| dc.contributor | 財管系 | zh_TW |
| dc.creator (作者) | 陳聖賢 | zh_TW |
| dc.creator (作者) | Chen, Sheng-Syan | en_US |
| dc.creator (作者) | Su, Xuan-Qi | en_US |
| dc.creator (作者) | Lai, Shu-Miao | en_US |
| dc.creator (作者) | Yu, Chin-Te | en_US |
| dc.date (日期) | 2012 | |
| dc.date.accessioned | 11-Jun-2018 18:33:14 (UTC+8) | - |
| dc.date.available | 11-Jun-2018 18:33:14 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Jun-2018 18:33:14 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/117581 | - |
| dc.description.abstract (摘要) | Building upon two competing hypotheses, the `efficient investment` hypothesis and the `internal capital markets` hypothesis, we set out in this study to examine the role of organizational form, in terms of `focus` versus `diversification`, in explaining the long-run stock and operating performance following corporate R&D expenditure. In a sample of 165 announcements of increases in R&D expenditure, we find that focused announcing firms experience significantly greater long-run stock and operating performance following R&D investment, as compared to diversified announcing firms. Our findings are robust to different methods of generating long-run stock performance, various measures of operating performance and alternative benchmarks for the calculation of abnormal performance. Overall, our results provide convincing evidence to suggest that the `efficient investment` hypothesis dominates the `internal capital markets` hypothesis. © 2012 World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research. | en_US |
| dc.format.extent | 423685 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Review of Pacific Basin Financial Markets and Policies, Vol.15, No.4, pp.1250017 | zh_TW |
| dc.subject (關鍵詞) | Organizational form; focused firms; diversified firms; efficient investment hypothesis; internal capital markets hypothesis; R&D | en_US |
| dc.title (題名) | Organizational Form and Long-Run Stock and Operating Performance Following Corporate R | en_US |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1142/S0219091512500178 | |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1142/S0219091512500178 | |
