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政大機構典藏 > 商學院 > 企業管理學系 > 期刊論文 > Item 140.119/61682

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/61682

Title:	Managerial ownership, diversification, and firm performance: Evidence from an emerging market
Authors:	于卓民 Chen, Chiung-Jung;Yu, Chwo-Ming Joseph
Contributors:	企管系
Keywords:	Agency theory;Corporation diversification;Emerging market;Firm performance;Managerial ownership
Date:	2012.06
Issue Date:	2013-11-14 11:54:13 (UTC+8)
Abstract:	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
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.ibusrev.2011.06.002
DOI:	10.1016/j.ibusrev.2011.06.002
Appears in Collections:	[企業管理學系] 期刊論文

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