How to cite this paper
Dust, H., Dadbeh, F & Hashemloo, F. (2014). Corporate diversification, information asymmetry and firm performance: Evidence from Tehran Stock Exchange.Management Science Letters , 4(2), 315-324.
Refrences
Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2), 605-617.
Amit, R., Ding, Y., Villalonga, B., & Hua, Z. (2010). The role of institutional development in the prevalence and value of family firms. In Finance and corporate governance conference.
Barney, J. B., & Hesterly, W. S. (2008). Strategic management and competitive advantage: concepts. Pearson/Prentice Hall.
Berger, P. G., & Ofek, E. (1995). Diversification & apos; s effect on firm value. Journal of financial economics, 37(1), 39-65.
Choe, C., Tian, G. Y., & Yin, X. (2009). Managerial power, stock-based compensation, and firm performance: theory and evidence. Stock-Based Compensation, and Firm Performance: Theory and Evidence (February 1, 2009).
Choe, C., & Yin, X. (2009). Diversification discount, information rents, and internal capital markets. The Quarterly Review of Economics and Finance, 49(2), 178-196.
Gomes, J., & Livdan, D. (2004). Optimal diversification: Reconciling theory and evidence. The Journal of Finance, 59(2), 507-535.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1), 405-440.
Hoskisson, R.E., Hitt, M.A., Johnson, R.A., & Moesel, D.D. (1993). Construct-validity of an objective (entropy) categorical measure of diversification. Strategic Management Journal, 14(3), 215-235.
Jacquemin, A.P., & Berry, C.H. (1979). Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27(4), 359-369.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Jensen, M. C., & Murphy, K.J. (1990). Performance pay and top-management incentives. The Journal of Political Economy, 98(2), 225-264.
Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891.
Krishnaswami, S., Spindt, P. A., & Subramaniam, V. (1999). Information asymmetry, monitoring, and the placement structure of corporate debt. Journal of Financial Economics, 51(3), 407-434.
Mansi, S. A., & Reeb, D.M. (2002). Corporate diversification: What gets discounted?. The Journal of Finance, 57(5), 2167-2183.
Martin, J. D., & Sayrak, A. (2003). Corporate diversification and shareholder value: a survey of recent literature. Journal of Corporate Finance, 9, 37-57.
Maksimovic, V., & Phillips, G. (2007). Conglomerate firms and internal capital markets. in B.E. Eckbo, ed., Handbook of Corporate Finance, 1, Elsevier B.V.
Matsusaka, J. G. (1993). Takeover motives during the conglomerate merger wave. The RAND Journal of Economics, 24(3), 357-379.
Matsusaka, J. G. (2001). Corporate diversification, value maximization, and organizational capabilities. The Journal of Business, 74(3), 409-431.
Nayyar, P. R. (1993). Performance effects of information asymmetry and economies of scope in diversified service firms. Academy of Management Journal, 36(1), 28-57.
Palepu, K. (1985). Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6, 239-255.
Palich, L. E., Cardinal, L. B., & Miller, C. C. (2000), Curvilinearity in the diversification performance linkage: an examination of over three decades of research. Strategic Management Journal, 21(2), 155-174.
Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: the diversification discount and inefficient investment. Journal of Finance, 55, 35-80.
Rajan, R., & Zingales, L. (2000). The tyranny of inequality. Journal of Public Economics, 76, 521-558.
Solomon, J., & Solomon, A. (2004). Corporate Governance & Accountability. John Wiley & Sons, Ltd.
Shleifer, A., & Vishny, R.W. (1989). Management Entrenchment: the case of manager specific investment. Journal of Financial Economics, 25, 123-139.
Shleifer, A., & Vishny, R.W. (1992). Liquidation values and debt capacity: A market equilibrium approach. The Journal of Finance, 47(4), 1343-1366.
Scharfstein, D. S. (1998). The dark side of internal capital markets II: Evidence from diversified conglomerates. NBER Working Paper Series, 6352.
Scharfstein, D. S., & Stein, J.C. (2000). The dark side of internal capital markets: divisional Rentseeking and inefficient investment. Journal of Finance, 55, 2537-2564.
Schoar, A. (2002). Effects of corporate diversification on productivity. The Journal of Finance, 57(6), 2379-2403.
Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. Journal of Finance, 52, 111-133.
Stein, J. C. (2003). Agency, information and corporate investment. in G. M. Constantinides, M. Harris and R. Stulz, ed., Handbook of the Economics of Finance, Elsevier Science B.V.
Sunder, S. (1997). Theory of accounting and control. South-Western College Pub.
Teece, D. J. (1980). Economies of scope and the scope of the enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247.
Teece, D. J. (1982). Towards an economic theory of the multiproduct firm.Journal of Economic Behavior & Organization, 3(1), 39-63.
Thomas, S., & Fee, C. E. (2000). Corporate Diversification, Asymmetric Information, and Firm Value: Evidence from Stock Market Trading Characteristics. Asymmetric Information, and Firm Value: Evidence from Stock Market Trading Characteristics.
Tirole, J. (1988). The Theory of Industrial Organization: Jean Tirole. MIT press.
Velleman, P. F., & Hoaglin, D. C. (1981). Applications, basics, and computing of exploratory data analysis (Vol. 142). Boston: Duxbury Press.
Villalonga, B. (2000). An empirical analysis of diversification motives. Unpublished manuscript, University of California, Los Angeles.
Villalonga, B. (2003). Research Roundtable Discussion: The Diversification Discount. Harvard Business School.
