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- W2809182561 abstract "ABSTRACT We examine the effect of pure (product differentiation or cost leadership) versus hybrid (a mix of product differentiation and cost leadership) business strategies on the cost of equity capital. Our results suggest that firms with a pure, relative to a hybrid, business strategy have a significantly lower cost of equity, and the cost of equity effect is equally driven by pure product differentiation and pure cost leadership strategies. We also find that firms following a pure business strategy are associated with lower systematic risk. Further, the lower cost of equity effect of a pure product differentiation strategy is more pronounced in high-technology industries and in regions with greater innovative capital. Our findings are robust to an array of robustness checks including change specification regressions and various methods for addressing endogeneity. Data Availability: All data used in this study are publicly available from the sources identified in the paper." @default.
- W2809182561 created "2018-06-29" @default.
- W2809182561 creator A5019084008 @default.
- W2809182561 creator A5040720576 @default.
- W2809182561 creator A5043038059 @default.
- W2809182561 creator A5067574051 @default.
- W2809182561 date "2018-06-01" @default.
- W2809182561 modified "2023-09-24" @default.
- W2809182561 title "Business Strategy and the Cost of Equity Capital: An Evaluation of Pure versus Hybrid Business Strategies" @default.
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