臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：探討多角化對公司風險與價值之影響
書刊名：商略學報
作者：林淑惠 引用關係／黃玟菱／卓翠月 引用關係
作者(外文)：Lin, Shu-hui／Huang, Wen-ling／Cho, Tsui-yueh
出版日期：2011
卷期：3:4
頁次：頁233-249
主題關鍵詞：多角化；公司價值；公司風險；家族企業；Diversification；Firm value；Firm risk family
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:18
  • 點閱點閱:31
本研究以 1996年至 2005年台灣上市公司為研究對象，並且以多角化為分析主軸，探討公司進行多角化對公司價值與風險之影響。本研究以產業多角化、全球多角化以及同時進行產業和全球多角化三種多角化策略做討論，並進一步分析家族企業與非家族企業進行多角化，對於公司風險和價值之影響是否存在差異。實證結果顯示，公司進行不同的多角化策略，對於公司風險和價值會產生不同的影響；相較於非家族企業，家族企業進行全球多角化能降低公司風險；而當家族企業進行產業多角化或同時進行產業和全球多角化時，能提升公司價值。
This study examines the effect of diversification on firm value and firm risk for the listed companies in Taiwan from 1996 to 2005. We investigate the impact of industrial diversification and global diversification on both firm risk and firm value. Furthermore, we take the factor of family firms into consideration. The main results of this study are as followings. First, diversification has impact on firm risk and firm value. Second, compared to non-family firms, family firms with global diversification have lower firm risk. Finally, compared to non-family firms, family firms with industrial diversification or with industrial and global diversification have higher firm value.
期刊論文
1.Kwok, Chuck C. Y.、Reeb, David M.(2000)。Internationalization and Firm Risk: An Upstream-downstream Hypothesis。Journal of International Business Studies，31(4)，611-629。  new window
2.David, M. R.、Kwok, C. C. Y.、Baek, H. Y.、Reeb, D. M.(1998)。Systematic Risk of the Multinational Corporation。Journal of International Business Studies，29(2)。  new window
3.Denis, David J.、Denis, Diane K.、Yost, Keven(2002)。Global diversification, industrial diversification, and firm value。Journal of Finance，57(5)，1951-1979。  new window
4.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，30(3)，947-963。  new window
5.Lins, Karl、Servaes, Henri(1999)。International Evidence on the Value of Corporate Diversification。Journal of Finance，54(6)，2215-2239。  new window
6.Ruland, W.、Zhou, P.(2005)。Debt, diversification and valuation。Review of Quantitative Finance and Accounting，25(3)，277-291。  new window
7.Bettis, R. A.、Hall, W. K.(1982)。Diversification strategy, accounting determined risk, and accounting determined return。The Academy of Management Journal，25(2)，254-264。  new window
8.Hughes, John S.、Logue, Dennis E.、Sweeney, Richard J.(1975)。Corporate International Diversification and Market Assigned Measures of Risk and Diversification。Journal of Financial Quantitative Analysis，10(4)，627-637。  new window
9.Moeller, S. B.、Schlingemann, F. P.(2005)。Global Diversification and Bidder Gains: A Comparison between Cross-border and Domestic Acquisitions。Journal of Banking and Finance，29(3)，533-564。  new window
10.Kogut, B.(1985)。Designing Global Strategies: Comparative and Competitive Value-added Chains。Sloan Management Review，27(1)，27-38。  new window
11.Meyer, M.、Milgrom, P.、Roberts, J.(1992)。Organizational Prospects, Influence Costs and Ownership Changes。Journal of Economics and Management Strategy，1(1)，9-35。  new window
12.Chang, Shao-Chi、Wang, Chi-Feng(2007)。The effect of product diversification strategies on the relationship between international diversification and firm performance。Journal of World Business，42(1)，61-79。  new window
13.Fauver, L.、Houston, J. F.、Naranjo, A.(2004)。Cross-country Evidence on the Value of Corporate Industrial and International Diversification。Journal of Corporate Finance，10(5)，729-752。  new window
