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| Empirical Research on the Relationship among Sensitivity to Emerging Industries, Diversification and Performance of Chinese Business Groups |
| HUANG Shan ZONG Qi-jun LAN Hai-lin |
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Abstract This paper probes into the relationship among “diversification incentives” coming from the development of emerging industries, diversification and performance of Chinese business groups by taking advantage of 706 listed companies. Multiple regression analysis results suggest that, the degree of Chinese business groups’ unrelated diversification shows a positive relevance with their sensitivity to emerging industries. Besides, the sensitivity to emerging industries of non-state-owned business groups is much stronger than state-owned business groups. The relationship between sensitivity to emerging industries and financial performance presents a negative relevance remarkably, and business groups’ sensitivity to emerging industries has a little negative role to adjust the relationship between diversification and performance.
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Received: 19 December 2007
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Corresponding Authors:
HUANG Shan
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2008, Vol. 1 
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