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- W2767921206 endingPage "450" @default.
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- W2767921206 abstract "While the diversification–performance link is well covered in strategy research, we know much less about the link between firm diversification and risk. This article draws from modern portfolio theory and corporate diversification theory to derive a comprehensive set of hypotheses on the impact of related and unrelated diversification on the systematic risk, total risk, and bankruptcy risk of a firm. Based on a large international sample, we find the portfolio effect to be more important than previously thought, while synergy effects appear to be largely counterbalanced by the direct and indirect costs of diversification. Specifically, we find that systematic risk is not reduced by corporate diversification, while bankruptcy risk is significantly lower in diversified firms, possibly leading to conflicts between shareholders and other stakeholder groups." @default.
- W2767921206 created "2017-11-17" @default.
- W2767921206 creator A5016732221 @default.
- W2767921206 creator A5053457310 @default.
- W2767921206 creator A5088671733 @default.
- W2767921206 date "2017-11-06" @default.
- W2767921206 modified "2023-10-17" @default.
- W2767921206 title "Cui bono? An empirical investigation into risk benefits of corporate diversification" @default.
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- W2767921206 doi "https://doi.org/10.1177/1476127017739847" @default.
- W2767921206 hasPublicationYear "2017" @default.
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