The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries
Abstract
:1. Introduction
2. Review of Literature
3. Methodology
3.1. Data
3.2. Statistics
β8AQi,t + β9ACSIZEi,t + β10ACAi,t + β11AGEi,t + β12GRTHi,t + β13SIZEi,t + εi,t,
β8AQi,t + β9ACSIZEi,t + β10ACAi,t + β11AGEi,t + β12GRTHi,t + β13SIZEi,t + εi,t,
β8AQi,t + β9ACSIZEi,t + β10ACAi,t + β11AGEi,t + β12GRTHi,t + β13SIZEi,t + εi,t.
4. Empirical Analysis
5. Conclusions
Author Contributions
Funding
Conflicts of Interest
References
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Countries | Diversified Firms | Single Product Firms | Total |
---|---|---|---|
Pakistan | 225 | 38 | 263 |
India | 87 | 30 | 117 |
Sri Lanka | 74 | 21 | 95 |
Bangladesh | 29 | 16 | 45 |
Total | 415 | 105 | 520 |
Study Issue | Variable/s | Symbols | Definition/Calculation | Reference/s |
---|---|---|---|---|
Firms’ Financial Performance | Return on Assets | ROA | Net income Available to Common Shareholders/Book value of assets | Afza et al. (2008); Iqbal et al. (2012) |
Return on Equity | ROE | Net income/Shareholders equity | Afza et al. (2008); Iqbal et al. (2012) | |
Tobin’s Q | TQ | The market value of equity plus book value of liabilities divided by book value of Assets | Wernerfelt (1997); Afza et al. (2008) | |
Corporate Diversification | Product Diversification | PD | Value 1, if a firm operates in more than one product, otherwise 0. | Afza et al. (2008) |
Geographic Diversification | GD | Foreign sales divided by Total sales. | Schmid and Walter (2012) | |
Financial Structure | Investment Policy | IP | Change in Investment in Fixed Assets | Aivazian et al. (2005) |
Capital Structure/Financing Policy | CS | Total debts divided by total assets | Bhaduri (2002) | |
Dividend per share | DP | Total dividends paid out in a year/outstanding common shares | Oloidi and Adeyeye (2014) | |
Corporate Governance and Audit Quality Characteristics as Control Variables | Board Size | BSIZE | Number of Members in Board | Bhagat and Bolton (2008) |
CEO duality | CEOD | Value 1 if the CEO also acts as chairman of the board, otherwise 0. | Bhagat and Bolton (2008) | |
Audit quality | AQ | Value 1, if the firms get their accounts audited with big four audit professionals (Deloittee Touche Tohmatsu, PwC, Ernst & Young and KPMG), otherwise 0. | Francis and Yu (2009) | |
Audit Committee Size | ACSIZE | Total number of members in the audit committee | Azim (2012) | |
Audit Committee Activity | ACA | The frequency of audit committee meetings in a financial year. | Xie et al. (2003) | |
Other Control Variables | Size | SIZE | Natural Log of Total Assets | Hunjra et al. (2014) |
Growth | GRTH | Percentage change in sales | Muritala (2012); | |
Age | AGE | Difference between the year in which the firm starts and the year in which the firm exists in the sample | Muritala (2012); Hunjra et al. (2014) |
Pakistan | India | Sri Lanka | Bangladesh | Overall | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Mean | S.D. | Mean | S.D. | Mean | S.D. | Mean | S.D. | Mean | S.D. | |
