規模、集團隸屬與擴張積極性

Firm Size, Business Group Affiliation and Expansion Aggressiveness

Expansion is an important strategic decision for firms which seek to make growth. This paper aims to investigate the impact of firm size on expansion aggressiveness and the moderating effects of business group affiliation on the relationship between firm size and expansion aggressiveness. This study anticipates that the relationship between firm size and expansion aggressiveness presents in inverted-U shape and the business group affiliation will negatively moderate this relationship. Drawing on the sample from Taiwanese securities industry, there are 2,831 firm-year and 412 business group observations selected into the analysis. We use random-effects Poisson regression to test our hypotheses. The empirical results suggest that firm size has an increasing positive impact on expansion aggressiveness. However, the impact turns out to be negative when the firm size exceeds the reflecting point. We also find that the business group affiliation negatively moderate this relationship. Our study makes a contribution to the literature of strategic management and business group and provides a new dimension to interpret firm expansion.