This study provides evidence for the more-money and less-cash effects of diversification based on the industry-adjusted debt and cash holdings of Japanese firms. Diversified firms are more leveraged while holding less cash than focused firms in the same industries, even after controlling for the standard determinants of capital structure, unobserved heterogeneity, and the endogeneity of firm scope. The study also finds that these effects are mitigated when a firm has an ownership structure that insulates managers from capital market pressures for risk-taking. This pattern suggests that the risk-taking incentives of managers differentiate the effect of diversification on finance across firms.

这项研究为基于日本公司的行业调整后的债务和现金持有量的多元化带来了更多的金钱和更少的现金收益提供了证据。即使在控制了资本结构，未观察到的异质性和公司范围内生性的标准决定因素之后，与相同行业中的重点公司相比，分散型公司的杠杆率更高，现金持有量更少。研究还发现，当公司的所有权结构使经理人免受资本市场承受冒险的压力时，这些影响就会减轻。这种模式表明，经理人的冒险动机可以区分多元化对公司财务的影响。