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| Title | Managerial ownership, diversification, and firm performance: Evidence from an emerging market |
| Creator | 于卓民 Chen, Chiung-Jung ; Yu, Chwo-Ming Joseph |
| Contributor | 企管系 |
| Key Words | Agency theory; Corporation diversification; Emerging market; Firm performance; Managerial ownership |
| Date | 2012.06 |
| Date Issued | 14-Nov-2013 11:54:13 (UTC+8) |
| Summary | 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. |
| Relation | International Business Review, 21(3) , 518-534 |
| Type | 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 Joseph | en_US |
| dc.date (日期) | 2012.06 | en_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) , 518-534 | en_US |
| dc.subject (關鍵詞) | Agency theory; Corporation diversification; Emerging market; Firm performance; Managerial ownership | en_US |
| dc.title (題名) | Managerial ownership, diversification, and firm performance: Evidence from an emerging market | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1016/j.ibusrev.2011.06.002 | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/j.ibusrev.2011.06.002 | en_US |