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- W1993414441 abstract "We examine the valuation impact of corporate diversification strategies through an analysis of a set of international joint ventures which contain both focus-decreasing and focus-increasing investments. Consistent with previous findings reported for US firms, we find that focus-increasing joint ventures create value for shareholders. However, we do not find that corporate diversification uniformly reduces shareholder value, either at the announcement of the project or in the long-run. Diversifying joint ventures negatively impact shareholder wealth only when the investing firms have poor growth opportunities and a weak cashflow position. After controlling for the q and cashflow effects, we find no significant difference in the market reaction to focus-increasing and -decreasing joint ventures. Such a result implies that the impact of diversification on shareholder wealth is not absolute, but rather is conditional upon the financial resources and growth opportunities available to the firm." @default.
- W1993414441 created "2016-06-24" @default.
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- W1993414441 date "2002-07-01" @default.
- W1993414441 modified "2023-10-17" @default.
- W1993414441 title "Corporate focus versus diversification: the role of growth opportunities and cashflow" @default.
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- W1993414441 doi "https://doi.org/10.1016/s1042-4431(02)00005-7" @default.
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