Debt and the Excess Value of Diversified Firms: Evidence from Nigeria

Ibeawuchi Ibekwe; Pedkuna Queenta Siliya

doi:doi:10.11648/j.ijefm.20241205.11

Research Article |

| Peer-Reviewed

Debt and the Excess Value of Diversified Firms: Evidence from Nigeria

Ibeawuchi Ibekwe^*

, Pedkuna Queenta Siliya

Published in International Journal of Economics, Finance and Management Sciences (Volume 12, Issue 5)

Received: 26 July 2024 Accepted: 26 August 2024 Published: 6 September 2024

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

The purpose of this study was to examine the relationship between debt and the value and excess value of diversified firms in Nigeria. This is against the background that there is no consensus on the factors that distinguish value-creating from value-destroying diversified firms. Data were collected from the annual reports of 62 diversified firms listed on the Nigerian Stock Exchange between 2008 and 2018. The multilevel generalized method of moments technique in the REndo package in the R Statistical Package was used to test the hypotheses. There is a significant positive relationship between debt and diversified firms’ value and excess value. The study and its findings are significant in several ways. First, no study has examined the relationship between debt and the value and excess value of diversified firms in the Nigerian context, and the few relevant studies have been in the context of developed countries. Second, it contributes to the literature on the valuation implications of firm diversification by providing some insight into the diversification discount often documented in the literature. These findings suggest that diversified firms’ failure to use the debt capacity that diversification creates is one reason some experience valuation discount. Third, the study employs the multilevel GMM analytical technique to control for endogeneity in the absence of valid instrumental variables. This technique has not been used in the diversification literature. The implication of the findings is that diversified firms should use the debt capacity that diversification provides to invest in positive net present value projects. The use of debt also adds a layer of corporate governance required in an environment of increased complexity and opacity associated with diversification. Increased investment in positive NPV projects and improved corporate governance through increased use of debt will enhance firm performance and value. The increased valuation of diversified firms due to debt increases the ability of diversified firms to play their developmental role in society. Investors would also benefit more from investing in diversified firms with higher debt ratios than those with lower debt ratios, all things being equal.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 12, Issue 5)
DOI	10.11648/j.ijefm.20241205.11
Page(s)	235-249
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Diversification, Diversification Discount, Debt, Excess Value, SIC Code, Multilevel GMM, Nigeria

