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ICC Advance Access originally published online on May 10, 2006
Industrial and Corporate Change 2006 15(3):531-547; doi:10.1093/icc/dtl012
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© The Author 2006. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

Influence of industry R&D intensity on corporate product diversification: interaction effect of free cash flow

Jose I. Galan and Maria J. Sanchez

Correspondence: Jose I. Galan, University of Salamanca, Facultad de Economia y Empresa, Departamento de Administración y Economia de la Empresa, Campus «Miguel de Unamuno», 37007 Salamanca, Spain. e-mail: jigalan{at}usal.es.

This study analyzes the effect of industry R&D intensity on the degree of product diversification and examines the interaction effect of free cash flow on the previous relationship at the current time in large US firms. Using the S&P 500 sample, we found support for the hypothesis that industry R&D intensity has a positive impact on the degree of product diversification. On the contrary, this study has found partial support for the hypothesis that free cash flow positively affects the previous relationship.


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