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In this paper, we have analyzed the reasons of diversification discount. The investigation has been performed using panel data procedure for a sample of 320 Chinese companies listed on Shanghai Stock Exchange over the span from 2001 to 2006. We find that diversification discount have two main reasons. One is the high agency cost, the other is the cost inefficiency. So, for Chinese listed companies,...
In this paper, we have analyzed the relationship among government control, diversification and corporate performance. The investigation has been performed using panel data procedure for a sample of 320 Chinese companies listed on the Shanghai stock exchange during the period from 2001 to 2006. We find that, diversification under government control has negative influence on firm performance, while...
In this paper, we have analyzed the determinants of the capital structure of Chinese listed companies, especially, considered the non-tradable share reform to the influence of capital structure. The investigation has been performed using panel data procedure for a sample of 402 Chinese companies listed on the Shanghai Stock Exchange over the span from 2004 to 2006. The regression results show that,...
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