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https://doi.org/10.1142/S0217590819400046
| Title: | DO CONGLOMERATES OPERATE MORE EFFICIENTLY THAN SINGLE-SEGMENT FIRMS? | Authors: | Bhattacharya, Nilabhra Sulaeman, Johan Yu, Jeff Jiewei |
Keywords: | Social Sciences Economics Business & Economics Conglomerates efficiency INTERNAL CAPITAL-MARKETS SFAS NO. 131 CORPORATE DIVERSIFICATION DARK SIDE INFORMATION COMPETITION ACQUISITIONS INTEGRATION INVESTMENT DISCOUNT |
Issue Date: | 1-Sep-2020 | Publisher: | WORLD SCIENTIFIC PUBL CO PTE LTD | Citation: | Bhattacharya, Nilabhra, Sulaeman, Johan, Yu, Jeff Jiewei (2020-09-01). DO CONGLOMERATES OPERATE MORE EFFICIENTLY THAN SINGLE-SEGMENT FIRMS?. SINGAPORE ECONOMIC REVIEW 65 (5) : 1237-1270. ScholarBank@NUS Repository. https://doi.org/10.1142/S0217590819400046 | Abstract: | We investigate the impact of organizational form on operational efficiency using a large sample covering manufacturing and non-manufacturing sectors in the United States over 30 years. We quantify operational efficiency using various measures, and find robust evidence that segments of diversified firms are operationally more efficient than their single-segment industry peers. The difference is more noticeable in industries where financing needs are high due to greater growth potential and where access to external markets is constrained due to higher information asymmetry. | Source Title: | SINGAPORE ECONOMIC REVIEW | URI: | https://scholarbank.nus.edu.sg/handle/10635/193698 | ISSN: | 02175908 17936837 |
DOI: | 10.1142/S0217590819400046 |
| Appears in Collections: | Elements Staff Publications |
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| SER Accepted Version.pdf | 479.31 kB | Adobe PDF | OPEN | Post-print | View/Download |
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