The Influence of Diversification on Corporate Performances
In this paper,we have analyzed the effects of diversification on corporate performances. The investigation has been performed using panel data procedure for a sample of 320 Chinese companies listed on the Shanghai Stock Exchange in the period from 2001 to 2006. Using three distinct measures of corporate performance and four measures of diversification and controlling for leverage, firm size,growth opportunities,liquidity,and industry, the regression results show that,in general,the relation ship between diversification and corporate performance is negative. We also find that related product diversifica tion has positive and significant effects on corporate per formance; unrelated product diversification has negative and significant relation with performance. For Chinese listed companies,we suggest that the implementation of the diversification strategy should be cautious.
Diversification corporate performance panel data
WANG Tao LI Xuefeng
School of Management,Huazhong University of Science and Technology,P. R. China School of Economic and Management,Zhengzhou University of Light Industry,P. R. China
国际会议
Zhengzhou Conference Conference on Management of Technology(2009郑州技术管理研讨会 MOT2009)
郑州
英文
455-461
2009-04-17（万方平台首次上网日期，不代表论文的发表时间）