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    题名: Corporate Diversification, Ownership Structure, and Firm Value: The Singapore Evidence
    作者: 陳聖賢
    Chen, Sheng-Syan
    Ho, Kim Wai
    贡献者: 財管系
    关键词: Corporate diversification;Ownership structure;Firm value
    日期: 2000
    上传时间: 2018-06-11 17:31:03 (UTC+8)
    摘要: We provide international evidence on the level and value of corporate diversification using a sample of 145 Singapore firms. We find that the level of diversification is positively related to firm size and negatively related to the equity ownership of outside blockholders. However, we find no evidence that insider ownership has a significant impact on the level of diversification. We find significant value loss from diversification only for those firms with low managerial ownership, suggesting that value-reducing diversification stems from agency problems. Outside block ownership does not have a significant impact on the value of diversification. Thus, while outside blockholders may act as a deterrent on the level of diversification, there is no evidence that they can effectively reduce the agency problems for those firms with low managerial ownership.
    關聯: International Review of Financial Analysis, Vol.9, No.3, pp.315-326
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1016/S1057-5219(00)00032-6
    DOI: 10.1016/S1057-5219(00)00032-6
    显示于类别:[財務管理學系] 期刊論文

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