14.Amit, R.、Livnat, J.(1988)。Diversification and the Risk-Return Trade-Off。Academy of Management Journal，31(1)，154-166。  new window
15.Weston, J. F.,(1970)。The Nature and Significance of Conglomerate Firms。St. John's Law Review，44，66-80。  new window
16.孫梅瑞、蕭瑞子(20081000)。國際多角化與企業績效、企業風險的關聯性及其影響因素之研究。管理與系統，15(4)，617-643。new window  延伸查詢new window
17.Tosi, H. L.、Gomez-Mejia, L. R.(1989)。Decoupling CEO pay and performance: an agency theory perspective。Administrative Science Quarterly，34，169-189。  new window
18.Fernández, Z.、Nieto, M. J.(2006)。Impact of Ownership on the International Involvement of SMEs。Journal of International Business Studies，37(3)，340-351。  new window
19.Jacquemin, A. P.、Berry, C. H.(1979)。Entropy measure of diversification and corporate growth。Journal of Industrial Economics，27(4)，359-369。  new window
20.Sirmon, D. G.、Hitt, M. A.(2003)。Managing Resources: Linking Unique Resources, Management and Wealth Creation in Family Firms。Entrepreneurship Theory & Practice，27(4)，339-358。  new window
21.Palich, L. E.、Cardinal, L. B.、Miller, C. C.(2000)。Curvilinearity in the diversificationperformance linkage: An examination of over three decades of research。Strategic Management Journal，21(2)，155-174。  new window
22.Stein, Jeremy C.(1997)。Internal capital markets and the competition for corporate resources。The Journal of Finance，52(1)，111-133。  new window
23.Myerson, Roger B.(1982)。Optimal coordination mechanisms in generalized principal-agent problems。Journal of Mathematical Economics，10(1)，67-81。  new window
24.Harris, Milton、Kriebel, Charles H.、Raviv, Artur(1982)。Asymmetric information, incentives and intrafirm resource allocation。Management Science，28(6)，604-620。  new window
25.Markides, C. C.、Williamson, P. J.(1994)。Related diversification, core competences and corporate performance。Strategic Management Journal，15(S2)，149-165。  new window
26.Morck, R.、Yeung, B.(1991)。Why Investors Value Multinationality。Journal of Business，64(2)，165-187。  new window
27.Rumelt, R. P.(1982)。Diversification strategy and profitability。Strategic Management Review，3(4)，359-369。  new window
28.Hoskisson, Robert E.、Hitt, Michael A.(1990)。Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives。Journal of Management，16(2)，461-509。  new window
29.Bartov, E.、Bodnar, G. M.、Kaul, A.(1996)。Exchange rate variability and the riskiness of U.S. multinational firms: evidence from the breakdown of the Bretton Woods system。Journal of Financial Economics，42(1)，105-132。  new window
30.Caves, Richard E.(1971)。International corporations: the industrial economics of foreign investment。Economica，38(149)，1-27。  new window
31.Christensen, H. Kurt、Montgomery, C. A.(1981)。Corporate Economic Performance: Diversification Strategy versus Market Structure。Strategic Management Journal，2(4)，327-343。  new window
32.Hitt, M. A.、Hoskisson, Robert E.、Kim, Hicheon(1997)。International diversification: effects on innovation and firm performance in product-diversified Firms。Academy of Management Journal，40(4)，767-798。  new window
33.Stulz, René M.(1990)。Managerial Discretion and Optimal Financing Policies。Journal of Financial Economics，26(1)，3-27。  new window
34.Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics，37(1)，39-65。  new window
35.Maury, Benjamin(2006)。Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations。Journal of Corporate Finance，12(2)，321-341。  new window
36.Geringer, J. Michael、Beamish, Paul W.、da Costa, Richard C.(1989)。Diversification strategy and internationalization: Implications for MNE performance。Strategic Management Journal，10(2)，109-119。  new window