ROA | 0.039 | 0.124 | 0.051 | 0.197 | 0.079 | 0.191 | 0.087 | 0.106 | 0.051 | 0.155 |
ROE | 0.138 | 0.385 | 0.177 | 0.458 | 0.137 | 0.334 | 0.190 | 0.383 | 0.150 | 0.396 |
TQ | 1.224 | 0.978 | 0.712 | 0.465 | 0.575 | 0.359 | 0.537 | 0.276 | 0.962 | 0.831 |
PD | 0.835 | 0.371 | 0.747 | 0.435 | 0.770 | 0.421 | 0.656 | 0.476 | 0.794 | 0.405 |
GD | 0.155 | 0.258 | 0.124 | 0.233 | 0.079 | 0.239 | 0.128 | 0.310 | 0.135 | 0.255 |
CS | 0.587 | 0.286 | 0.566 | 0.243 | 0.442 | 0.229 | 0.434 | 0.217 | 0.550 | 0.271 |
DP | 4.930 | 20.215 | 0.007 | 0.039 | 0.105 | 0.823 | 0.208 | 1.565 | 2.760 | 15.232 |
IP | 0.137 | 0.503 | 0.154 | 0.556 | 0.146 | 0.598 | 0.184 | 0.728 | 0.145 | 0.547 |
BSIZE | 7.854 | 1.345 | 8.234 | 3.340 | 8.159 | 2.524 | 8.274 | 2.566 | 8.014 | 2.230 |
CEOD | 0.282 | 0.450 | 0.550 | 0.498 | 0.137 | 0.344 | 0.081 | 0.273 | 0.307 | 0.461 |
AQ | 0.460 | 0.498 | 0.082 | 0.275 | 0.843 | 0.364 | 0.065 | 0.246 | 0.409 | 0.492 |
ACSIZE | 3.243 | 0.597 | 3.531 | 1.339 | 2.843 | 0.779 | 3.780 | 1.191 | 3.280 | 0.921 |
ACA | 4.169 | 0.599 | 4.191 | 1.614 | 4.093 | 1.439 | 4.215 | 1.285 | 4.165 | 1.104 |
AGE | 34.445 | 18.860 | 38.245 | 28.112 | 47.449 | 36.822 | 28.481 | 23.069 | 36.960 | 25.434 |
GRTH | 0.164 | 0.690 | 0.163 | 0.455 | 0.146 | 2.068 | 0.238 | 0.986 | 0.169 | 1.065 |
SIZE | 21.764 | 1.557 | 15.519 | 1.553 | 14.917 | 1.520 | 16.028 | 1.683 | 18.914 | 3.545 |
ROA | ROE | TQ | PD | GD | CS | DP | IP | BSIZE | CEOD | AQ | ACSIZE | ACA | AGE | GRTH | SIZE | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ROA | 1 | |||||||||||||||
ROE | 0.325 | 1 | ||||||||||||||
TQ | 0.052 | 0.102 | 1 | |||||||||||||
PD | −0.010 | 0.019 | 0.074 | 1 | ||||||||||||
GD | 0.007 | −0.009 | −0.076 | 0.030 | 1 | |||||||||||
CS | −0.147 | −0.017 | 0.092 | 0.017 | 0.034 | 1 | ||||||||||
DP | 0.132 | 0.125 | 0.317 | 0.066 | −0.025 | −0.009 | 1 | |||||||||
IP | 0.039 | −0.010 | 0.008 | 0.008 | −0.013 | −0.002 | 0.009 | 1 | ||||||||
BSIZE | 0.053 | 0.019 | 0.031 | −0.083 | −0.057 | −0.042 | 0.028 | 0.051 | 1 | |||||||
CEOD | −0.116 | 0.000 | −0.017 | 0.018 | 0.057 | 0.125 | −0.033 | −0.019 | 0.062 | 1 | ||||||
AQ | 0.172 | 0.028 | 0.157 | 0.039 | −0.079 | −0.170 | 0.162 | 0.027 | 0.111 | −0.261 | 1 | |||||
ACSIZE | 0.053 | 0.017 | 0.062 | −0.024 | −0.010 | −0.046 | 0.050 | 0.047 | 0.508 | 0.074 | 0.009 | 1 | ||||
ACA | −0.048 | −0.001 | 0.005 | 0.014 | 0.024 | 0.000 | 0.003 | 0.042 | 0.359 | 0.110 | 0.050 | 0.366 | 1 | |||
AGE | 0.051 | −0.016 | −0.010 | −0.017 | −0.031 | −0.104 | 0.058 | 0.011 | 0.125 | −0.015 | 0.127 | 0.099 | −0.026 | 1 | ||
GRTH | 0.035 | 0.007 | −0.008 | −0.030 | −0.013 | −0.018 | −0.005 | 0.033 | −0.006 | −0.017 | 0.006 | 0.011 | −0.010 | 0.026 | 1 | |
SIZE | −0.046 | −0.010 | 0.341 | 0.092 | 0.101 | 0.156 | 0.201 | 0.021 | 0.043 | −0.070 | 0.179 | 0.069 | 0.069 | −0.045 | 0.015 | 1 |
Dependent Variable (ROA) | Dependent Variable (ROE) | Dependent Variable (TQ) | |||||||
---|---|---|---|---|---|---|---|---|---|
