We study the relationship between diversification and firm performance in the context of the
decline in levels of diversification over time. We argue that the pressure to reduce …

We propose that stronger creditor rights in bankruptcy affect corporate investment choice by
reducing corporate risk-taking. In cross-country analysis, we find that stronger creditor rights …

We investigate whether the diversification discount occurs partly as an artifact of poor
corporate governance. In panel data models, we find that the discount narrows by 16% to …

This study investigates the dynamic relationship between diversification, capital structure
and profitability. Previous empirical studies have not considered the dynamics of this …

We survey the recent literature on corporate diversification. How does corporate
diversification influence firm value? Does it create or destroy value? Until the beginning of …

Diversification is primarily associated with improved performance, although the increasing
complexity of conglomerates may offset these benefits. ESG scores and their dimensions …

Based on a novel sample of Spanish listed companies from nonfinancial sectors, we explore
the effect of product and geographic diversification on company performance during an …

This paper empirically examines how diversification influences the relation between
corporate governance and capital structure. Consistent with the creditor alignment …

Accounting standard setters have increasingly attempted to align external segment reporting
disclosures to a firm's internal reporting structure. We study how this move to the …

This study investigates the role of debt as an internal governance mechanism that can be
employed by companies to curb agency conflicts and discourage managers from value …