公司多元化经营外文文献及文献综述

fsalesgeneratedbydiversifiedfirms(PrINDS),andthenumberofM&urringintheindustry(NUMA).Conversely,capital-intensivefirms(CAPX),growthfirmsasmeasuredbytheQratio,aswellasgrowthindustries(INDUSTRYQ),growthinGDP(GDPGr)andtheindustry'sdollaramountofdeals(VOLMA)areinverselyrelatedtoafirm'spropensitytodiversify.5.2.ExcessvalueandidiosyncraticriskofdiversifiedfirmsWepresentthemeanandmedianexcessvaluesofindustrially-(i.e.,DM,GM)andgeographicallydiversified(i.e.,GS,GM)firmsinTable3.paretheexcessvaluestothatofthesampleofDS(i.e.,domesticsingle-segment)prisingDSfirms.MorepreciselyandfollowingVillalonga(2004),wecalculateeachfirm'spredictedprobabilitytodiversifyusingtheprobitmodelofEq.Foreachdiversifiedfirm,prisingdomesticsingle-segmentfirmswithprobabilityvaluesfromthesamequartile.Sinceweruntwoversionsofthe