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Effect of diversification on capital structure

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Author Info

  • Maurizio La Rocca
  • Tiziana La Rocca
  • Dionigi Gerace
  • Ciorstan Smark

Abstract

Previous empirical financial studies have paid little attention to the role of diversification strategy on financial choices. This study analyses the financing strategies of multibusiness firms, suggesting the relevance of sorting the diversification phenomena into its related and unrelated components. The implications of our findings are important because they explain earlier contradictory results on capital-structure determinants and offer an explanation of how the degree of product specialization/diversification and the direction of diversification (related or unrelated) translate into different corporate financial behaviours. Copyright (c) The Authors. Journal compilation (c) 2009 AFAANZ.

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Bibliographic Info

Article provided by Accounting and Finance Association of Australia and New Zealand in its journal Accounting & Finance.

Volume (Year): 49 (2009)
Issue (Month): 4 ()
Pages: 799-826

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Handle: RePEc:bla:acctfi:v:49:y:2009:i:4:p:799-826

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