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Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates

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Cited by:

  1. Nicodano, Giovanna & Regis, Luca, 2019. "A trade-off theory of ownership and capital structure," Journal of Financial Economics, Elsevier, vol. 131(3), pages 715-735.
  2. Julia Reynolds & Leopold Sögner & Martin Wagner, 2021. "Deviations from Triangular Arbitrage Parity in Foreign Exchange and Bitcoin Markets," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 13(2), pages 105-146, June.
  3. Pavel Sevcik, 2015. "Financial Frictions, Internal Capital Markets, and the Organization of Production," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 505-522, July.
  4. Giovanna Nicodano & Luca Regis, 2015. "Ownership, Taxes and Default," Working Papers 7/2015, IMT School for Advanced Studies Lucca, revised Jul 2015.
  5. Yuping Deng & Yanrui Wu & Helian Xu, 2020. "Political Connections and Firm Pollution Behaviour: An Empirical Study," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(4), pages 867-898, April.
  6. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2023. "Contingent factors of the coinsurance function of internal capital markets: Evidence from the US nonlife insurance industry," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
  7. Kim, Hyonok & Wilcox, James A. & Yasuda, Yukihiro & 安田, 行宏, 2020. "Internal and External Lending by Nonfinancial Businesses," Working Paper Series G-1-23, Hitotsubashi University Center for Financial Research.
  8. Antonio De Vito & Martin Jacob & Dirk Schindler & Guosong Xu, 2023. "How Do Corporate Tax Hikes Affect Investment Allocation within Multinationals?," CESifo Working Paper Series 10272, CESifo.
  9. Vicente Cuñat & Dragana Cvijanović & Kathy Yuan, 2018. "Within-Bank Spillovers of Real Estate Shocks," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 7(2), pages 157-193.
  10. Venkat Kuppuswamy & Belén Villalonga, 2016. "Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007–2009 Financial Crisis," Management Science, INFORMS, vol. 62(4), pages 905-923, April.
  11. Akhigbe, Aigbe & Whyte, Ann Marie, 2015. "SEO announcement returns and internal capital market efficiency," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 271-283.
  12. Nuri Ersahin & Rustom M. Irani, 2015. "Collateral Values and Corporate Employment," Working Papers 15-30r, Center for Economic Studies, U.S. Census Bureau.
  13. Bena, Jan & Dinc, Serdar & Erel, Isil, 2022. "The international propagation of economic downturns through multinational companies: The real economy channel," Journal of Financial Economics, Elsevier, vol. 146(1), pages 277-304.
  14. Raffaele Santioni & Fabio Schiantarelli & Philip E. Strahan, 2017. "Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation in Italy," Boston College Working Papers in Economics 929, Boston College Department of Economics, revised 20 Aug 2019.
  15. Ding, Haoyuan & Fan, Haichao & Lin, Shu, 2022. "COVID-19, firm exposure, and firm value: A tale of two lockdowns," China Economic Review, Elsevier, vol. 71(C).
  16. Yolanda Yulong Wang, 2023. "Corporate diversification, investment efficiency and the business cycle," Post-Print hal-04005692, HAL.
  17. Matthias Kehrig & Nicolas Vincent, 2019. "Good Dispersion, Bad Dispersion," NBER Working Papers 25923, National Bureau of Economic Research, Inc.
  18. Lee, Sangwon, 2022. "The value of official business group affiliation: Evidence from a change in Korean chaebol designation policy," Emerging Markets Review, Elsevier, vol. 52(C).
  19. Rüdiger Fahlenbrach & Kevin Rageth & René M Stulz, 2021. "How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5474-5521.
  20. Almaghrabi, Khadija S., 2022. "COVID-19 and the cost of bond debt: The role of corporate diversification," Finance Research Letters, Elsevier, vol. 46(PB).
  21. Rui Silva, 2013. "Internal Labor Markets And Investment In Conglomerates," Working Papers 13-26, Center for Economic Studies, U.S. Census Bureau.
  22. Shan Ge, 2022. "How Do Financial Constraints Affect Product Pricing? Evidence from Weather and Life Insurance Premiums," Journal of Finance, American Finance Association, vol. 77(1), pages 449-503, February.
  23. Mark Egan & Ali Hortaçsu & Gregor Matvos, 2017. "Deposit Competition and Financial Fragility: Evidence from the US Banking Sector," American Economic Review, American Economic Association, vol. 107(1), pages 169-216, January.
  24. Mueller, Holger & Giroud, Xavier, 2015. "Capital and Labor Reallocation within Firms," CEPR Discussion Papers 10360, C.E.P.R. Discussion Papers.
  25. Iskenderoglu, Cansu, 2021. "Managerial discretion and efficiency of internal capital markets," Journal of Corporate Finance, Elsevier, vol. 70(C).
