The Dynamic Relationship between Managerial Ownership and Corporate Diversification: Evidence for Family and Non-Family Businesses
Bibliographic record
Abstract
In Taiwan, ownership structure is separated to differentiate between family businesses and non-family businesses. Moreover, the dynamic relationship between managerial ownership and corporate diversification is complicated. This study is attempted to examine, under different ownership structure, whether managerial ownership is associated with subsequent changes in diversification or diversification is associated with subsequent changes in ownership. This study used a sample of firms listed in Taiwan from 2002 to 2011; the Panel Data Regression with fixed effects model is utilized to find the relationship between managerial ownership and diversification. This result shows that in non-family businesses, managerial ownership (diversification) is negatively related to subsequent diversification (subsequent managerial ownership); in family businesses, managerial ownership (diversification) is positively related to subsequent diversification (subsequent managerial ownership). Therefore, investors should understand the business strategy that lead to changes among family business, managerial ownership and diversification in order to facilitate investment decisions.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.002 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".