多元化上市公司的股权结构与多元化程度的实证研究

本文选取2001年到2004年我国的多元化上市公司的812个面板数据来研究股权结构和多元化程度的关系。实证研究表明:国有股比例和法人股比例与上市公司的多元化程度成倒U型相关关系;第一大股东的持股比例与上市公司的多元化程度成负相关关系;多元化程度与经理层持股和董事会持股关系不显著。     

产品多元化与企业出口绩效的实证研究——对广东浙江两地上市公司的对比分析

文章利用2005-2007年间广东省和浙江省109家制造型上市公司的数据.对企业国内市场产品多元化程度与出口绩效之间的关系进行了实证研究.结果发现.产品多元化程度越高,出口绩效均表现越差;产品的相关多元化对出口绩效均存在显著的积极影响:广东省和浙江省样本企业存在出口绩效差异,但在产品多元化方面没有显著差异.     

股权结构与盈余管理——来自我国民营上市公司的数据

以2005年我国民营上市公司为样本,分析了股权结构与公司盈余管理之间的关系。研究发现,上市公司盈余管理不仅与第一大股东持股比例相关,而且与终极产权角度确定的上市公司实际控制人控制权分散度显著相关;在控制了事务所特征、董事会特征、公司规模、债务水平以及利润变动等因素的影响之后,盈余管理程度与上市公司实际控制人的控制权分散度显著正相关,与上市公司第一大股东持股比例呈倒U型关系,而与上市公司股权制衡度之间不存在显著关系。     

董事会特征与债务成本关系研究——以广东省上市公司为例

董事会作为公司治理内部核心机制之一,在公司治理当中一直是一个重要的决策和监督机构。董事会是否对公司债务成本存在影响,国内学者研究的比较少。首先详细分析了关于董事会特征和债务成本关系的理论观点,然后以广东省A股上市公司为研究样本,以2008年为数据窗口,实证分析了董事会四个特征:董事会规模、独立董事比例、董事持股比例、董事长与总经理两职合一与公司债务成本之间的关系。研究结果表明:董事会规模与公司经营绩效呈倒U型的曲线关系;独立董事比例与公司绩效之间存在显著的负相关关系;两职合一与公司绩效存在显著的正相关关系;董事持股比例与公司绩效之间不存在显著的相关关系。实证结果表明广东上市公司董事会制度仍需改进。     

江苏省上市公司高层管理人员薪酬影响因素的实证研究

本文以2006年江苏省上市公司为样本,实证考察了高层管理人员薪酬与公司绩效、公司规模、高层管理人员持股比例、国有股比例之间的相关关系。研究结果显示:高管年度货币薪酬与公司绩效、公司规模之间存在显著的正相关关系;与高管持股比例之间存在一种不完全的替代效应;与国有股比例存在微弱的负相关关系。     

我国医药上市公司多元化经营绩效研究

本文选取沪深两地62家医药类上市公司,对其多元化经营程度与企业绩效之间的关系进行研究。结论认为,医药企业多元化经营水平与企业绩效呈负相关关系,相关多元化经营对绩效提升没有显著影响,非相关多元化经营会降低企业绩效。此外,文章也就资产规模、成长能力、负债水平、上市年龄等对绩效的影响进行了研究。     

中国企业集团对新兴产业机会敏感性、多元化与绩效关系的实证研究

文章将新兴产业发展为中国企业集团带来的"多元化刺激"与多元化程度和绩效联系起来进行讨论,利用706家上市公司合并报表数据,对三者的关系进行实证检验.多元回归分析结果表明:企业集团不相关多元化程度与新兴产业敏感性呈正相关,非国有企业集团对新兴产业的敏感性远远大干国有企业集团,新兴产业敏感性与财务绩效呈现显著的负相关关系,而且企业集团对新兴产业机会的敏感性,对其多元化程度和绩效的关系具有微弱的负向调节作用.     

广电传媒多元化实证研究

多元化战略与企业经济绩效的关系已成为管理界研究的重点．而就多元化对广播电视类上市企业绩效影响的研究还很少,现实中很值得探讨。选择了合适的面板数据模型,建立了个体固定影响的变截距模型,对多元化战略与经济绩效的关系进行了研究。结论显示,目前企业的多元化程度与经济绩效之间并没有显著的相关关系。     

海尔赢利能力影响因素的实证研究

赢利能力是衡量企业绩效的最重要的指标之一。以上市公司青岛海尔1992年到2011年的数据为样本,进行实证研究,结果表明,海尔的多元化与赢利能力存在显著的负向相关关系,而财务风险和税收与赢利能力存在显著的正向相关关系。根据影响海尔赢利能力因素的重要性,海尔应缩小多元化经营范围,适当提高财务风险水平。     

公司治理视角下企业超额现金持有水平的研究——以江浙中小制造业上市公司的数据为例

文章以2011—2015年江浙中小制造业上市公司的面板数据为研究对象,探讨公司治理对企业超额现金持有水平的影响。研究结果表明:实际控制人控制权与现金流权偏离程度与超额现金持有水平负相关;管理层持股比例与超额现金持有水平呈U形相关关系;两职合一与超额现金持有水平正相关,且两职合一不仅会导致企业现金持有过度,还会导致企业现金持有不足;股权制衡度、董事会规模、独立董事比例与超额现金持有量之间并不存在显著的相关关系。     

Effects of family control on the degree and type of diversification: Empirical evidence for business groups

This article analyzes the impact of ownership structure on corporate diversification, with reference to large listed family business groups. By considering agency theory and socioemotional wealth, the study examines the relationship between family ownership, concentration of ownership, and degree and type of diversification. The study considers 99 Spanish listed business groups (50 family‐controlled‐ and 49 nonfamily‐controlled groups) and considers diversification of business group as the focus of analysis. The results show how family business groups present a lower preference for unrelated diversification than related diversification. There is also a nonlinear relationship between the concentration of ownership in family groups and the degree of diversification, showing different behaviors in family groups according to shares owned by the family's leading shareholders. This article contributes to the literature by providing a more precise identification of the corporate strategy adopted by business groups and establishing new evidence about the impact of family control on diversification strategies and the differences regarding nonfamily business groups.     