  26. Friberg, Richard, 2019. "All the bottles in one basket? Diversification and product portfolio composition," CEPR Discussion Papers 14119, C.E.P.R. Discussion Papers.
  27. Panagiotis Avramidis & Ioannis Asimakopoulos & Dimitris Malliaropulos & Nickolaos G. Travlos, 2017. "Group affiliation in periods of credit contraction and bank’s reaction: evidence from the Greek crisis," Working Papers 237, Bank of Greece.
  28. Ducret, Romain, 2021. "Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic," FSES Working Papers 524, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  29. Hsiao, Ching-Yuan & Shiu, Yung-Ming, 2021. "Group firms’ access to internal capital markets: The contingent roles of group resources and affiliates’ financial weakness," Economic Modelling, Elsevier, vol. 96(C), pages 135-156.
  30. Giebel, Marek & Kraft, Kornelius, 2020. "Bank credit supply and firm innovation behavior in the financial crisis," Journal of Banking & Finance, Elsevier, vol. 121(C).
  31. Bartram, Söhnke M. & Hou, Kewei & Kim, Sehoon, 2022. "Real effects of climate policy: Financial constraints and spillovers," Journal of Financial Economics, Elsevier, vol. 143(2), pages 668-696.
  32. Matthias Kehrig & Nicolas Vincent, 2017. "Do Firms Mitigate or Magnify Capital Misallocation? Evidence from Planet-Level Data," CESifo Working Paper Series 6401, CESifo.
  33. Benz, Andreas & Demerjian, Peter R. & Hoang, Daniel & Ruckes, Martin E., 2024. "Picking winners: Managerial ability and capital allocation," Working Paper Series in Economics 163, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  34. Claudia Custodio & Miguel A. Ferreira & Emilia Garcia-Appendini & Adrian Lam, 2022. "Economic impact of climate change," Nova SBE Working Paper Series wp645, Universidade Nova de Lisboa, Nova School of Business and Economics.
  35. Pinar Sener & Fatma Didin Sonmez & Elvin Tigrel, 2022. "The impact of economic policy uncertainty on corporate diversification: evidence from Latin american emerging economies," Economics Bulletin, AccessEcon, vol. 42(2), pages 1110-1123.
  36. Ivonne A. Liebenberg & Zhilu Lin, 2019. "The Effect of Diversification under Different Ownership Structures and Economic Conditions: Evidence from the Great Recession," JRFM, MDPI, vol. 12(2), pages 1-26, May.
  37. Giovanna Nicodano & Luca Regis, 2014. "Complex organizations, tax policy and financial stability," Carlo Alberto Notebooks 359, Collegio Carlo Alberto, revised 2015.
  38. Toni M. Whited, 2022. "Integrating Structural and Reduced-Form Methods in Empirical Finance," Papers 2205.01175, arXiv.org.
  39. Alexey Cherepovitsyn & Aleksei Kazanin & Evgeniya Rutenko, 2023. "Strategic Priorities for Green Diversification of Oil and Gas Companies," Energies, MDPI, vol. 16(13), pages 1-17, June.
  40. Wang, Yolanda Yulong, 2023. "Corporate diversification, investment efficiency and the business cycle11This work is supported by Shenzhen Humanities & Social Sciences Key Research Bases," Journal of Corporate Finance, Elsevier, vol. 78(C).
  41. Kim, Sehoon, 2020. "Disappearing Discounts: Hedge Fund Activism in Conglomerates," MPRA Paper 100876, University Library of Munich, Germany.
  42. Beaver, William H & Cascino, Stefano & Correia, Maria & McNichols, Maureen F., 2023. "Bankruptcy in groups," LSE Research Online Documents on Economics 118590, London School of Economics and Political Science, LSE Library.
  43. Min Dai & Xavier Giroud & Wei Jiang & Neng Wang, 2020. "A q Theory of Internal Capital Markets," NBER Working Papers 27931, National Bureau of Economic Research, Inc.
  44. Chen, Sheng-Syan & Ho, Keng-Yu & Ho, Po-Hsin & Nie, Wei-Ying, 2022. "CEO overconfidence and bondholder wealth effects: Evidence from mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 77(C).
  45. Bai, Min & Fu, Yumei & Sun, Mingwei, 2023. "Corporate diversification and labor investment efficiency: Evidence from China," Economic Modelling, Elsevier, vol. 127(C).
  46. Jaideep Shenoy, 2021. "Firm vertical boundaries, internal capital markets, and firm performance," European Financial Management, European Financial Management Association, vol. 27(1), pages 59-97, January.
  47. Lee, Sangwon, 2022. "Internal capital markets, corporate investment, and the COVID-19 pandemic: Evidence from Korean business groups," International Review of Financial Analysis, Elsevier, vol. 80(C).
