Capital Market Development, International Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis

By Larry Fauver, Joel F. Houston, A. Naranjo. Journal of Financial and Quantitative Analysis, 2003

236 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/7374da0bc90f4a0c193c355387e6186be349f801

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Citations in the corpus

How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance (2012, unknown): “These findings are confirmed by Fauver, Houston, and Naranjo (2003).”
Are emerging economies less efficient? Performance persistence and the impact of business group affiliation (2005, background): “However, empirical research has mostly used the United States as a setting and has ignored the impact of differences in the national institutional environment on firms’ performance despite their demonstrated importance (e.g., Fauver, Houston, and Naranjo, 2003; North, 1990; Wan and Hoskisson, 2003).”
Valuation effects of global diversification (2009, unknown): “Our evidence differs from that of Fauver et al. (2003), possibly because their study uses data from a”
Retire in Peace: Officials’ Political Incentives and Corporate Diversification in China* (2018, background): “Firms diversify to develop a more efficient internal market for resource allocation (Fauver, Houston, and Naranjo, 2003).”
From diversification premium to diversification discount during institutional transitions (2008, background): “Specifically, internal capital markets brought by conglomeration are ''most valuable among firms and economies where it is costly to obtain external capital'' (Fauver et al., 2003: 136).”
Business Groups in Emerging Markets: Paragons or Parasites? (2007, background): “Although both Fauver et al. (2003) and Claessens et al. (2003) refer to multisegment firms in general, not specifically to corporate groups, there is some time series evidence on business groups indicating that the relative advantage of groups declines as market institutions develop. For example, Kh”
Does the Diversification–Firm Performance Relationship Change Over Time? A Meta‐Analytical Review (2018, unknown): “These macroeconomic indicators are frequently used in cross-country studies and together also measure market size (Chakrabarti, 2001; Christmann et al., 1999; Fauver et al., 2003; Papageorgiadis et al., 2013; Qian et al., 2010, 2013).”