References

[1]	Ahn, S. The Dynamics of Diversification Discount, Asia-Pacific Journal Financial Studies. 2009, 38(2), 277–310. https://doi.org/10.1111/j.20416156.2009.tb00015.x
[2]	Ahuja, G., Novelli, E. Redirecting Research Efforts on the Diversification-Performance Linkage: The Search for Synergy, Academy of Management Annals. 2017, 11(1) 342–390. https://doi.org/10.5465/annals.2014.0079
[3]	Aivazian, V. A., Rahaman, M. M., and Zhou, S. Does Corporate Diversification Provide Insurance Against Economic Disruptions? Journal of Business Research. 2019, 100, 218–233. https://doi.org/10.1016/j.jbusres.2019.03.044
[4]	Almaghrabi, K. S. COVID-19 and the Cost of Bond Debt: The Role of Corporate Diversification, Finance Research Letters. 2022, 46, 102454. https://doi.org/10.1016/j.frl.2021.102454
[5]	Andreou, P. C., Louca, C., and Petrou, A. Organizational Learning and Corporate Diversification Performance, Journal of Business Research. 2016, 69(9), 3270–3284. https://doi.org/10.1016/j.jbusres.2016.02.022
[6]	Andrés, P., Fuente, G., and Velasco, P. Does it Really Matter How a Firm Diversifies? Assets-in-Place Diversification Versus Growth Options Diversification, Journal of Corporate Finance. 2017, 43, 316–339. https://doi.org/10.1016/j.jcorpfin.2017.01.011
[7]	Ang, J. S.., Daher, M. M., and Ismail, A. K. How Do Firms Value Debt Capacity? Evidence from Mergers and Acquisitions, Journal of Banking & Finance. 2019, 98, 95-107. https://doi.org/10.1016/j.jbankfin.2018.10.017
[8]	Ankamah-Yeboah, I., Nielsen, R., and Llorente, I. Capital Structure and Firm Performance: Agency Theory Application to Mediterranean Aquaculture Firms, Aquaculture Economics & Management. 2021, 25(4), 367-387. https://doi.org/10.1080/13657305.2021.1976884
[9]	Berger, P. G., Ofek, E. Diversification’s Effect on Firm Value, Journal of Financial Economics. 1995, 37(1), 39–65. https://doi.org/10.1016/0304405X(94)00798-6
[10]	Bhatia, A., Thakur, A. Corporate Diversification and Firm Performance: An Empirical Investigation of Causality, International Journal of Organizational Analysis. 2018, 26(2), 202–225. https://doi.org/10.1108/IJOA-04-2017-1149
[11]	Borah, N., Pan, L., Park, J. C., and Shao, N. Does Corporate Diversiﬁcation Reduce Value in High Technology Firms?, Review of Quantitative Finance and Accounting.. 2018, 51, 683–718. https://doi.org/10.1007/s11156-017-0685-2
[12]	Brahmana, R. K., Setiawan, D., and Hooy, C. W. Controlling Shareholders and the Effect of Diversiﬁcation on Firm Value: Evidence from Indonesian Listed Firms, Journal of Asia Business Studies. 2019, 13(3), 362–383. https://doi.org/10.1108/JABS-12-2016-0165
[13]	Chen, C., Yu, C. J. Managerial Ownership, Diversification, and Firm Performance: Evidence from an Emerging Market, International Business Review. 2012, 21(3), 518–534. https://doi.org/10.1016/j.ibusrev.2011.06.002
[14]	Chung, K. H., Pruitt, S. W. A Simple Approximation of Tobin’s q, Financial Management. 1994, 23(3), 70–74. https://doi.org/10.2307/3665623
[15]	Clemente-Almendros, J. A., Sogorb-Mira, F. How Much Do the Tax Benefits of Debt Add to Firm Value? Evidence from Spanish Listed Firms, Revista de Economía Aplicada. 2017, 74(25), 105-129. http://www.redalyc.org/articulo.oa?id=96953039004
[16]	Dao, B. T. T., Ta, T. D. N. A Meta-Analysis: Capital Structure and Firm Performance, Journal of Economics and Development. 2020, 22(1), 111–129. https://doi.org/.1108/JED-12-2019-0072
[17]	D’Aveni, R. A. Choosing Scope over Focus, MIT Sloans Management Review. 2017, 58(4), 21–26.
[18]	De la Fuente, G., Velasco, P. Capital Structure and Corporate Diversification: Is Debt a Panacea for the Diversification Discount? Journal of Banking & Finance. 2020, 111, 105728. https://doi.org/10.1016/j.jbankfin.2019.105728
[19]	Demirci, İ., Eichholtz, P., and Yönder, E. Corporate Diversification and the Cost of Debt: Evidence from REIT Bank Loans and Mortgages, Journal of Real Estate Finance and Economics. 2020, 61, 316–368. https://doi.org/10.1007/s11146-017-9645-9
[20]	Denis, D. J., Denis, D. K., and Sarin, A. Agency Problems, Equity Ownership, and Corporate Diversification, Journal of Finance. 1997, 50(1), 135–160. https://doi.org/10.1111/j.1540-6261.1997.tb03811.x
[21]	Duan, J-C., Li, Y. On Diversification Discount: The Effect of Leverage, SSRN Electronic Journal. 2006. http://dx.doi.org/10.2139/ssrn.902889
[22]	Erdorf, S., Hartmann-Wendels, T., Heinrichs, N., and Matz, M. Corporate Diversification and Firm Value: A Survey of Recent Literature, Financial Markets and Portfolio Management. 2013, 27(2), 187–215. https://doi.org/10.1007/s11408-013-0209-6