L1. | 0.241 *** | 0.243 *** | 0.244 *** | 0.163 *** | 0.165 *** | 0.165 *** | 0.393 *** | 0.391 *** | 0.390 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
L2. | 0.143 *** | 0.133 *** | 0.134 *** | 0.039 *** | 0.042 *** | 0.044 *** | −0.047 *** | −0.047 *** | −0.049 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PD | 0.026 * | -- | 0.017 | 0.124 *** | -- | 0.091 ** | 0.184 *** | -- | 0.207 *** |
(0.085) | (0.264) | (0.005) | (0.033) | (0.001) | (0.000) | ||||
GD | -- | 0.030 *** | 0.026 *** | -- | 0.066 | 0.056 | -- | −0.086 *** | −0.103 *** |
(0.003) | (0.008) | (0.103) | (0.157) | (0.003) | (0.001) | ||||
CS | −0.040 *** | −0.044 *** | −0.043 *** | −0.040 | −0.060 * | −0.060 * | 0.292 *** | 0.274 *** | 0.277 *** |
(0.000) | (0.000) | (0.000) | (0.252) | (0.090) | (0.089) | (0.000) | (0.000) | (0.000) | |
DP | 0.0002 *** | 0.0002 *** | 0.0002 *** | −0.001 * | 0.000 | −0.000 | −0.001 *** | −0.001 ** | −0.001 *** |
(0.007) | (0.004) | (0.004) | (0.065) | (0.147) | (0.136) | (0.008) | (0.010) | (0.007) | |
IP | 0.000 | −0.001 | −0.002 | −0.001 | −0.001 | −0.003 | −0.007 | −0.011 ** | −0.010 * |
(0.861) | (0.620) | (0.493) | (0.878) | (0.828) | (0.687) | (0.189) | (0.037) | (0.054) | |
BSIZE | 0.000 | 0.000 | 0.000 | −0.001 | 0.001 | 0.001 | 0.005 | 0.004 | 0.005 |
(0.978) | (0.834) | (0.810) | (0.858) | (0.799) | (0.881) | (0.250) | (0.389) | (0.313) | |
CEOD | 0.007 | 0.004 | 0.005 | 0.012 | 0.002 | 0.006 | −0.040 * | −0.030 | −0.036 |
(0.230) | (0.473) | (0.436) | (0.566) | (0.939) | (0.779) | (0.071) | (0.191) | (0.110) | |
AQ | 0.006 | 0.004 | 0.004 | −0.010 | −0.001 | −0.009 | 0.171 *** | 0.166 *** | 0.162 *** |
(0.322) | (0.481) | (0.493) | (0.653) | (0.960) | (0.686) | (0.000) | (0.000) | (0.000) | |
ACSIZE | 0.005 ** | 0.002 | 0.003 | 0.008 | −0.003 | −0.003 | 0.033 *** | 0.033 *** | 0.034 *** |
(0.049) | (0.285) | (0.243) | (0.458) | (0.801) | (0.823) | (0.002) | (0.001) | (0.001) | |
ACA | 0.000 | −0.001 | −0.001 | 0.004 | 0.005 | 0.006 | 0.001 | 0.002 | 0.001 |
(0.835) | (0.526) | (0.533) | (0.377) | (0.336) | (0.249) | (0.807) | (0.680) | (0.810) | |
AGE | −0.002 *** | −0.003 *** | −0.003 *** | −0.006 *** | −0.005 *** | −0.005 *** | −0.011 *** | −0.011 *** | −0.011 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | |
GRTH | 0.008 ** | 0.008 ** | 0.007 ** | 0.014 | 0.016 * | 0.015 * | 0.000 | 0.000 | 0.000 |
(0.024) | (0.024) | (0.028) | (0.107) | (0.052) | (0.064) | (0.980) | (0.948) | (0.999) | |
SIZE | −0.018 *** | −0.014 *** | −0.013 *** | 0.008 | −0.003 | −0.004 | 0.060 *** | 0.066 *** | 0.063 *** |
(0.000) | (0.000) | (0.000) | (0.463) | (0.730) | (0.679) | (0.000) | (0.000) | (0.000) | |
C | 0.436 *** | 0.407 *** | 0.386 *** | 0.041 | 0.357 ** | 0.283 * | −0.676 *** | −0.624 *** | −0.715 *** |
(0.000) | (0.000) | (0.000) | (0.827) | (0.030) | (0.097) | (0.000) | (0.001) | (0.000) |
Pakistan | India | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dependent Variable (ROA) | Dependent Variable (ROE) | Dependent Variable (TQ) | Dependent Variable (ROA) | Dependent Variable (ROE) | Dependent Variable (TQ) | |||||||||||||
