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- W4318274203 endingPage "108794" @default.
- W4318274203 startingPage "108794" @default.
- W4318274203 abstract "How to strategically mitigate stock price crash risks has become an academic focus in recent years. In this paper, we draw from research in the crash risk and operations management fields to theorize that a firm's operations in multiple industries affect its likelihood of being subject to stock price crash events. This study uses a sample of 67,466 firm-year observations from 2000 to 2020 and finds that diversification substantially reduces crash risk, and such an influence is available under both unrelated and related diversification. We also determine that firms' storage of surplus labor or inventory resources and/or managers' high managerial ability significantly strengthen the effectiveness of diversification on crash risk. We particularly perform two additional tests, namely, a two-stage residual inclusion estimation and a matching combined difference-in-difference analysis, to mitigate endogeneity concerns, and the results hold." @default.
- W4318274203 created "2023-01-28" @default.
- W4318274203 creator A5011772575 @default.
- W4318274203 creator A5043478132 @default.
- W4318274203 creator A5046225712 @default.
- W4318274203 date "2023-04-01" @default.
- W4318274203 modified "2023-09-27" @default.
- W4318274203 title "Does corporate diversification strategy affect stock price crash risk?" @default.
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- W4318274203 doi "https://doi.org/10.1016/j.ijpe.2023.108794" @default.
- W4318274203 hasPublicationYear "2023" @default.
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