37.Rajan, Raghuram、Servaes, Henri、Zingales, Luigi(2000)。The Cost of Diversity: The Diversification Discount and Inefficient Investment。The Journal of Finance，55(1)，35-80。  new window
38.Khanna, Tarun、Palepu, Krishna(2000)。Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups。The Journal of Finance，55(2)，867-891。  new window
39.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
40.Lewellen, Wilbur G.(1971)。A Pure Financial Rationale for the Conglomerate Merger。The Journal of Finance，26(2)，521-537。  new window
41.Lins, K. V.、Servaes, H.(2002)。Is corporate diversification beneficial in emerging markets?。Financial Management，31(2)，5-31。  new window
42.Gómez-Mejía, Luis R.、Makri, Marianna、Kintana, Martin Larraza(2010)。Diversification Decisions in Family-Controlled Firms。Journal of Management Studies，47(2)，223-252。  new window
43.James, Harvey S.(1999)。Owner as Manager, Extended Horizons and the Family Firm。International Journal of the Economics of Business，6(1)，41-55。  new window
44.Grant, Robert M.(1996)。Toward a knowledge-based theory of the firm。Strategic Management Journal，17(Suppl 2)，109-122。  new window
45.Chatterjee, Sayan、Wernerfelt, Birger(1991)。The Link between Resources and Type of Diversification: Theory and Evidence。Strategic Management Journal，12(1)，33-48。  new window
46.Gomes, Lenn K.、Ramaswamy, Kannan(1999)。An Empirical Examination of the Form of the Relationship between Multinationality and Performance。Journal of International Business Studies，30(1)，173-187。  new window
47.趙永祥、王建民、陳旭播(2007)。國際化程度與產品多角化策略對公司價值與財務績效影響之研究—以台灣電子業上市公司為例。育達學院學報，14，17-42。  延伸查詢new window
48.Fatemi, A. M.(1984)。Shareholder Benefits from Corporate International Diversification。Journal of Finance，39，1325-1343。  new window
49.Anderson, R. C.、Reeb, D. M.(2003)。Founding-fmily Ownership, Corporate Diversification and Firm Leverage。Journal of Law and Economics，46(2)，653-684。  new window
50.Bausch, A.、Pils, F.(2009)。Product Diversification Strategy and Financial Performance: Metaanalytic Evidence on Causality and Construct Multidimensionality。Review of Managerial Science，3(3)，157-190。  new window
51.Chang, Y.、Thomas, H.(1989)。The Impact of Diversification Strategy on Risk-return Performance。Strategic Management Journal，10(3)，271-284。  new window
52.Hitt, M. A.、Bierman, L.、Uhlenbruck, K.、Shimizu, K.(2006)。The Importance of Resources in the Internationalization of Professional Service Frms: The Good, the Bad and the Ugly。The Academy of Management Journal，49(6)，1137-1157。  new window
53.Ducassy, I.、Prevot, F.(2010)。The Effects of Family Dynamics on Diversification Strategy: Empirical Evidence from French Companies。Journal of Family Business Strategy，1(4)，224-235。  new window
54.Elango, B.(2010)。Influence of Industry Type on the Relationship between International Operations and Risk。Journal of Business Research，63(3)，303-309。  new window
55.Hurdle, G. J.(1974)。Leverage, Risk, Market Structure and Profitability。The Review of Economics and Statistics，56(4)，478-485。  new window
56.Bettis, R. A.、Mahajan, V.(1985)。Risk/Return Performance of Diversification Firms。Management Science，31(7)，785-799。  new window
57.Olibe, K. O.、Michello, F. A.、Thorne, J.(2008)。Systematic Risk and Iinternational Diversification: An Empirical Perspective。International Review of Financial Analysis，17(4)，681-698。  new window
58.Geringer, J. M.、Tallman, S.、Olsen, D. M.(2000)。Product and Geographic Diversification among Japanese Multinational Firms。Strategic Management Journal，21(1)，51-80。  new window