[23]	Espinosa, C., Jara, M., Maquieira, C., and Vieito, J. P. Does Corporate Diversification Create Value in Emerging Markets? New Evidence from Chile, Canadian Journal of Administrative Sciences. 2018, 35(1), 123–135. https://doi.org/10.1002/CJAS.1393
[24]	Franco, F., Urcan, O., and Vasvari, F. P. Corporate Diversification and the Cost of Debt: The Role of Segment Disclosures, The Accounting Review. 2016, 91(4), 1139–1165. https://doi.org/10.2308/accr-51325
[25]	Gopal, S., Manikandan, K. S., and Ramachandran, J. Are there Limits to Diversification in Emerging Economies? Distinguishing between Firm-Level and Business Group Strategies, Journal of Management Studies. 2021, 58(6), 1532-1568. https://doi.org/10.1111/joms.12680
[26]	Guerras-Martín, L. A., Ronda-Pupo, G. A., Zúñiga-Vicente, J. A., and Benito-Osorio, D. Half a Century of Research on Corporate Diversification: A New Comprehensive Framework, Journal of Business Research. 2020, 114, 124–141. https://doi.org/10.1016/j.jbusres.2020.03.037
[27]	Gui, R., Meierer, M., Schilter, P., and Algesheimer, R. REndo: Internal Instrumental Variables to Address Endogeneity” Journal of Statistical Software. 2023, 107(3), 1-43. https://doi.org/10.18637/jss.v107.i03
[28]	Hann, R., Ogneva, M., and Ozbas, O. Corporate Diversification and the Cost of Capital”, Journal of Finance. 2013, 68(5), 1961–1999. https://doi.org/10.1111/jofi.12067
[29]	Haug, J. P., Pidun, U., and zu Knyphausen-Aufseß, D. Cui bono? An Empirical Investigation into Risk Benefits of Corporate Diversification, Strategic Organization. 2018, 16(4), 429–450. https://doi.org/10.1177/1476127017739847
[30]	Hoechle, D., Schmid, M., Walter, I., and Yermack, D. How Much of the Diversification Discount can be Explained by Poor Corporate Governance? Journal of Financial Economics. 2012, 103(1), 41–60. https://doi.org/10.1016/j.jfineco.2011.03.025
[31]	Hovakimian, G. Excess Value and Restructurings by Diversified Firms, Journal of Banking & Finance. 2016, 71, 1–19. https://doi.org/10.1016/j.jbankfin.2016.04.020
[32]	Hund, J. E., Monk, D., and Tice, S. The Berger–Ofek Diversification Discount is Just Poor Firm Matching, Critical Finance Review. 2024, 13(1-2), 1-44. http://dx.doi.org/10.1561/104.00000135
[33]	Ibekwe, I. Attitude of Bank Credit Managers and Analysts Towards Firm Diversification in Mozambique, Qualitative Research in Financial Markets. 2017, 9(3), 182–204. https://doi.org/10.1108/QRFM-08-2016-0023
[34]	Ibekwe, I. Insider Ownership and the Performance Effects of Firm Diversification in Nigeria. PhD. Thesis, Walden University, 2021. Available at: https://scholarworks.waldenu.edu/dissertations
[35]	Ibekwe, I. Blockholding and Agency Cost: Evidence from Nigeria, International Journal of Emerging Markets. 2023, 18(5), 1078-1101. https://doi.org/10.1108/IJOEM-08-2018-0445
[36]	Ibekwe, I. Agency Motives and the Corporate Diversification Decision: Perspectives of Corporate Executives in Nigeria, Qualitative Research in Financial Markets. 2024, 16(4), 741-765. https://doi.org/10.1108/QRFM-11-2022-0186
[37]	Jensen, M. C. Agency Cost of Free Cash Flow, Corporate Finance and Takeovers, American Economics Review. 1986, 76(2), 323-339. https://www.jstor.org/stable/1818789
[38]	Khanna, T., Palepu, K. Why Focused Strategies may be Wrong for Emerging Markets, Harvard Business Review. 1997. 75(4), 41–51.
[39]	Kim S., Frees F. Multilevel Modelling with Correlated Effects, Psychometrika. 2007. 72(4), 505-533. https://doi.org/10.1007/s11336-007-9008-1
[40]	Kuppuswamy, V., Villalonga, B. Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007-2009 Financial Crisis, Management Science. 2016, 62(4), 905–923. https://doi.org/10.1287/mnsc.2015.2165
[41]	Lang, L. H., Stulz, R. M. Tobin’s q, Corporate Diversification, and Firm Performance, Journal of Political Economy. 1994, 102(6), 1248–1280. https://doi.org/10.1086/261970
[42]	Lee, K. T., Hooy, C-W. Can Informal Corporate Governance Mechanisms Mitigate Diversification Discount? Evidence from Malaysia, International Journal of Managerial Finance. 2018, 14(5), 522–541. https://doi.org/10.1108/IJMF-02-2018-0040
[43]	Lewellen, W. G. A Pure Financial Rationale for the Conglomerate Merger, Journal of Finance. 1971, 26(2), 521–537. https://doi.org/10.1111/j.1540-6261.1971.tb00912.x
[44]	Li, D. D., Li, S. A Theory of Corporate Scope and Financial Structure, Journal of Finance. 1996, 51(2), 691-709. https://doi.org/10.2307/2329376
[45]	Lin, J. B., Pantzalis, C., and Park, J. C. Corporate Use of Derivatives and Excess Value of Diversification, Journal of Banking & Finance. 2007, 31(3), 889-913. https://doi.org/10.1016/j.jbankfin.2006.07.005