L1. | 0.223 *** | 0.224 *** | 0.223 *** | 0.098 *** | 0.103 *** | 0.099 *** | 0.340 *** | 0.338 *** | 0.338 *** | 0.293 *** | 0.290 *** | 0.291 *** | 0.145 *** | 0.143 *** | 0.144 *** | 0.616 *** | 0.617 *** | 0.616 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
L2. | 0.119 *** | 0.118 *** | 0.119 *** | 0.050 *** | 0.056 *** | 0.049 *** | −0.074 *** | −0.073 *** | −0.076 *** | 0.229 *** | 0.229 *** | 0.229 *** | 0.057 *** | 0.057 *** | 0.058 *** | −0.159 *** | −0.164 *** | −0.163 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
PD | 0.026 ** | -- | 0.022 * | 0.144 *** | -- | 0.121 *** | 0.318 *** | -- | 0.384 *** | −0.031 *** | -- | −0.032 *** | −0.086 *** | -- | −0.078 *** | −0.009 | -- | −0.01 1* |
(0.020) | (0.053) | (0.000) | (0.001) | (0.001) | (0.000) | (0.000) | (0.000) | (0.003) | (0.004) | (0.181) | (0.086) | |||||||
GD | -- | 0.027 *** | 0.024 *** | -- | 0.168 *** | 0.151 *** | -- | −0.185 *** | −0.246 *** | -- | 0.006 *** | 0.008 *** | -- | −0.017 *** | −0.019 *** | -- | −0.025 *** | −0.027 *** |
(0.003) | (0.007) | (0.000) | (0.000) | (0.000) | (0.000) | (0.003) | (0.000) | (0.000) | (0.000) | (0.006) | (0.004) | |||||||
CS | −0.087 *** | −0.089 *** | −0.089 *** | −0.079 *** | −0.073 *** | −0.074 *** | −0.071 * | −0.096 ** | −0.086 ** | 0.020 *** | 0.020 *** | 0.021 *** | −0.343 *** | −0.353 *** | −0.350 *** | 0.522 *** | 0.518 *** | 0.520 *** |
(0.000) | (0.000) | (0.000) | (0.003) | (0.007) | (0.006) | (0.069) | (0.010) | (0.027) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
DP | 0.0004 *** | 0.0004 *** | 0.0004 *** | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.319 *** | 0.320 *** | 0.321 *** | 0.564 *** | 0.541 *** | 0.550 *** | 0.408 *** | 0.432 *** | 0.447 *** |
(0.000) | (0.000) | (0.000) | (0.272) | (0.294) | (0.362) | (0.212) | (0.140) | (0.353) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
IP | −0.005 *** | −0.005 *** | −0.005 *** | −0.012 * | −0.007 | −0.009 | 0.037 *** | 0.030 *** | 0.034 *** | 0.020 *** | 0.021 *** | 0.021 *** | 0.004 | 0.001 | 0.001 | −0.041 *** | −0.040 *** | −0.041 *** |
(0.008) | (0.002) | (0.002) | (0.070) | (0.347) | (0.194) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.000) | (0.119) | (0.693) | (0.584) | (0.000) | (0.000) | (0.000) | |
BSIZE | −0.002 | −0.002 | −0.002 | 0.004 | 0.005 | 0.006 | 0.026 * | 0.024 * | 0.025 * | 0.003 *** | 0.003 *** | 0.003 *** | 0.003 ** | 0.002 * | 0.003 * | 0.025 *** | 0.024 *** | 0.025 *** |
(0.186) | (0.124) | (0.175) | (0.542) | (0.426) | (0.329) | (0.071) | (0.089) | (0.080) | (0.000) | (0.000) | (0.000) | (0.020) | (0.070) | (0.050) | (0.000) | (0.000) | (0.000) | |
CEOD | −0.004 | −0.005 | −0.005 | −0.012 | −0.009 | −0.015 | −0.188 *** | −0.183 *** | −0.177 *** | −0.059 *** | −0.061 *** | −0.063 *** | 0.042 *** | 0.052 *** | 0.048 *** | −0.153 *** | −0.159 *** | −0.160 *** |
(0.456) | (0.441) | (0.412) | (0.491) | (0.616) | (0.446) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
