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- W137164034 abstract "This paper provides a stakeholder-based rationale for firm risk reduction through diversification. While firm-specific investments from stakeholders are often important sources of firm competitive advantage and economic rents, there is a reduced incentive for stakeholders to make these investments due to the risk associated with firm-specific investments. Since the risk associated with firm-specific investments is often related to the total firm risk level, we argue that stakeholders’ difficulties in diversifying the risks associated with their firm-specific investments create incentives for risk management by firms. We test this argument in a diversification setting. Based on a sample of firms’ first acquisition moves, we find that firms are more likely to engage in risk reduction through diversification when high levels of firm-specific assets are important to the firm's operations. Several proxies for stakeholders’ specific investments are found to be significant in explaining cross-sectional variation in the extent of ex ante risk reduction in acquisitions." @default.
- W137164034 created "2016-06-24" @default.
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- W137164034 date "2006-05-17" @default.
- W137164034 modified "2023-09-23" @default.
- W137164034 title "Risk Reduction Through Acquisitions: The Roles of Firm-Specific Investments and Agency Hazards" @default.
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- W137164034 doi "https://doi.org/10.1016/s1479-361x(06)05002-2" @default.
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