[46]	Lohwasser, T. S., Wagner, D. P., Van Essen, M., Lander, M. W., and Marano, V. Do Institutions Matter for the Relationship between Diversification and Performance? A Meta-analysis”, Academy of Management Annual Meeting Proceedings. 2019, 2019(1), 460–465. https://doi.org/10.5465/AMBPP.2019.82
[47]	Mackey, T. B., Barney, J. B., and Dotson, J. P. Corporate Diversification and the Value of Individual Firms: A Bayesian Approach”, Strategic Management Journal. 2017, 38(2), 322–341. https://doi.org/10.1002/smj.2480
[48]	Mansi, S. A., Reeb, D. M. Corporate Diversification: What Gets Discounted? Journal of Finance. 2002, 57(5), 2167–2183. https://doi.org/10.1111/0022-1082.00492
[49]	Matvos, G., Seru, A., and Silva, R. C. Financial Market Frictions and Diversification, Journal of Financial Economics. 2018, 127(1), 21–50. https://doi.org/10.1016/j.jfineco.2017.09.006
[50]	Monteforte, D., Stagliano, R. Firm Complexity and Capital Structure: Evidence from Italian Diversified Firms, Managerial and Decision Economics. 2014, 36(4), 205-220. https://doi.org/10.1002/mde.2660
[51]	Nußmann, D. The coinsurance effect of corporate diversification: An empirical analysis of the accounting and economic implications. Wiebaden: Springer Gabler; 2018. https://doi.org/10.1007/978-3-658-19374-4_2
[52]	O’Brien, J. P., David, P., Yoshikawa, T., and Delios, A. How Capital Structure Influences Diversification Performance: A Transaction Cost Perspective, Strategic Management Journal. 2014, 35(7), 1013–1031. https://doi.org/10.1002/smj.2144
[53]	Pidun, U., Richter, A., Schommer, M., and Karna, A. A New Playbook for Diversified Companies, MIT Sloan Management Review. 2019, 60(2), 56–62.
[54]	Ruland, W., Zhou, P. Debt, Diversification, and Valuation. Review of Quantitative Finance and Accounting. 2005, 25, 277–291. https://doi.org/10.1007/s11156-005-4768-0
[55]	Schommer, M., Richter, A., and Karna, A. Does the Diversification-Firm Performance Relationship Change Over Time? A Meta-analytical Review, Journal of Management Studies. 2019, 56(1), 270–298. https://doi.org/10.1111/joms.12393
[56]	Seo, B.-K., Lee, K., and Wang, X. Causes for Changing Performance of the Business Groups in a Transition Economy: Market-level versus Firm-level Factors in China, Industrial and Corporate Change. 2010, 19(6), 2041–2072. https://doi.org/10.1093/icc/dtq060
[57]	Servaes, H. The Value of Diversification During the Conglomerate Merger Wave, Journal of Finance. 1996, 51(4), 1201–1225. https://doi.org/10.1111/j.15406261.1996.tb04067.x
[58]	Smith, G. C. C., Coy, J. M. Corporate Diversification: Can the Observed Diversification Discount Shed Light on Management’s Choice to Diversify or Refocus? Review of Accounting and Finance. 2018, 17(3), 405–424. https://doi.org/10.1108/RAF-11-2016-0172
[59]	Sturm, M., Nüesch, S. Diversification and Organizational Environment: The Effect of Resource Scarcity and Complexity on the Valuation of Multi-segment Firms, Journal of Business Economics. 2019, 89, 251–272. https://doi.org/10.1007/s11573-017-0881-5
[60]	Taĝ, M. N. What explains the diversification discount? An empirical examination. In Economic Issues: Crises, Finance and Agriculture, Koç, S., Öruç, E., and Anlar, A., Eds., IJOPEC Publication, 2017, pp. 55-75.
[61]	Talukdar, B., Soyeh, K. W., and Parhizgari, A. M. Insider Ownership, Corporate Diversification, and Firm Value: Evidence from REITs, Journal of Real Estate Research. 2021, 43(1), 1-20. https://doi.org/10.1080/08965803.2021.1885960
[62]	United Nations. International standard industrial classification of all economic activities (ISIC), Rev. 4. 2008. United Nations.
[63]	Villalonga, B. Diversification Discount or Premium? New Evidence from the Business Information Tracking Series, Journal of Finance. 2004, 59(2), 479–506. https://doi.org/10.1111/j.1540-6261.2004.00640.x
[64]	Wentland, K. M. The effect of industrial diversification on firm taxes, SSRN Electronic Journal. 2020. http://dx.doi.org/10.2139/ssrn.2826169
[65]	Zheng, S. Can Corporate Diversification Induce More Tax Avoidance? Journal of Multinational Financial Management. 2017, 41, 47–60. https://doi.org/10.1016/j.mulfin.2017.05.008
[66]	Bell, A., Jones, K. Explaining Fixed Effects: Random Effects Modelling of Time-series Cross-Sectional and Panel Data, Political Science Research and Methods. 2015, 3(1), 133-153. https://doi.org/10.1017/psrm.2014.7
[67]	Bell, A., Fairbrother, M., and Jones, K. Fixed and Random Effects Models: Making Informed Choice, Quality and Quantity. 2019, 53, 1051-1074. https://doi.org/10.1007/s11135-018-0802-x
[68]	Schunck, R., Perales, F. Within and Between-Cluster Effects in Generalized Linear Mixed Models: A Discussion of Approaches and the xthybrid Command. The Stata Journal. 2017, 17(1), 89-115. https://doi.org/10.1177/1536867x1701700106