AQ | −0.002 | −0.001 | −0.002 | −0.137 *** | −0.130 *** | −0.131 *** | 0.566 *** | 0.561 *** | 0.545 *** | −0.006 *** | −0.009 | −0.008 | −0.027 * | −0.025 * | −0.023 | 0.661 *** | 0.654 *** | 0.667 *** |
(0.706) | (0.845) | (0.742) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.244) | (0.254) | (0.057) | (0.067) | (0.112) | (0.000) | (0.000) | (0.000) | |
ACSIZE | 0.012 *** | 0.012 *** | 0.012 *** | 0.035** | 0.029** | 0.032** | 0.209 *** | 0.204 *** | 0.208 *** | 0.014 *** | 0.013 *** | 0.013 *** | −0.015 *** | −0.015 *** | −0.015 *** | −0.007 * | −0.006 * | −0.006 |
(0.000) | (0.000) | (0.000) | (0.018) | (0.049) | (0.035) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.057) | (0.097) | (0.114) | |
ACA | −0.00 * | −0.005 * | −0.005* | 0.004 | 0.001 | 0.001 | −0.001 | 0.004 | 0.002 | −0.011 *** | −0.011 *** | −0.011 *** | 0.009 *** | 0.010 *** | 0.009 *** | 0.023 *** | 0.024 *** | 0.024 *** |
(0.073) | (0.054) | (0.062) | (0.482) | (0.835) | (0.884) | (0.926) | (0.780) | (0.876) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
AGE | −0.003 *** | −0.003 *** | −0.003 *** | −0.002 * | 0.000 | −0.001 | 0.022 *** | 0.020 *** | 0.022 *** | −0.001 *** | −0.001 *** | −0.001 *** | −0.007 *** | −0.008 *** | −0.007 *** | −0.012 *** | −0.012 *** | −0.012 *** |
(0.000) | (0.000) | (0.000) | (0.051) | (0.879) | (0.422) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
GRTH | 0.019 *** | 0.019 *** | 0.019 *** | 0.028 *** | 0.030 *** | 0.029 *** | 0.014 ** | 0.015 *** | 0.016 *** | 0.022 *** | 0.021 *** | 0.022 *** | 0.075 *** | 0.072 *** | 0.073 *** | −0.043 *** | −0.043 *** | −0.042 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.022) | (0.006) | (0.009) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
SIZE | 0.019 *** | 0.018 *** | 0.017 *** | −0.003 | −0.008 | −0.007 | −0.450 *** | −0.430 *** | −0.444 *** | −0.051 *** | −0.050 *** | −0.051 *** | −0.090 *** | −0.086 *** | −0.087 *** | 0.184 *** | 0.184 *** | 0.184 *** |
(0.000) | (0.000) | (0.000) | (0.808) | (0.548) | (0.624) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
C | −0.255 *** | −0.223 *** | −0.234 *** | 0.070 | 0.230 | 0.120 | 8.561 *** | 8.515 *** | 8.410 *** | 0.871 *** | 0.848 *** | 0.875 *** | 2.025 *** | 1.922 *** | 1.989 *** | −2.569 *** | −2.592 *** | −2.583 *** |
(0.000) | (0.000) | (0.000) | (0.781) | (0.380) | (0.656) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) |
Sri Lanka | Bangladesh | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dependent Variable (ROA) | Dependent Variable (ROE) | Dependent Variable (TQ) | Dependent Variable (ROA) | Dependent Variable (ROE) | Dependent Variable (TQ) | |||||||||||||
L1. | 0.430 *** | 0.400 *** | 0.393 *** | 0.084 *** | 0.106 *** | 0.112 *** | 0.390 *** | 0.391 *** | 0.402 *** | 0.122 *** | 0.103 *** | 0.094 ** | 0.124 *** | 0.073 *** | 0.088 *** | 0.466 *** | 0.507 *** | 0.479 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.021) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
