政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117555

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117555

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题名:	Corporate Diversification, Ownership Structure, and Firm Value: The Singapore Evidence
作者:	陳聖賢 Chen, Sheng-Syan Ho, Kim Wai
贡献者:	財管系
关键词:	Corporate diversification;Ownership structure;Firm value
日期:	2000
上传时间:	2018-06-11 17:31:03 (UTC+8)
摘要:	We provide international evidence on the level and value of corporate diversification using a sample of 145 Singapore firms. We find that the level of diversification is positively related to firm size and negatively related to the equity ownership of outside blockholders. However, we find no evidence that insider ownership has a significant impact on the level of diversification. We find significant value loss from diversification only for those firms with low managerial ownership, suggesting that value-reducing diversification stems from agency problems. Outside block ownership does not have a significant impact on the value of diversification. Thus, while outside blockholders may act as a deterrent on the level of diversification, there is no evidence that they can effectively reduce the agency problems for those firms with low managerial ownership.
關聯:	International Review of Financial Analysis, Vol.9, No.3, pp.315-326
数据类型:	article
DOI 連結:	http://dx.doi.org/10.1016/S1057-5219(00)00032-6
DOI:	10.1016/S1057-5219(00)00032-6
显示于类别:	[財務管理學系] 期刊論文

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S1057521900000326.pdf		97Kb	Adobe PDF2	432	检视/开启

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