政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117581

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113656/144643 (79%)
Visitors : 51719061 Online Users : 651

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117581

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117581

Title:	Organizational Form and Long-Run Stock and Operating Performance Following Corporate R
Authors:	陳聖賢 Chen, Sheng-Syan Su, Xuan-Qi Lai, Shu-Miao Yu, Chin-Te
Contributors:	財管系
Keywords:	Organizational form;focused firms;diversified firms;efficient investment hypothesis;internal capital markets hypothesis;R&D
Date:	2012
Issue Date:	2018-06-11 18:33:14 (UTC+8)
Abstract:	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.
Relation:	Review of Pacific Basin Financial Markets and Policies, Vol.15, No.4, pp.1250017
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091512500178
DOI:	10.1142/S0219091512500178
Appears in Collections:	[財務管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
132.pdf		413Kb	Adobe PDF2	426	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...