The industry life cycle, acquisitions and investment: Does firm organization matter?

• 成果类型: Article
• 署名作者: Maksimovic, Vojislav; Phillips, Gordon
• 署名单位: University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2008.01328.x
• 发表日期: 2008
• 页码: 673-708
• 关键词: internal capital-markets; corporate diversification; AGENCY COSTS; cash flow; INFORMATION; EFFICIENCY; decisions; RESOURCES; discount; BEHAVIOR

摘要

We examine the effect of industry life-cycle stages on within-industry acquisitions and capital expenditures by conglomerates and single-segment firms controlling for endogeneity of organizational form. We find greater differences in acquisitions than in capital expenditures, which are similar across organizational types. In particular, 36% of the growth recorded by conglomerate segments in growth industries comes from acquisitions, versus 9% for single-segment firms. In growth industries, the effect of financial dependence on acquisitions and plant openings is mitigated for conglomerate firms. Plants acquired by conglomerate firms increase in productivity. The results suggest that organizational forms' comparative advantages differ across industry conditions.