DIVERSIFICATION STRATEGY, CAPITAL STRUCTURE, AND THE ASIAN FINANCIAL CRISIS (1997-1998): EVIDENCE FROM SINGAPORE FIRMS

被引：53

作者：

Lim, Elizabeth Ngah-Kiing ^{[1
]}

Das, Shobha S. ^{[2
]}

Das, Amit ^{[2
]}

机构：

[1] Univ Connecticut, Sch Business, Dept Management, Storrs, CT 06269 USA

[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore, Singapore

来源：

STRATEGIC MANAGEMENT JOURNAL | 2009年 / 30卷 / 06期

关键词：

agency theory; contingency theory; diversification strategy; debt financing; Asian financial crisis; environment; AGENCY THEORY; INTERNATIONAL DIVERSIFICATION; CORPORATE-STRATEGY; EFFECTS MODELS; CEO PAY; PERFORMANCE; ENVIRONMENT; PRODUCT; RISK; SPECIFICITY;

D O I：

10.1002/smj.752

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use agency, theory to predict the influence of related and unrelated product diversification on a firm's level of debt financing. Further, we argue that the link between diversification and capital structure is moderated by the environment in which firms operate. Using SAS PROC MIXED, we fit a mixed-effects model to our unique six-year longitudinal dataset (1995-2000) of 245 publicly listed Singapore firms. Our data spans the period of the Asian Financial Crisis (1997-1998). We find that firms pursuing unrelated product diversification take on less debt financing in stable environments, but more debt financing in dynamic environments. Using longitudinal structural equation modeling, we find a reciprocal relationship between a firm's product diversification strategy and its debt financing level. Copyright (C) 2009 John Wiley & Sons, Ltd.

引用

页码：577 / 594

页数：18

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