diversification measures such as Jacquemin-Berry entropy index, Berry-Herfindahl index and line of business data.

Özet

Bu çalışmada firma çeşitlendirmesinin firma değerine etkileri, Berger ve Ofek (1995) yöntemiyle satışlar ve varlıklar çarpanlarına dayalı artık değer ölçüsü kullanılarak açıklanmıştır. Çeşitlendirmenin firma değerini artırdığı veya azalttığını belirlemek için 2005-2010 döneminde İMKB'ye kayıtlı çeşitlendirilmiş ve uzman firmalar karşılaştırmıştır Dengeli panel verilerle yapılan regresyon analizleri sonuçlarına göre, çeşitlendirilmiş firmalar emsal uzman firmalara oranla çeşitlendirme primiyle faaliyette bulunmaktadır. Bulgular, Jacquemin-Berry entropi ölçüsü, Berry-Herfindahl çeşitlendirme ölçüsü ve bölüm sayısı şeklinde hesaplanan çeşitlendirme ölçüleri arasında uyumluluk göstermektedir.

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Cite This Article

YÜCEL, E., ÖZMEN, M., ÖNAL, Y. B. (2012). Investigating the effects of corporate diversification using the berger and ofek methodology An application of Turkey. BDDK Bankacılık ve Finansal Piyasalar Dergisi, Cilt: 6 - Sayı: 2, 147–184. https://ajindex.com/articles/145758

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