Alias , Norazlan and Mat Nor, Fauzias
(2004)
Additional Evidence On Board Ownership, Firm
Performance And Level Of Diversification:
The Case Of Malaysian Firms.
Asian Academy of Management Journal (AAMJ), 9 (1).
pp. 1-11.
ISSN 1394-2603
Abstract
This study attempts to examine the relationship between level of diversification and
board ownership using bivariate correlation analysis. It further analyses using partial
correlation analysis if any of the selected variables act as a common cause variable that
correlates level of diversification and firm performance and develop a final estimated
regression model using the selected variables extracted from 121 listed companies on the
Kuala Lumpur Stock Exchanges (KLSE). Only concentration of ownership and degree of
shareholders' control shows significant positive correlation. In the multiple regression
analysis, dividend policy remains to be the predictor variable for Tobins' Q as a measure
of firm performance but with a small R square
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