caa a22 4500 467939705 CHVBK 20180406153008.0 cr unu---uuuuu 170328e20061201xx s 000 0 eng 10.1007/s10490-006-9017-0 doi (NATIONALLICENCE)springer-10.1007/s10490-006-9017-0 Impact of state ownership and control mechanisms on the performance of group affiliated companies in China [Elektronische Daten] [Yuan Lu, Jun Yao] This paper examines the moderating impact of state ownership and group control mechanisms on the relationship between diversification and performance of companies affiliated with large business groups in China. We find that the state ownership has enhanced the performance of group affiliated companies when they adopted higher degrees of diversification. We also find that cash flow rights have a positive impact on the performance of companies with lower degrees of diversification while in general group control rights have a negative impact on the performance. These results suggest that a group's control mechanisms, derived from pyramid ownership structures, enable the dominant owners to expropriate the value from minority shareholders or tunnel corporate resources for their own interest. Springer Science+Business Media, LLC, 2006 Group affiliated companies nationallicence State ownership nationallicence Diversification nationallicence Firm performance nationallicence Lu Yuan Department of Management, Chinese University of Hong Kong, Shatin, N. T., Hong Kong aut Yao Jun China Merchants Group Limited Post Doctoral Laboratory & Dalian Maritime University, 518067, Shenzhen, China aut Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 485-503 0217-4561 23:4<485 2006 23 10490 https://doi.org/10.1007/s10490-006-9017-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10490-006-9017-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Lu Yuan Department of Management, Chinese University of Hong Kong, Shatin, N. T., Hong Kong aut NATIONALLICENCE 700 1- Yao Jun China Merchants Group Limited Post Doctoral Laboratory & Dalian Maritime University, 518067, Shenzhen, China aut NATIONALLICENCE 773 0- Asia Pacific Journal of Management Springer US; http://www.springer-ny.com 23/4(2006-12-01), 485-503 0217-4561 23:4<485 2006 23 10490 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer