The Dynamic Linkage among the Size, Growth and Profitability of Listed Companies in the ASEAN-4 Countries

Q2 Economics, Econometrics and Finance

Contemporary Management Research Pub Date : 2018-12-01 DOI:10.7903/CMR.18579

Phassawan Suntraruk, Kanix Bukkavesa, Nat Kulvanich

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Abstract

The purpose of this paper is to examine the dynamic relationship among the size, growth, and profitability of listed companies. The study sample comprised listed companies in the ASEAN-4 countries—Malaysia, the Philippines, Singapore, and Thailand—over the period 1972-2014. The K-medoids algorithm was employed in a cluster analysis, and the generalized method of moments (GMM) was applied to examine the dynamic relationship. The empirical results reveal that smaller companies tend to have higher growth than larger companies. Moreover, the results indicate that persistence of growth and persistence of profitability do not exist. There is also evidence that profitability affects companies’ growth, but companies’ growth does not affect profitability. To cite this document: Phassawan Suntraruk, Kanix Bukkavesa, Nat Kulvanich, "The Dynamic Linkage among the Size, Growth and Profitability of Listed Companies in the ASEAN-4 Countries", Contemporary Management Research, Vol.14, No.4, pp. 293-310, 2018. Permanent link to this document: http://dx.doi.org/10.7903/cmr.18579

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东盟四国上市公司规模、增长与盈利能力的动态联系

本文的目的是检验上市公司的规模、增长和盈利能力之间的动态关系。研究样本包括1972-2014年期间东盟四国——马来西亚、菲律宾、新加坡和泰国——的上市公司。聚类分析采用K-medoid算法，并采用广义矩量法（GMM）检验动态关系。实证结果表明，小公司往往比大公司有更高的增长。此外，研究结果表明，增长的持续性和盈利的持续性并不存在。还有证据表明，盈利能力会影响公司的增长，但公司的增长不会影响盈利能力。引用本文件：Phassawan Suntraruk，Kanix Bukkavesa，Nat Kulvanich，“东盟四国上市公司规模、增长和盈利能力之间的动态联系”，《当代管理研究》，第14卷，第4期，2018年第293-310页。本文件的永久链接：http://dx.doi.org/10.7903/cmr.18579

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来源期刊

Contemporary Management Research Economics, Econometrics and Finance-Economics and Econometrics

CiteScore

3.20

自引率

0.00%

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