Government Intervention, Ownership Structure and Diversification

Zhi-xiong Ling () and Zhu-yun Zheng ()
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Zhi-xiong Ling: Hunan University
Zhu-yun Zheng: Hunan University

Chapter Chapter 53 in The 19th International Conference on Industrial Engineering and Engineering Management, 2013, pp 497-507 from Springer

Abstract: Abstract This paper examines the impacts of government intervention and ownership structure on the level of corporate diversification. Using the income data of Chinese listed companies between 2008 and 2010, we find that the diversification of listed companies is caused by the government internalizing its public objects such as employment and revenue into its local enterprises. We also find that the stake of the largest shareholder and diversification degrees are conversely relevant, and shareholders play a regulatory role for government intervention in corporate diversification only in the non-state-owned enterprises. These findings further support the institution-based view of business strategy.

Keywords: Diversification; Government intervention; Government objects; Ownership structure (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-38442-4_53

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DOI: 10.1007/978-3-642-38442-4_53

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