Effects of Corporate Diversification on Productivity

By Antoinette Schoar. 2002

769 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/b2af54e49b1c1bc952c8a8d9086b008fb35263b7

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Citations in the corpus

Broad-Based Employee Stock Ownership: Motives and Outcomes: Broad-Based Employee Stock Ownership (2014, positive): “We estimate TFP at the establishment level, following the estimation approach in Schoar (2002).”
Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting (2012, positive): “To allay these concerns, I follow the approach in Schoar (2002) and re-estimate the relation between innovation and antitakeover laws for the 1981-1995 period.”
Productivity, Restructuring, And The Gains From Takeovers (2013, positive): “I 8I obtain similar results as in Schoar(2002) when I simply look at before and after changes.”
The dark side of diversification: The case of US financial holding companies (2006, background): “One paper that deserves special mention is Schoar (2002), which examines the real effects of diversification by linking it to total factor productivity of manufacturing plants.”
Opportunity Costs and Non-Scale Free Capabilities: Profit Maximization, Corporate Scope, and Profit Margins (2010, positive): “Schoar (2002) finds that after a firm diversifies into a new industry by acquiring a plant, the incumbent plants will incur a decrease in productivity, while the acquired plant increases productivity.”
Are All Credit Default Swap Databases Equal (2013, neutral): “Schoar (2002) and Villalonga (2004) compare COMPUSTAT with the Longitudinal Research Database and the Business Information”
Proximity and Investment: Evidence from Plant-Level Data (2012, methodology): “To compute predicted output, I use a loglinear Cobb-Douglas production function (e.g., Lichtenberg, 1992; Schoar, 2002; Bertrand and Mullainathan, 2003; Syverson, 2004; Foster, Haltiwanger, and Syverson, 2008).”
Firm-Level Productivity, Risk, and Return (2014, neutral): “1 In corporate finance, similar TFP measures are utilized in studies such as Schoar (2002); Kovenock and Phillips (1997); and McGuckin and Nguyen (1995).”
Optimal Diversification: Reconciling Theory and Evidence (2004, background): “Second, because our model explicitly links productivity with corporate diversification, we can also address recent evidence on the effects of diversification on productivity (Schoar (2002)).”
Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation* (2019, neutral): “Subsequent empirical studies raise doubts about whether a large and well-diversified internal capital market creates or destroys value (e.g., Whited, 2001; Schoar, 2002; Villalonga, 2004).”
The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes (2011, positive): “the predicted output for each plant, we follow the literature (e.g., Lichtenberg and Siegel 1990; Lichtenberg 1992; Schoar 2002; Bertrand and Mullainathan 2003; Giroud 2013) and estimate the following log-linear Cobb-Douglas production function using ordinary least squares regressions by three-digit”
Can Strong Boards and Trading Their Own Firm’s Stock Help CEOs Make Better Decisions? Evidence from Acquisitions by Overconfident CEOs (2013, background): “4,637 15,204 93,908 19,577 Pseudo-R2 0.11 0.10 0.10 0.09 Next, we test whether the above effects are stronger for diversifying acquisitions, which prior literature finds are more likely to be value destroying (e.g., MT (2008), Morck, Shleifer, and Vishny (1990), and Schoar (2002)).”