기업 다각화가 현금보유의 한계가치에 미치는 영향

This paper analyzes empirically the effects of firm diversification on the marginal value of corporate cash holdings, using a sample of firms listed on Korea Exchange from 2000 to 2017. The main results of this study can be summarized as follows. Firm diversification has a significant and negative effect on firm value. That is, the marginal value of cash holdings is lower for diversified firms than for single-segment firms. This result complements the diversification discount argument which is considered as an evidence of value destruction by diversified firms. Firm diversification reduces the marginal value of cash holdings for both financially constrained and unconstrained firms. However, the marginal value of cash holdings for financially constrained firms, controling for the interaction with the level of cash holdings and with leverage, is significantly higher than for financially unconstrained firms. Firm diversification reduces the marginal value of cash holdings for both owner-controlled firms and management-controlled firms. However, the marginal value of cash holdings for owner-controlled firms, controling for the interaction with the level of cash holdings and with leverage, is significantly lower than for management-controlled firms. These findings suggest that firm diversification reduces the marginal value of cash holdings through financial constraints and agency problems. In conclusion, diversified firms destroys stockholder value. This result implies that the capital market penalizes diversified firms. Accordingly, diversified firms should seek to maintain an optimal level of cash holdings in order to maximize their value.