Villalonga, B. (2004). Diversification discount or premium? New evidence from the business information tracking series. The Journal of Finance, 59(2), 479-506.
Amit, R., Ding, Y., Villalonga, B., & Hua, Z. (2010). The role of institutional development in the prevalence and value of family firms. In Finance and corporate governance conference.
Barney, J. B., & Hesterly, W. S. (2008). Strategic management and competitive advantage: concepts. Pearson/Prentice Hall.
Berger, P. G., & Ofek, E. (1995). Diversification & apos; s effect on firm value. Journal of financial economics, 37(1), 39-65.
Choe, C., Tian, G. Y., & Yin, X. (2009). Managerial power, stock-based compensation, and firm performance: theory and evidence. Stock-Based Compensation, and Firm Performance: Theory and Evidence (February 1, 2009).
Choe, C., & Yin, X. (2009). Diversification discount, information rents, and internal capital markets. The Quarterly Review of Economics and Finance, 49(2), 178-196.
Gomes, J., & Livdan, D. (2004). Optimal diversification: Reconciling theory and evidence. The Journal of Finance, 59(2), 507-535.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1), 405-440.
Hoskisson, R.E., Hitt, M.A., Johnson, R.A., & Moesel, D.D. (1993). Construct-validity of an objective (entropy) categorical measure of diversification. Strategic Management Journal, 14(3), 215-235.
Jacquemin, A.P., & Berry, C.H. (1979). Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27(4), 359-369.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Jensen, M. C., & Murphy, K.J. (1990). Performance pay and top-management incentives. The Journal of Political Economy, 98(2), 225-264.
Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance, 55(2), 867-891.
Krishnaswami, S., Spindt, P. A., & Subramaniam, V. (1999). Information asymmetry, monitoring, and the placement structure of corporate debt. Journal of Financial Economics, 51(3), 407-434.
Mansi, S. A., & Reeb, D.M. (2002). Corporate diversification: What gets discounted?. The Journal of Finance, 57(5), 2167-2183.
Martin, J. D., & Sayrak, A. (2003). Corporate diversification and shareholder value: a survey of recent literature. Journal of Corporate Finance, 9, 37-57.
Maksimovic, V., & Phillips, G. (2007). Conglomerate firms and internal capital markets. in B.E. Eckbo, ed., Handbook of Corporate Finance, 1, Elsevier B.V.
Matsusaka, J. G. (1993). Takeover motives during the conglomerate merger wave. The RAND Journal of Economics, 24(3), 357-379.
Matsusaka, J. G. (2001). Corporate diversification, value maximization, and organizational capabilities. The Journal of Business, 74(3), 409-431.
Nayyar, P. R. (1993). Performance effects of information asymmetry and economies of scope in diversified service firms. Academy of Management Journal, 36(1), 28-57.
Palepu, K. (1985). Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6, 239-255.
Palich, L. E., Cardinal, L. B., & Miller, C. C. (2000), Curvilinearity in the diversification performance linkage: an examination of over three decades of research. Strategic Management Journal, 21(2), 155-174.
Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: the diversification discount and inefficient investment. Journal of Finance, 55, 35-80.
Rajan, R., & Zingales, L. (2000). The tyranny of inequality. Journal of Public Economics, 76, 521-558.
Solomon, J., & Solomon, A. (2004). Corporate Governance & Accountability. John Wiley & Sons, Ltd.
Shleifer, A., & Vishny, R.W. (1989). Management Entrenchment: the case of manager specific investment. Journal of Financial Economics, 25, 123-139.
Shleifer, A., & Vishny, R.W. (1992). Liquidation values and debt capacity: A market equilibrium approach. The Journal of Finance, 47(4), 1343-1366.
Scharfstein, D. S. (1998). The dark side of internal capital markets II: Evidence from diversified conglomerates. NBER Working Paper Series, 6352.
Scharfstein, D. S., & Stein, J.C. (2000). The dark side of internal capital markets: divisional Rentseeking and inefficient investment. Journal of Finance, 55, 2537-2564.
Schoar, A. (2002). Effects of corporate diversification on productivity. The Journal of Finance, 57(6), 2379-2403.
Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. Journal of Finance, 52, 111-133.
Stein, J. C. (2003). Agency, information and corporate investment. in G. M. Constantinides, M. Harris and R. Stulz, ed., Handbook of the Economics of Finance, Elsevier Science B.V.
Sunder, S. (1997). Theory of accounting and control. South-Western College Pub.
Teece, D. J. (1980). Economies of scope and the scope of the enterprise. Journal of Economic Behavior & Organization, 1(3), 223-247.
Teece, D. J. (1982). Towards an economic theory of the multiproduct firm.Journal of Economic Behavior & Organization, 3(1), 39-63.
Thomas, S., & Fee, C. E. (2000). Corporate Diversification, Asymmetric Information, and Firm Value: Evidence from Stock Market Trading Characteristics. Asymmetric Information, and Firm Value: Evidence from Stock Market Trading Characteristics.
Tirole, J. (1988). The Theory of Industrial Organization: Jean Tirole. MIT press.
Velleman, P. F., & Hoaglin, D. C. (1981). Applications, basics, and computing of exploratory data analysis (Vol. 142). Boston: Duxbury Press.
Villalonga, B. (2000). An empirical analysis of diversification motives. Unpublished manuscript, University of California, Los Angeles.
Villalonga, B. (2003). Research Roundtable Discussion: The Diversification Discount. Harvard Business School.
Villalonga, B. (2004). Diversification discount or premium? New evidence from the business information tracking series. The Journal of Finance, 59(2), 479-506.