assessing the level of perceptions of four areas such as (i)making & buying, (ii) dropping or retaining a segment, (iii …

, are sensitive to segment portfolio management. We further examine the persistence and the mispricing of abnormal accruals …. Moreover, we find that the accrual and cash flow anomalies are largely related to segment portfolio management anomalies. …

We examine how organizational structure affects corporate payout policies. Conglomerates (multi-segment firms) pay out … more than pure plays (single-segment firms) in both cash dividends and total payouts (defined as cash dividends plus share … repurchases). Further, corporate payouts increase as the cross-segment correlation (cash flow or investment) in a conglomerate …