Publicação
Empirical evidence on the effect of intra-conglomerate competition in the effectiveness of internal capital markets
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | pt_PT |
| dc.contributor.advisor | Anjos, Fernando | |
| dc.contributor.author | Pinto, David Alves | |
| dc.date.accessioned | 2024-10-23T09:07:51Z | |
| dc.date.available | 2024-10-23T09:07:51Z | |
| dc.date.issued | 2024-01-22 | |
| dc.date.submitted | 2023-12-15 | |
| dc.description.abstract | Recent research on corporate diversification suggests the existence of superior performance of conglomerates over specialized firms during recessions. The existence of internal capital markets facilitates the re-distribution of cash flows within conglomerates. Nevertheless, the allocation of funds to a specific segment is contingent on the conglomerate’s internal competition for funds. I find noticeable evidence that less competitive conglomerates enhance their responsiveness to investment opportunities to a greater extent during recessionary periods, comparatively to highly competitive conglomerates and specialized firms. Moreover, I find evidence that fiercer intra-conglomerate competition is correlated with greater dependence of investment on internally generated cash flows. | pt_PT |
| dc.identifier.tid | 203604865 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10362/173929 | |
| dc.language.iso | eng | pt_PT |
| dc.relation | UID/ECO/00124/2013 | pt_PT |
| dc.subject | Internal capital markets | pt_PT |
| dc.subject | Business cycle | pt_PT |
| dc.subject | Conglomerate | pt_PT |
| dc.subject | Capital allocation | pt_PT |
| dc.title | Empirical evidence on the effect of intra-conglomerate competition in the effectiveness of internal capital markets | pt_PT |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | masterThesis | pt_PT |
| thesis.degree.name | A Work Project, presented as part of the requirements for the Award of a Master’s degree in Finance from the Nova School of Business and Economics. | pt_PT |