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題名 Organizational Form and Long-Run Stock and Operating Performance Following Corporate R
作者 陳聖賢
Chen, Sheng-Syan
Su, Xuan-Qi
Lai, Shu-Miao
Yu, Chin-Te
貢獻者 財管系
關鍵詞 Organizational form; focused firms; diversified firms; efficient investment hypothesis; internal capital markets hypothesis; R&D
日期 2012
上傳時間 11-六月-2018 18:33:14 (UTC+8)
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.
關聯 Review of Pacific Basin Financial Markets and Policies, Vol.15, No.4, pp.1250017
資料類型 article
DOI http://dx.doi.org/10.1142/S0219091512500178
dc.contributor 財管系zh_TW
dc.creator (作者) 陳聖賢zh_TW
dc.creator (作者) Chen, Sheng-Syanen_US
dc.creator (作者) Su, Xuan-Qien_US
dc.creator (作者) Lai, Shu-Miaoen_US
dc.creator (作者) Yu, Chin-Teen_US
dc.date (日期) 2012
dc.date.accessioned 11-六月-2018 18:33:14 (UTC+8)-
dc.date.available 11-六月-2018 18:33:14 (UTC+8)-
dc.date.issued (上傳時間) 11-六月-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.1250017zh_TW
dc.subject (關鍵詞) Organizational form; focused firms; diversified firms; efficient investment hypothesis; internal capital markets hypothesis; R&Den_US
dc.title (題名) Organizational Form and Long-Run Stock and Operating Performance Following Corporate Ren_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