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Entrenched controlling shareholders and the performance consequences of corporate diversification in Taiwan

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  • Liu-Ching Tsai

    ()

  • Chaur-Shiuh Young

    ()

  • Hui-Wen Hsu

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11156-010-0197-9
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 37 (2011)
    Issue (Month): 1 (July)
    Pages: 105-126

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    Handle: RePEc:kap:rqfnac:v:37:y:2011:i:1:p:105-126

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: Corporate diversification; Controlling shareholder; Board seats control; Emerging market; G32; G34;

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    References

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    5. Servaes, Henri, 1996. " The Value of Diversification during the Conglomerate Merger Wave," Journal of Finance, American Finance Association, vol. 51(4), pages 1201-25, September.
    6. Chen, Carl R & Steiner, Thomas L, 2000. " An Agency Analysis of Firm Diversification: The Consequences of Discretionary Cash and Managerial Risk Considerations," Review of Quantitative Finance and Accounting, Springer, vol. 14(3), pages 247-60, May.
    7. Toni M. Whited, 2001. "Is It Inefficient Investment that Causes the Diversification Discount?," Journal of Finance, American Finance Association, vol. 56(5), pages 1667-1691, October.
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    18. José Manuel Campa & Simi Kedia, 1999. "Explaining the Diversification Discount," Working Papers 99-06, New York University, Leonard N. Stern School of Business, Department of Economics.
    19. Yeh, Yin-Hua & Woidtke, Tracie, 2005. "Commitment or entrenchment?: Controlling shareholders and board composition," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1857-1885, July.
    20. Randall K. Morck, 2000. "Concentrated Corporate Ownership," NBER Books, National Bureau of Economic Research, Inc, number morc00-1, July.
    21. Jacquemin, Alexis P & Berry, Charles H, 1979. "Entropy Measure of Diversification and Corporate Growth," Journal of Industrial Economics, Wiley Blackwell, vol. 27(4), pages 359-69, June.
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    24. Ronald C. Anderson & Thomas W. Bates & John M. Bizjak & Michael L. Lemmon, 2000. "Corporate Governance and Firm Diversification," Financial Management, Financial Management Association, vol. 29(1), Spring.
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    35. Jiraporn, Pornsit & Kim, Young Sang & Davidson, Wallace N. & Singh, Manohar, 2006. "Corporate governance, shareholder rights and firm diversification: An empirical analysis," Journal of Banking & Finance, Elsevier, vol. 30(3), pages 947-963, March.
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    44. repec:fth:michin:282 is not listed on IDEAS
    45. Lamont, Owen A. & Polk, Christopher, 2002. "Does diversification destroy value? Evidence from the industry shocks," Journal of Financial Economics, Elsevier, vol. 63(1), pages 51-77, January.
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