An Empirical Study on the Relationship between Diversification and Corporate Performance |
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引用本文: | Xiaorong Li. An Empirical Study on the Relationship between Diversification and Corporate Performance[J]. 中国经济评论(英文版), 2006, 5(5): 10-17 |
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作者姓名: | Xiaorong Li |
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摘 要: | Based on the earlier work, this paper re-examines the relationship between diversification and corporate performance and finds a statistically significant U-shape relationship in the Chinese market. The result is tested and confirmed for robustness by controlling for the firm size, age and indusu'y effects. The findings do not support the notion that diversification is a return-reducing strategy and the understanding in the western economic and financial literature about diversification performance may not be automatically applicable to the case of China.
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An Empirical Study on the Relationship between Diversification and Corporate Performance |
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Abstract: | |
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Keywords: | diversification corporate performance strategy listed company |
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