L2. | 0.370 *** | 0.277 *** | 0.274 *** | 0.056 *** | 0.001 | 0.011 *** | −0.144 *** | −0.122 *** | −0.146 *** | 0.170 *** | 0.132 *** | 0.163 *** | −0.229 *** | −0.203 *** | −0.189 *** | −0.134 *** | −0.147 *** | −0.102 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.317) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.004) | |
PD | −0.006 | -- | −0.073 *** | 0.599 *** | -- | 0.224 *** | −0.292 *** | -- | −0.312 *** | 0.204 *** | -- | 0.209 *** | 1.505 *** | -- | 1.471 *** | 0.063 | -- | −0.157 |
(0.362) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.482) | (0.130) | |||||||
GD | -- | 0.217 *** | 0.201 *** | -- | −0.575 *** | −0.508 *** | -- | 0.018 * | −0.005 | -- | 0.018 *** | 0.017 *** | -- | −0.187 *** | −0.152 *** | -- | 0.035 *** | 0.031 ** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.061) | (0.498) | (0.003) | (0.007) | (0.000) | (0.000) | (0.006) | (0.011) | |||||||
CS | −0.201 *** | −0.201 *** | −0.196 *** | −0.493 *** | −0.477 *** | −0.473 *** | 0.989 *** | 0.972 *** | 0.989 *** | 0.027 ** | 0.005 | 0.030 ** | 1.021 *** | 0.599 *** | 0.519 *** | 0.492 *** | 0.479 *** | 0.508 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.019) | (0.544) | (0.025) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
DP | −0.003 *** | −0.003 *** | −0.003 *** | 0.029 *** | 0.020 *** | 0.019 *** | −0.007 *** | −0.001 *** | −0.007 *** | −0.001 | 0.001 | 0.000 | −0.018 *** | −0.023 *** | −0.019 *** | −0.021 *** | −0.017 *** | −0.016 *** |
(0.000) | (0.000) | (0.001) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.220) | (0.281) | (0.935) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | |
IP | 0.049 *** | 0.053 *** | 0.053 *** | −0.066 *** | −0.075 *** | −0.075 *** | −0.004 *** | 0.004 *** | −0.006 *** | −0.002 | −0.004 * | −0.002 | 0.009 | −0.027 *** | −0.018 ** | 0.030 *** | 0.035 *** | 0.029 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.498) | (0.070) | (0.234) | (0.111) | (0.000) | (0.026) | (0.000) | (0.000) | (0.000) | |
BSIZE | 0.001 | 0.005 *** | 0.004 *** | −0.028 *** | −0.021 *** | −0.020 *** | 0.008 *** | 0.010 *** | 0.007 *** | 0.002 * | 0.004 | 0.005 *** | 0.046 *** | −0.030 *** | 0.011 ** | −0.001 | 0.005 | −0.007 |
(0.161) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.099) | (0.008) | (0.002) | (0.000) | (0.000) | (0.031) | (0.832) | (0.436) | (0.242) | |
CEOD | −0.001 | 0.050 *** | 0.051 *** | −0.064 *** | −0.068 *** | −0.064 *** | 0.101 *** | 0.103 *** | 0.094 *** | −0.034 ** | −0.014 | −0.030 ** | −0.192 *** | −0.190 *** | −0.192 *** | 0.029 | 0.175 ** | 0.126 |
(0.848) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.014) | (0.269) | (0.048) | (0.000) | (0.000) | (0.000) | (0.490) | (0.024) | (0.130) | |
AQ | 0.036 *** | −0.173 *** | −0.177 *** | 0.483 *** | 0.429 *** | 0.366 *** | −0.193 *** | −0.270 *** | −0.178 *** | 0.047 *** | 0.040 *** | 0.044 *** | −0.024 | −0.003 | 0.047 | −0.033 | −0.018 | 0.001 |
(0.001) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.661) | (0.918) | (0.376) | (0.569) | (0.188) | (0.943) | |