Heterogeneity in business groups and the corporate diversification-firm performance relationship

This article examines how heterogeneous features among business groups influence the corporate diversification-firm performance relationship. The study classifies heterogeneity along three dimensions: group size, group diversity, and share ownership. Using a sample of firms from India, the study finds some evidence that for firms affiliated to larger business groups, corporate diversification enhances firm performance. However, business group diversity does not influence the diversification-performance relationship. The impact of diversification on firm performance differs substantially owing to the heterogeneity in share ownership. The paper documents an interesting interplay between business group and ownership structure.     

Managerial ownership,diversification, and firm performance: Evidence from an emerging market

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.     

The value impact of international and industrial diversifications on public‐listed firms in Malaysia

This study examines the relationship between firm value and both international and industrial diversification involvements for a sample of 267 listed firms in Malaysia over 2001–2009. We find no evidence that international diversification has any significant impact on the firm value but industry diversification locally slightly increases firm value, even after controlling for the degree of ownership concentration. Our research further indicates that without any diversification involvement, family ownership presents lower value than foreign and government ownerships; and with industrial diversification family ownership presents significant higher value than foreign and government ownerships.     

Managerial Stock Ownership and Debt Diversification

In this study, we examine the impact of managerial behavior on the debt diversification decisions of firms using the agency cost of debt framework. We hypothesize that managers with higher equity ownership should favor debt diversification to avoid efficient monitoring by debt holders and thus, be able to engage in risk‐shifting behavior. Our empirical results provide strong evidence for a positive association between managerial ownership and debt diversification. This relationship is observed to be stronger for smaller firms, which are traditionally more susceptible to the moral hazard problem. Our results remain robust for an alternate measure of debt diversification.     

CEO duality leadership and corporate diversification behavior

This study examines an important, yet understudied relationship between CEO duality and corporate diversification. Results based on the data collected from Fortune 1000 U.S companies indicate that CEO duality is positively associated with corporate diversification into unrelated industries. Further analyses reveal that this relationship is moderated by a number of corporate governance mechanisms. We find that board equity ownership and institutional ownership concentration weaken the initially positive relationship between CEO duality and unrelated diversification while CEO tenure and board independence strengthen this relationship.     

Do family ties shape the performance consequences of diversification? Evidence from the European Union

This paper examines the moderating effect of family involvement in ownership and control on the relationship between diversification strategies – both product and international diversification – and corporate performance. We argue that this moderating effect is related to the distinctive characteristics of family firms compared to non-family firms. The empirical evidence is provided by a sample of firms from the European Union during the 2005–2009 time period. Our results found that family firms are more profitable than non-family firms when they engage in joint product and international diversification.     

How may the nature of family firms explain the decisions concerning international diversification?

This study explores how the ownership structure of family firms gives these organizations a distinctive nature in terms of international diversification. We argue that the heterogeneity of family firms may cause variations in the degree of international diversification among these types of businesses. We have studied three factors related to ownership structure: the degree of family ownership and the type and degree of ownership of the second largest shareholder (another family or a financial company). The empirical evidence is provided by a sample of European and Asian family firms (2004–2008). Our results show that the degree of family ownership has a negative impact on the degree of international diversification. However, the presence and ownership share of a financial company as the second largest shareholder in a family firm favor this diversification. This study also reveals the importance of the financial company as a second owner in the preference family firms show for growth in international markets.     

多元化究竟是“馅饼”还是“陷阱”?——基于产出效率视角的实证研究

多元化作为公司发展的一种战略举措,对公司绩效有重要影响。与现有研究不同,基于产出效率视角,以全要素生产率(TFP)作为公司绩效指标,采用平衡面板数据分析来考察具有更强经济动因下的中国上市公司多元化与公司绩效的关系。实证研究发现,上市公司多元化程度与产出效率显著负相关,这意味着盲目多元化对上市公司而言可能是一种"陷阱",从而为"多元化折价"的观点提供了新的诠释。因此,改善管理水平、提高生产效率可能是上市公司提升多元化绩效的重要途径。     

The impact of firm strategy and foreign ownership on executive bonus compensation in Japanese firms

Building on information-processing perspectives and the Japanese contextual factors, this study investigates the relationships between firm strategy and executive bonus pay as well as the moderating role of foreign ownership on the strategy-compensation relationship in Japanese firms. We focus on R&D investment and product diversification as strategy variables and investigate their direct effects on executive bonus pay. Further, we examine the moderating effects of foreign ownership on the strategy-pay sensitivity. The results, based on a sample of the 148 largest industrial firms in Japan for the 1990-1997 period, show that both R&D investment and product diversification are positively related to executive bonus pay. Our findings also indicate that foreign ownership negatively moderates the relationships between the strategy variables and executive compensation, suggesting that foreign investors play an active monitoring role, reducing cash bonus payments when their invested firms choose to increase R&D or pursue diversification strategy.