Cite This Article

Plain Text BibTeX RIS

APA Style

Ibekwe, I., Siliya, P. Q. (2024). Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. International Journal of Economics, Finance and Management Sciences, 12(5), 235-249. https://doi.org/10.11648/j.ijefm.20241205.11

Copy | Download

ACS Style

Ibekwe, I.; Siliya, P. Q. Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. Int. J. Econ. Finance Manag. Sci. 2024, 12(5), 235-249. doi: 10.11648/j.ijefm.20241205.11

Copy | Download

AMA Style

Ibekwe I, Siliya PQ. Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. Int J Econ Finance Manag Sci. 2024;12(5):235-249. doi: 10.11648/j.ijefm.20241205.11

Copy | Download

@article{10.11648/j.ijefm.20241205.11,
author = {Ibeawuchi Ibekwe and Pedkuna Queenta Siliya},
title = {Debt and the Excess Value of Diversified Firms: Evidence from Nigeria
},
journal = {International Journal of Economics, Finance and Management Sciences},
volume = {12},
number = {5},
pages = {235-249},
doi = {10.11648/j.ijefm.20241205.11},
url = {https://doi.org/10.11648/j.ijefm.20241205.11},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20241205.11},
abstract = {The purpose of this study was to examine the relationship between debt and the value and excess value of diversified firms in Nigeria. This is against the background that there is no consensus on the factors that distinguish value-creating from value-destroying diversified firms. Data were collected from the annual reports of 62 diversified firms listed on the Nigerian Stock Exchange between 2008 and 2018. The multilevel generalized method of moments technique in the REndo package in the R Statistical Package was used to test the hypotheses. There is a significant positive relationship between debt and diversified firms’ value and excess value. The study and its findings are significant in several ways. First, no study has examined the relationship between debt and the value and excess value of diversified firms in the Nigerian context, and the few relevant studies have been in the context of developed countries. Second, it contributes to the literature on the valuation implications of firm diversification by providing some insight into the diversification discount often documented in the literature. These findings suggest that diversified firms’ failure to use the debt capacity that diversification creates is one reason some experience valuation discount. Third, the study employs the multilevel GMM analytical technique to control for endogeneity in the absence of valid instrumental variables. This technique has not been used in the diversification literature. The implication of the findings is that diversified firms should use the debt capacity that diversification provides to invest in positive net present value projects. The use of debt also adds a layer of corporate governance required in an environment of increased complexity and opacity associated with diversification. Increased investment in positive NPV projects and improved corporate governance through increased use of debt will enhance firm performance and value. The increased valuation of diversified firms due to debt increases the ability of diversified firms to play their developmental role in society. Investors would also benefit more from investing in diversified firms with higher debt ratios than those with lower debt ratios, all things being equal.
},
year = {2024}
}

