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不确定性与企业成长之关联.PDF
行
不聯
The Link between Uncertainty and Firm Growth
NSC 94-2416-H-004-050
行年8年
丹
立易 理
Email: dctan@nccu.edu.tw
列, 不
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不料
年利率 不不
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Abstract:
Firm growth is accompanied by a series of investments in tangible and intangible assets.
Although the role of uncertainty in affecting firm investments is widely recognized, we know
little about how uncertainty influences firm growth. This study is an attempt at exploring the
relationship between uncertainty and the growth of the firm. Based on a sample of Taiwanese
firms, it is found that after controlling for firm age, profitability, size, and industry heterogeneity,
the relationship between uncertainty and firm growth is contingent on firm characteristics. In
particular, uncertainty makes a more negative impact on growth for RD intensive Taiwanese
firms, and makes a less negative impact on growth for larger Taiwanese firms.
Keywords: Firm growth, uncertainty, investment
Firm growth is an important aspect of the dynamics of a firm (Delmer, Davidsson, and
Gartner, 2003; Weinzimmer, Nystrom, and Freeman, 1998). It is not surprising that much work
has been done to enhance the understanding of the growth of the firm. Given that growth is an
1
outcome of a firm ’s adjus
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