Diversification Strategy, Ownership Structure, and Financial Crisis: Performance of Chinese Private Firms
Diversification Strategy, Ownership Structure, and Financial Crisis: Performance of Chinese Private Firms
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多元化战略、股权结构与金融危机：中国私营企业的表现
DOI：
10.1111/ajfs.12203
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发表时间：
2018
影响因子：
1.5
通讯作者：
Yi Lan
中科院分区：
文献类型：
--
作者：
Shen Na;Au Kevin;Yi Lan
多元化与公司绩效之间的关系因机构和时间而异。在近年来频繁发生的经济危机中，多元化的优势鲜为人知。利用近4000家中国民营企业的数据，我们发现，在最近的全球金融危机中，多元化企业的表现优于专注型企业。多元化程度与企业绩效呈线性正相关，即多元化程度越高的企业绩效越好。此外，我们发现，完全由创始人及其家族所有的私营企业在危机中表现更差。
The relationship between diversification and firm performance varies among institutions and over time. Less is known about the advantageousness of diversification in economy‐wide crises, which have occurred frequently in recent years. Using data on nearly 4000 Chinese private companies, we found that diversified firms performed better than focused firms during the recent global financial crisis. The diversification level was positively and linearly related to performance, that is, more diversified firms performed better. Moreover, we found that private firms that are totally owned by the founding owner and his/her family performed worse under crisis.
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影响因子：
4.1
作者：
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影响因子：
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期刊：
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