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Diversification strategy, capital structure, and the Asian financial crisis (1997-1998): evidence from Singapore firms

We use agency theory to predict the influence of related and unrelated product diversification on a firm's level of debt financing. Further, we argue that the link between diversification and capital structure is moderated by the environment in which firms operate. Using SAS PROC MIXED, we fit a mixed-effects model to our unique six-year longitudinal dataset (1995-2000) of 245 publicly listed Singapore firms. Our data spans the period of the Asian Financial Crisis (1997-1998). We find that firms pursuing unrelated product diversification take on less debt financing in stable environments, but more debt financing in dynamic environments. Using longitudinal structural equation modeling, we find a reciprocal relationship between a firm's product diversification strategy and its debt financing level..Printed journal

Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit Strategic Management Society.,
Edisi -
Subjek Economic crisis
Diversification
Capital structure
Models
Debt financing
Correlation analysis
studies
ISBN/ISSN 1432095
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
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