This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock mar...This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock market can be explained by changes in their performance. First, we use a weighted financial ratio-based Data Envelopment Analysis （DEA） model to estimate the performance of banks. We then regress changes in performance against the total shareholder returns to investigate their relationship. The results indicate that changes in performance are reflected in TSR. That is, well-performed banks tend to generate more return for their stockholders.展开更多
This paper intends to examine the motivation of diversification. We choose the Shanghai listed companies that adopted a diversification strategy in 2011 but realized a declined performance in 2012 as the study samples...This paper intends to examine the motivation of diversification. We choose the Shanghai listed companies that adopted a diversification strategy in 2011 but realized a declined performance in 2012 as the study samples, and come to the following conclusions： （1） The macro environment will affect the implementation of the diversification strategy for some industries, such as extractive industry, wood furniture industry, rubber industry, and the building industry; （2） As to the sample of downward performance diversified companies, the shareholders＇ benefits transfer motivation is an important consideration. Further analysis shows that there are some differences in the degree of diversification, benefits transfer motivation, and the degree of income impairment when the sample is classified by corporate nature, growth stage, and firm size. The differences are more obvious in different corporate natures; and （3） A clear correlation between the management ability and the degree of income impairment is not found. But there are some correlations between ownership concentration and the degree of income impairment.展开更多
文摘This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock market can be explained by changes in their performance. First, we use a weighted financial ratio-based Data Envelopment Analysis （DEA） model to estimate the performance of banks. We then regress changes in performance against the total shareholder returns to investigate their relationship. The results indicate that changes in performance are reflected in TSR. That is, well-performed banks tend to generate more return for their stockholders.
文摘This paper intends to examine the motivation of diversification. We choose the Shanghai listed companies that adopted a diversification strategy in 2011 but realized a declined performance in 2012 as the study samples, and come to the following conclusions： （1） The macro environment will affect the implementation of the diversification strategy for some industries, such as extractive industry, wood furniture industry, rubber industry, and the building industry; （2） As to the sample of downward performance diversified companies, the shareholders＇ benefits transfer motivation is an important consideration. Further analysis shows that there are some differences in the degree of diversification, benefits transfer motivation, and the degree of income impairment when the sample is classified by corporate nature, growth stage, and firm size. The differences are more obvious in different corporate natures; and （3） A clear correlation between the management ability and the degree of income impairment is not found. But there are some correlations between ownership concentration and the degree of income impairment.
