The Effect of Financial Drivers on Product and Geographic Diversification for Listed and Unlisted Firms

This research explores whether product and geographic diversification decisions are explained by free cash flow arguments or internal capital market perspectives. The findings indicate, as a net effect, the dominant role of internal capital market considerations, notably significant for the choice to diversify unconnected and unlisted enterprises, using a unique panel of hand-collected data from Italian firms (listed and unlisted) during the period 1980-2010.

Author(S) Details

Maurizio La Rocca
University of Calabria, Dip.to di Scienze Aziendali e Giuridiche, Cubo 3-C, Ponte P. Bucci, 87036 Rende, Cosenza, Italy.

Tiziana La Rocca
Università di Messina, Dip.to di Economia, Piazza Pugliese, 98122, Messina, Italy.

Francesco Fasano
University of Calabria, Dip.to di Scienze Aziendali e Giuridiche, Cubo 3-C, Ponte P. Bucci, 87036 Rende, Cosenza, Italy.

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