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Diversification and Corporate Performance: Evidence from China's Listed Energy Companies
Li, Qiming1; Wang, Wenhuan1; Lou, Yiping1; Cheng, Ke1; Yang, Xiaoguang1,2
Source PublicationSUSTAINABILITY
AbstractRecently, 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.
Keywordindustrial diversification international diversification corporate performance sustainable development China
Funding ProjectNational 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 Research AreaEnvironmental Sciences & Ecology
WOS SubjectEnvironmental Sciences ; Environmental Studies
WOS IDWOS:000389314600023
PublisherMDPI AG
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Document Type期刊论文
Corresponding AuthorYang, Xiaoguang
Affiliation1.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
Recommended Citation
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.
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