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    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: http://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

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