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International Conference on Engineering and Business Management (EBM 2010 PAPERBACK)

Chengdu,China,China,3.24-3.26,2010

ISBN: 978-1-935068-05-1 Scientific Research Publishing, USA

Paperback 6066pp Pub. Date: March 2010

Category: Engineering

Price: $280

Title: The Endogenous Investigation between Corporate Diversificationand Valuation: Evidence From Publicly Listed Firms in China
Source: International Conference on Engineering and Business Management (EBM 2010 PAPERBACK) (pp 718-721)
Author(s): GeBing Sun, Xin Jiang University, P.R., China, 830046
Pei Hu, School of Economics and Management, Southwest Jiaotong University, P.R., China, 610031
Abstract: Abstract: As the relationship between corporate diversification and performance is an interactional dynamic process, this paper focuses on the endogenous relationship between them by using Dabta constructed from a sample of China’s stock-market listed companies from 2001 to 2008. Applying simultaneous equation models and controlling for factors such as firm's size, growth, area as well as industry characteristics, the empirical results indicate that Diversification discount change into a statistically significant diversification premium if the endogeneity of diversification is controlled, which diversified firms have higher Tobin’sq and ROA measure than firms that are more focused on average.
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