Impact differences of the agricultural listed companies’ diversification on their performance:An empirical test based on performance level and enterprise life cycle
【Abstract】 Given that diversification produces the derogation effect and premium effect simultaneously, a panel quantile model based on the data of 35 agricultural listed companies from 2012 to 2019 is constructed to examine its economic consequences at different quantiles. The empirical analysis results show that a negative correlation can be found between diversification and performance at different quantiles and the derogation effect is more significant at high quantiles.Considering the impact on diversification caused by differences in factors such as enterprise management ability, strategic objectives and resource conditions in different life cycles, the heterogeneity analysis according to the enterprise life cycle shows that a mature enterprises can improve its enterprise performance by implementing a certain degree of diversification at a lower quantile, with a significant negative correlation at the higher quantile while the diversification of enterprises in the growth period shows derogation effect at different quantiles. Hence, it is better for agricultural listed companies to be scrupulous in implementing diversification, and by contrast it is more proper to carry out diversification in the maturity period than in the growth period.
【Key words】 diversification； enterprise performance； enterprise life cycle； panel quantile model；
- 【文献出处】 湖南农业大学学报(社会科学版) ,Journal of Hunan Agricultural University(Social Sciences) , 编辑部邮箱 ,2021年05期