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https://ah.lib.nccu.edu.tw/handle/140.119/61682
題名: | Managerial ownership, diversification, and firm performance: Evidence from an emerging market | 作者: | 于卓民 Chen, Chiung-Jung ; Yu, Chwo-Ming Joseph |
貢獻者: | 企管系 | 關鍵詞: | Agency theory; Corporation diversification; Emerging market; Firm performance; Managerial ownership | 日期: | 2012 | 上傳時間: | 14-Nov-2013 | 摘要: | Numerous existing studies have explored the impact of corporate diversification on firm performance, whereas considerably less research has investigated the inter-relationships among managerial ownership, diversification, and firm performance. This paper develops several hypotheses based on the agency theory self-interest perspective and tests the relationships among managerial ownership, corporate diversification, and firm performance using a sample of 98 emerging market firms listed on the Taiwan Stock Exchange. The results show a U-shaped relationship between managerial ownership and corporate diversification, similar to that found in prior studies. However, the inflection point is 33.17%, which is lower than that found in previous studies. Moreover, in contrast to prior results, corporate diversification is found to be positively associated with short-term firm performance and bears no relationship with mid-term firm performance, while firms engaged in unrelated diversification outperform those engaged in related diversification. This paper concludes with theoretical implications and suggestions for future research. | 關聯: | International Business Review, 21(3) , 518-534 | 資料類型: | article | DOI: | http://dx.doi.org/10.1016/j.ibusrev.2011.06.002 |
Appears in Collections: | 期刊論文 |
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