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The purpose of this paper is to investigate the relationships between related and unrelated corporate diversification and financial drivers by comparing listed and unlisted Italian firms. The agency costs of free cash flow and the internal capital market perspective help to explain these relationships. This research study adopts a quantitative approach and uses a unique panel of hand-collected data on Italian firms for the period from 1980 to 2006. The results of the applied model used in this paper reveal the benefits which arise from an efficient internal capital market. These benefits are especially relevant for unrelated diversification decision-making and for unlisted firms. The findings of this paper are confirmed by an analysis of the performances of the sample firms.

The Effects Of Financial Drivers On Corporate Diversification: A Comparison Of Listed And Unlisted Italian Firms