Copy | Download

TY - JOUR
T1 - Debt and the Excess Value of Diversified Firms: Evidence from Nigeria

AU - Ibeawuchi Ibekwe
AU - Pedkuna Queenta Siliya
Y1 - 2024/09/06
PY - 2024
N1 - https://doi.org/10.11648/j.ijefm.20241205.11
DO - 10.11648/j.ijefm.20241205.11
T2 - International Journal of Economics, Finance and Management Sciences
JF - International Journal of Economics, Finance and Management Sciences
JO - International Journal of Economics, Finance and Management Sciences
SP - 235
EP - 249
PB - Science Publishing Group
SN - 2326-9561
UR - https://doi.org/10.11648/j.ijefm.20241205.11
AB - The purpose of this study was to examine the relationship between debt and the value and excess value of diversified firms in Nigeria. This is against the background that there is no consensus on the factors that distinguish value-creating from value-destroying diversified firms. Data were collected from the annual reports of 62 diversified firms listed on the Nigerian Stock Exchange between 2008 and 2018. The multilevel generalized method of moments technique in the REndo package in the R Statistical Package was used to test the hypotheses. There is a significant positive relationship between debt and diversified firms’ value and excess value. The study and its findings are significant in several ways. First, no study has examined the relationship between debt and the value and excess value of diversified firms in the Nigerian context, and the few relevant studies have been in the context of developed countries. Second, it contributes to the literature on the valuation implications of firm diversification by providing some insight into the diversification discount often documented in the literature. These findings suggest that diversified firms’ failure to use the debt capacity that diversification creates is one reason some experience valuation discount. Third, the study employs the multilevel GMM analytical technique to control for endogeneity in the absence of valid instrumental variables. This technique has not been used in the diversification literature. The implication of the findings is that diversified firms should use the debt capacity that diversification provides to invest in positive net present value projects. The use of debt also adds a layer of corporate governance required in an environment of increased complexity and opacity associated with diversification. Increased investment in positive NPV projects and improved corporate governance through increased use of debt will enhance firm performance and value. The increased valuation of diversified firms due to debt increases the ability of diversified firms to play their developmental role in society. Investors would also benefit more from investing in diversified firms with higher debt ratios than those with lower debt ratios, all things being equal.

VL - 12
IS - 5
ER -

Copy | Download

Author Information

Ibeawuchi Ibekwe

Business School, University of St. Thomas, Maputo, Mozambique

Contact Email

http://orcid.org/0000-0002-3693-3457
Pedkuna Queenta Siliya

Business School, University of St. Thomas, Maputo, Mozambique

Contact Email

http://orcid.org/0009-0003-5070-8744

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Ibekwe, I., Siliya, P. Q. (2024). Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. International Journal of Economics, Finance and Management Sciences, 12(5), 235-249. https://doi.org/10.11648/j.ijefm.20241205.11

Copy | Download

ACS Style

Ibekwe, I.; Siliya, P. Q. Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. Int. J. Econ. Finance Manag. Sci. 2024, 12(5), 235-249. doi: 10.11648/j.ijefm.20241205.11

Copy | Download

AMA Style

Ibekwe I, Siliya PQ. Debt and the Excess Value of Diversified Firms: Evidence from Nigeria. Int J Econ Finance Manag Sci. 2024;12(5):235-249. doi: 10.11648/j.ijefm.20241205.11

Copy | Download

Copy | Download

TY - JOUR
T1 - Debt and the Excess Value of Diversified Firms: Evidence from Nigeria

VL - 12
IS - 5
ER -

Copy | Download