59.Kyaw, N. A.、Manley, J.、Shetty, A.(2011)。Factors in Multinational Valuations : Transparency, Political Risk and Diversfication。Journal of Multinational Financial Management，21(1)，55-67。  new window
60.Jones, C. D.、Makri, M.、Gomez-Mejia, L. R.(2008)。Affiliate Directors and Perceived Risk Bearing in Publicly Traded, Family-controlled Firms: The Case of Diversification。Entrepreneurship Theory and Practice，32(6)，1007-1026。  new window
61.Lee, J.(2006)。Family Firm Performance: Further Evidence。Family Business Review，19(2)，103-114。  new window
62.Nam, J.、Tang, C.、Thornton, J. H., Jr.、Wynne, K.(2006)。The Effect of Agency Costs on the Value of Single-segment and Multi-segment Firms。Journal of Corporate Finance，12(4)，761-782。  new window
63.Tallman, S.、Li, J.(1996)。Effect of International Diversity and Product Diversity on the Performance of Multinational Firms。The Academy of Management Journal，39(1)，179-196。  new window
64.Winn, D. N.(1977)。On the Relations between Rates of Return, Risk and Market Structure。The Quarterly Journal of Economics，91(1)，157-163。  new window
65.Kim, Y. S.、Mathur, I.(2008)。The Impact of Geographic Diversification on Firm Performance。International Review of Financial Analysis，17(4)，747-766。  new window
66.Wan, W. P.、Hoskisson, R. E.、Short, J. C.、Yiu, D. W.(2011)。Resource-based Theory and Corporate Diversification: Accomplishments and Opportunities。Journal of Management，37(5)，1335-1368。  new window
67.Kiymaz, H.(2004)。Cross-border Acquisitions of US Financial Institutions: Impact of Macroeconomic Factors。Journal of Banking and Finance，28(6)，1413-1439。  new window
68.Kochhar, R.(1996)。Explaining Firm Capital Structure: The Role of Agency Theory vs. Transaction Cost Economics。Strategic Management Journal，17(9)，713-728。  new window
69.Kogut B.(1984)。Normative Observations on the International Value-added Chain and Strategic Groups。Journal International Business Studies，15(2)，151-167。  new window
研究報告
1.Click , R. W.、Harrison, P.(2000)。Does Multinationality Matter? Evidence of Value Destruction in U.S. Multinational Corporations。  new window
學位論文
1.陳瓊蓉(2003)。上市公司監理機制，多角化策略與績效關聯性之研究(博士論文)。國立政治大學。new window  延伸查詢new window
2.劉凱禎(2009)。多角化對公司價值之影響以台灣上市公司為例(碩士論文)。國立成功大學。  延伸查詢new window
圖書
1.Dicken, P.(2007)。Global Shift: Mapping the Changing Contours of the World Economy。London：Sage。  new window
2.Rumelt, R. P.(1974)。Strategy, Structure, and Economic Performance。Boston, MA：Harvard University, Graduate School of Business Administration。  new window
3.Chandler, Alfred Dupont Jr.(1977)。The Visible Hand: The Managerial Revolution in American Business。The Belknap Press of Harvard University Press。  new window
4.Penrose, Edith T.(1995)。The Theory of the Growth of the Firm。Oxford University Press。  new window
5.Barney, Jay B.(1997)。Gaining and Sustaining Competitive Advantage。Addison-Wesley Publishing Company。  new window
6.Chandler, Alfred D. Jr.(1962)。Strategy and Structure: Chapters in the History of the American Industrial Enterprise。MIT Press。  new window
7.Galve G. C.、Salas, F. V.(2003)。La Empresa Familiar en Espana: Fundamentos Economicosy Resultados。Bilbao。  new window
8.Hall , A.、Melin, L.、Nordqvist, M.(2006)。Understanding Strategizing in the Family Business Context。Handbook of Research on Family Businesses。Cheltenham, UK ; Brookfield, US。  new window
9.Koopman, M.、Sebel, K.(2009)。The Internationalization of Family Firms Facilitating and Constraining Features。Jonkoping。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：897（臺灣：887，外國：10） ／ 本年度總使用人次：2541260 ／ 訪客人次（自102年09月）：68354143
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上