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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117581

Please use this identifier to cite or link to this item: https://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 link:	http://dx.doi.org/10.1142/S0219091512500178
DOI:	10.1142/S0219091512500178
Appears in Collections:	[Department of Finance] Periodical Articles

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