Diversification and Corporate Performance: Evidence from China's Listed Energy Companies

doi:10.3390/su8100983

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	Diversification and Corporate Performance: Evidence from China's Listed Energy Companies
	Li, Qiming 1; Wang, Wenhuan 1; Lou, Yiping 1; Cheng, Ke 1; Yang, Xiaoguang1,2
刊名	SUSTAINABILITY
	2016-10-01
卷号	8 期号:10 页码:17
关键词	industrial diversification international diversification corporate performance sustainable development China
ISSN号	2071-1050
DOI	10.3390/su8100983
英文摘要	Recently, China's energy industry has been continuously depressed due to a slowdown in its economic development. China's energy companies have made considerable efforts to promote their corporate performance to mitigate this performance decline and to ensure the sustainable development of China's energy industry, macro economy, society and environment. In this paper, the effects of two business strategies-industrial diversification and international diversification-on the performance of listed energy firms are empirically investigated. The empirical results show the following: (1) industrial diversification hinders corporate performance; (2) for industrially-diversified energy companies, related diversified strategies are more effective than unrelated diversified strategies; and (3) international diversification improves the performance of renewable energy firms, but hinders the performance of conventional energy firms. These results suggest that as economic conditions are not currently optimal, China's energy companies should pay more attention to their main businesses and generate more products to satisfy market demand.
资助项目	National Natural Science Fund projects[714310080] ; National Natural Science Fund projects[71532013] ; open fund of Key Laboratory of Petrochemical Resource Processing and Process Intensification Technology[2014K008]
WOS研究方向	Environmental Sciences & Ecology
语种	英语
出版者	MDPI AG
WOS记录号	WOS:000389314600023
内容类型	期刊论文
源URL	[http://ir.amss.ac.cn/handle/2S8OKBNM/24444]
专题	系统科学研究所
通讯作者	Yang, Xiaoguang
作者单位	1.China Univ Petr, Sch Business Adm, 18 Fuxue Rd, Beijing 102249, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, 55 Zhongguancun East Rd, Beijing 100190, Peoples R China
推荐引用方式 GB/T 7714	Li, Qiming,Wang, Wenhuan,Lou, Yiping,et al. Diversification and Corporate Performance: Evidence from China's Listed Energy Companies[J]. SUSTAINABILITY,2016,8(10):17.
APA	Li, Qiming,Wang, Wenhuan,Lou, Yiping,Cheng, Ke,&Yang, Xiaoguang.(2016).Diversification and Corporate Performance: Evidence from China's Listed Energy Companies.SUSTAINABILITY,8(10),17.
MLA	Li, Qiming,et al."Diversification and Corporate Performance: Evidence from China's Listed Energy Companies".SUSTAINABILITY 8.10(2016):17.