The Effect of Institutional Factors on the Value of Corporate Diversification

@inproceedings{Kuppuswamy2012TheEO,
  title={The Effect of Institutional Factors on the Value of Corporate Diversification},
  author={Venkat Kuppuswamy and George Serafeim and Bel{\'e}n Villalonga},
  year={2012}
}
Using a large sample of diversified firms from 38 countries we investigate the influence of several national-level institutional factors or ‘institutional voids’ on the value of corporate diversification. Specifically, we explore whether the presence of frictions in a country’s capital markets, labor markets, and product markets, affect the excess value of… CONTINUE READING