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Do institutional investor and group, firm and time effects matter in enterprise performance in the corporate life cycle?

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  • Chiau-Shi Yang
  • Jonchi Shyu

Abstract

Corporations undergo growth, maturity and decline, stages which form the corporate life cycle. This study discusses the influence of group, firm and time effects on enterprise performance variation at the different life cycle stages of Taiwan’s electrical and machinery industry. Results indicate that firm effect has a stronger influence than group effect, and group effect has the strongest influence at the mature stage. Thus, group effect is greatly reduced, whereas firm effect should be reduced but increased at the decline stage, a finding that is different from general perceptions. Institutional investors are important for corporations, and the response strategies of firms for institutional investors vary at different stages of the corporate life cycle. Therefore, this study also discusses the influences of institutional investors on enterprise performance variation at the firm level. Results suggest that firms implement suitable response strategies for institutional investors. Moreover, domestic general enterprise investors have positive and large impacts on enterprise performance, whereas financial institutional investors have a negative impact during the decline stage.

Suggested Citation

  • Chiau-Shi Yang & Jonchi Shyu, 2019. "Do institutional investor and group, firm and time effects matter in enterprise performance in the corporate life cycle?," Cogent Business & Management, Taylor & Francis Journals, vol. 6(1), pages 1606473-160, January.
    • Handle: RePEc:taf:oabmxx:v:6:y:2019:i:1:p:1606473
    DOI: 10.1080/23311975.2019.1606473
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    Cited by:

    1. Jianxiong Chen & Chung-Cheng Yang, 2021. "Competitive Revenue Strategies in the Medical Consumables Industry: Evidence from Human Resources, Research and Development Expenses and Industry Life Cycle," IJERPH, MDPI, vol. 18(6), pages 1-20, March.
    2. Yonghong Ma & Huili Ni & Xiaomeng Yang & Lingkai Kong & Chunmei Liu, 2023. "Government subsidies and total factor productivity of enterprises: a life cycle perspective," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(1), pages 153-188, April.

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