ACSIZE | 0.013 *** | 0.029 *** | 0.033 *** | −0.134 *** | −0.130 *** | −0.134 *** | 0.004 | −0.016 *** | 0.003 | 0.019 *** | 0.020 *** | 0.022 *** | 0.084 *** | 0.036 *** | 0.072 *** | −0.009 | −0.004 | −0.017 ** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.481) | (0.000) | (0.624) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.331) | (0.526) | (0.021) | |
ACA | −0.004 *** | −0.006 *** | −0.005 *** | 0.017 *** | 0.001 | 0.005 ** | 0.001 | 0.001 | 0.000 | −0.006 *** | −0.005 *** | −0.005 * | −0.012 | 0.066 *** | 0.033 ** | −0.022 *** | −0.030 *** | −0.028 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.675) | (0.018) | (0.221) | (0.324) | (0.837) | (0.008) | (0.006) | (0.093) | (0.471) | (0.000) | (0.022) | (0.000) | (0.000) | (0.000) | |
AGE | −0.013 *** | −0.010 *** | −0.009 *** | 0.006 *** | 0.005 *** | 0.006 *** | 0.011 *** | 0.012 *** | 0.011 *** | −0.003 *** | −0.0005 * | −0.002 *** | −0.032 *** | −0.023 *** | −0.039 *** | 0.000 | 0.004 *** | 0.004 ** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.074) | (0.002) | (0.000) | (0.000) | (0.000) | (0.925) | (0.000) | (0.017) | |
GRTH | 0.003 *** | 0.004 *** | 0.004 *** | 0.002 *** | 0.004 | 0.005 | 0.004 *** | 0.003 *** | 0.003 *** | 0.012 *** | 0.009 *** | 0.020 *** | 0.047 *** | −0.037 *** | 0.021 *** | 0.003 | −0.003 | −0.007 |
(0.000) | (0.003) | (0.006) | (0.628) | (0.226) | (0.220) | (0.000) | (0.002) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.004) | (0.519) | (0.276) | (0.106) | |
SIZE | 0.019 *** | −0.025 *** | −0.026 *** | −0.140 *** | −0.161 *** | −0.160 *** | −0.019 *** | −0.035 *** | −0.016 *** | 0.004 | −0.022 *** | −0.008 | 0.139 *** | 0.130 *** | 0.094 *** | −0.019 ** | −0.018 ** | −0.026 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.475) | (0.000) | (0.189) | (0.000) | (0.000) | (0.001) | (0.044) | (0.047) | (0.001) | |
C | 0.386 *** | 0.966 *** | 1.027 *** | 1.834 *** | 2.726 *** | 2.536 *** | 0.025 | 0.124 *** | 0.030 | −0.149 * | 0.325 *** | −0.030 | −3.231 *** | −1.610 *** | −1.782 *** | 0.528 *** | 0.398 ** | 0.734 *** |
(0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.000) | (0.533) | (0.000) | (0.553) | (0.071) | (0.000) | (0.747) | (0.000) | (0.000) | (0.000) | (0.004) | (0.037) | (0.000) |
© 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Mehmood, R.; Hunjra, A.I.; Chani, M.I. The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. J. Risk Financial Manag. 2019, 12, 49. https://doi.org/10.3390/jrfm12010049
Mehmood R, Hunjra AI, Chani MI. The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management. 2019; 12(1):49. https://doi.org/10.3390/jrfm12010049
Chicago/Turabian StyleMehmood, Rashid, Ahmed Imran Hunjra, and Muhammad Irfan Chani. 2019. "The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries" Journal of Risk and Financial Management 12, no. 1: 49. https://doi.org/10.3390/jrfm12010049
APA StyleMehmood, R., Hunjra, A. I., & Chani, M. I. (2019). The Impact of Corporate Diversification and Financial Structure on Firm Performance: Evidence from South Asian Countries. Journal of Risk and Financial Management, 12(1), 49. https://doi.org/10.3390/jrfm12010049