| Summary: | 碩士 === 世新大學 === 企業管理研究所(含碩專班) === 98 === In this paper we examine the dynamic relationships between managerial ownership and corporate diversification, and according to ownership structure we separate nonfamily business and family business. The sample contains the listed companies of TSEC from 2003 to 2008 and the data from Taiwan Economic Journal Database, and use fixed effect model of panel data analysis.
The results indicate that in nonfamily business, managerial ownership do not have dynamic effect with subsequent changes in corporate diversification. In family business, managerial ownership is positively related to subsequent changes in corporate diversification. In nonfamily business, diversification do not have dynamic effect with subsequent changes in managerial ownership. In family business, diversification is positively related to subsequent changes in managerial ownership.
By using longitudinal approach, we further realize the dynamic relationships between managerial ownership and corporate diversification, and we find the relationships between managerial ownership and corporate diversification will change over time, and managerial thinking will affect by different ownership.
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