  48. Viswanathan Nagarajan & Pitabas Mohanty & Apalak Khatua, 2023. "Financing effects of corporate diversification: A review," Review of Managerial Science, Springer, vol. 17(7), pages 2555-2585, October.
  49. Jiang, Fei & Kong, Dongmin & Lu, Zhengfei & Ma, Yongqiang & Yi, Yang, 2023. "Geographic dispersion and corporate resilience during the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 88(C).
  50. Chen, Lili & Guo, Shaoyu & Lu, Jian & Gerschewski, Stephan, 2021. "Outward FDI and efficiency in within-firm resource allocation – Evidence from firm-level data of China," Journal of Asian Economics, Elsevier, vol. 74(C).
  51. Bakke, Tor-Erik & Gu, Tiantian, 2017. "Diversification and cash dynamics," Journal of Financial Economics, Elsevier, vol. 123(3), pages 580-601.
  52. Nilufer Ozdemir, 2020. "Liquidity Risk Management of Affiliated Banks during the Sub-prime Mortgage Crisis," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 12(1), pages 31-47, June.
  53. Strebulaev, Ilya A. & Whited, Toni M., 2012. "Dynamic Models and Structural Estimation in Corporate Finance," Foundations and Trends(R) in Finance, now publishers, vol. 6(1–2), pages 1-163, November.
  54. Pavel Ševčík, 2017. "Do Multi-Plant Firms Reduce Misallocation? Evidence from Canadian Manufacturing," Journal of Industrial Economics, Wiley Blackwell, vol. 65(2), pages 275-308, June.
  55. Hassan, M. Kabir & Alhenawi, Yasser, 2022. "Can information asymmetry explain both the post-merger value and the announcement discount in M&As?," International Review of Economics & Finance, Elsevier, vol. 77(C), pages 222-243.
  56. Oliver Boguth & Ran Duchin & Mikhail Simutin, 2022. "Dissecting Conglomerate Valuations," Journal of Finance, American Finance Association, vol. 77(2), pages 1097-1131, April.
  57. Hoang, Daniel & Gatzer, Sebastian & Ruckes, Martin E., 2018. "The economics of capital allocation in firms: Evidence from internal capital markets," Working Paper Series in Economics 115, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  58. Iftekhar Hasan & Stefano Manfredonia, 2021. "Productivity, managers' social connections and the Great Recession," CEIS Research Paper 507, Tor Vergata University, CEIS, revised 10 Mar 2021.
  59. Andrea L. Eisfeldt & Tyler Muir, 2014. "Aggregate External Financing and Savings Waves," NBER Working Papers 20442, National Bureau of Economic Research, Inc.
  60. Harper, Joel T. & Iyer, Subramanian Rama & Nejadmalayeri, Ali, 2017. "Diversification discount and investor sentiment," The North American Journal of Economics and Finance, Elsevier, vol. 42(C), pages 218-236.
  61. Maximilian Sturm & Stephan Nüesch, 2019. "Diversification and organizational environment: the effect of resource scarcity and complexity on the valuation of multi-segment firms," Journal of Business Economics, Springer, vol. 89(3), pages 251-272, April.
  62. Gatzer, Sebastian & Hoang, Daniel & Ruckes, Martin, 2015. "Internal Capital Markets and Diversified Firms: Theory and Practice," EconStor Preprints 169432, ZBW - Leibniz Information Centre for Economics.
  63. Manuel Becerra & Garen Markarian & Juan Santalo, 2020. "The effect of import competition on product diversification revisited," Strategic Management Journal, Wiley Blackwell, vol. 41(11), pages 2126-2152, November.
  64. Svetlana V. Orekhova & Ivan A. Butakov, 2022. "Relation-specific investment: Theoretical axioms vs Evidence from Russia," Upravlenets, Ural State University of Economics, vol. 13(6), pages 30-43, January.
  65. Vo, Hong & Nguyen, Tien & Truong, Hang, 2023. "Economic policy uncertainty and corporate investment: An empirical comparison of Korean chaebol and non-chaebol firms," Finance Research Letters, Elsevier, vol. 54(C).
  66. Richard Friberg & Isak Trygg Kupersmidt, 2023. "Hedging to market‐wide shocks and competitive selection," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 32(2), pages 450-466, April.
  67. Anna M. Costello & João Granja & Joseph Weber, 2019. "Do Strict Regulators Increase the Transparency of Banks?," Journal of Accounting Research, Wiley Blackwell, vol. 57(3), pages 603-637, June.
  68. Hoang, Khanh & Nguyen, Cuong & Zhang, Hailiang, 2021. "How does economic policy uncertainty affect corporate diversification?," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 254-269.
  69. Benjamin Fan & Edward Qiao & Anran Jiao & Zhouzhou Gu & Wenhao Li & Lu Lu, 2023. "Deep Learning for Solving and Estimating Dynamic Macro-Finance Models," Papers 2305.09783, arXiv.org.
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