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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 2012.06
上傳時間 14-Nov-2013 11:54:13 (UTC+8)
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
dc.contributor 企管系en_US
dc.creator (作者) 于卓民zh_TW
dc.creator (作者) Chen, Chiung-Jung ; Yu, Chwo-Ming Josephen_US
dc.date (日期) 2012.06en_US
dc.date.accessioned 14-Nov-2013 11:54:13 (UTC+8)-
dc.date.available 14-Nov-2013 11:54:13 (UTC+8)-
dc.date.issued (上傳時間) 14-Nov-2013 11:54:13 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/61682-
dc.description.abstract (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.en_US
dc.format.extent 446156 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) International Business Review, 21(3) , 518-534en_US
dc.subject (關鍵詞) Agency theory; Corporation diversification; Emerging market; Firm performance; Managerial ownershipen_US
dc.title (題名) Managerial ownership, diversification, and firm performance: Evidence from an emerging marketen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.ibusrev.2011.06.002en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.ibusrev.2011.06.002 en_US