Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China

China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Haixia Zuo [verfasserIn] Wanming Li [verfasserIn] Syed Shah Alam [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2023

Schlagwörter:	agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth

Übergeordnetes Werk:	In: Sustainability - MDPI AG, 2009, 15(2023), 7, p 6216
Übergeordnetes Werk:	volume:15 ; year:2023 ; number:7, p 6216

Links:	Link aufrufen Link aufrufen Link aufrufen Journal toc

DOI / URN:	10.3390/su15076216

Katalog-ID:	DOAJ089335120

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allfields	10.3390/su15076216 doi (DE-627)DOAJ089335120 (DE-599)DOAJ0077c9f40a0246fe8ebde766e173d3b9 DE-627 ger DE-627 rakwb eng TD194-195 TJ807-830 GE1-350 Haixia Zuo verfasserin aut Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth Environmental effects of industries and plants Renewable energy sources Environmental sciences Wanming Li verfasserin aut Syed Shah Alam verfasserin aut In Sustainability MDPI AG, 2009 15(2023), 7, p 6216 (DE-627)610604120 (DE-600)2518383-7 20711050 nnns volume:15 year:2023 number:7, p 6216 https://doi.org/10.3390/su15076216 kostenfrei https://doaj.org/article/0077c9f40a0246fe8ebde766e173d3b9 kostenfrei https://www.mdpi.com/2071-1050/15/7/6216 kostenfrei https://doaj.org/toc/2071-1050 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2507 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4367 GBV_ILN_4700 AR 15 2023 7, p 6216
spelling	10.3390/su15076216 doi (DE-627)DOAJ089335120 (DE-599)DOAJ0077c9f40a0246fe8ebde766e173d3b9 DE-627 ger DE-627 rakwb eng TD194-195 TJ807-830 GE1-350 Haixia Zuo verfasserin aut Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth Environmental effects of industries and plants Renewable energy sources Environmental sciences Wanming Li verfasserin aut Syed Shah Alam verfasserin aut In Sustainability MDPI AG, 2009 15(2023), 7, p 6216 (DE-627)610604120 (DE-600)2518383-7 20711050 nnns volume:15 year:2023 number:7, p 6216 https://doi.org/10.3390/su15076216 kostenfrei https://doaj.org/article/0077c9f40a0246fe8ebde766e173d3b9 kostenfrei https://www.mdpi.com/2071-1050/15/7/6216 kostenfrei https://doaj.org/toc/2071-1050 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2507 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4367 GBV_ILN_4700 AR 15 2023 7, p 6216
allfields_unstemmed	10.3390/su15076216 doi (DE-627)DOAJ089335120 (DE-599)DOAJ0077c9f40a0246fe8ebde766e173d3b9 DE-627 ger DE-627 rakwb eng TD194-195 TJ807-830 GE1-350 Haixia Zuo verfasserin aut Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth Environmental effects of industries and plants Renewable energy sources Environmental sciences Wanming Li verfasserin aut Syed Shah Alam verfasserin aut In Sustainability MDPI AG, 2009 15(2023), 7, p 6216 (DE-627)610604120 (DE-600)2518383-7 20711050 nnns volume:15 year:2023 number:7, p 6216 https://doi.org/10.3390/su15076216 kostenfrei https://doaj.org/article/0077c9f40a0246fe8ebde766e173d3b9 kostenfrei https://www.mdpi.com/2071-1050/15/7/6216 kostenfrei https://doaj.org/toc/2071-1050 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2507 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4367 GBV_ILN_4700 AR 15 2023 7, p 6216
allfieldsGer	10.3390/su15076216 doi (DE-627)DOAJ089335120 (DE-599)DOAJ0077c9f40a0246fe8ebde766e173d3b9 DE-627 ger DE-627 rakwb eng TD194-195 TJ807-830 GE1-350 Haixia Zuo verfasserin aut Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth Environmental effects of industries and plants Renewable energy sources Environmental sciences Wanming Li verfasserin aut Syed Shah Alam verfasserin aut In Sustainability MDPI AG, 2009 15(2023), 7, p 6216 (DE-627)610604120 (DE-600)2518383-7 20711050 nnns volume:15 year:2023 number:7, p 6216 https://doi.org/10.3390/su15076216 kostenfrei https://doaj.org/article/0077c9f40a0246fe8ebde766e173d3b9 kostenfrei https://www.mdpi.com/2071-1050/15/7/6216 kostenfrei https://doaj.org/toc/2071-1050 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2507 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4367 GBV_ILN_4700 AR 15 2023 7, p 6216
allfieldsSound	10.3390/su15076216 doi (DE-627)DOAJ089335120 (DE-599)DOAJ0077c9f40a0246fe8ebde766e173d3b9 DE-627 ger DE-627 rakwb eng TD194-195 TJ807-830 GE1-350 Haixia Zuo verfasserin aut Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China 2023 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand. agriculture companies formal institutional environment informal institutional environment diversification strategy enterprise growth Environmental effects of industries and plants Renewable energy sources Environmental sciences Wanming Li verfasserin aut Syed Shah Alam verfasserin aut In Sustainability MDPI AG, 2009 15(2023), 7, p 6216 (DE-627)610604120 (DE-600)2518383-7 20711050 nnns volume:15 year:2023 number:7, p 6216 https://doi.org/10.3390/su15076216 kostenfrei https://doaj.org/article/0077c9f40a0246fe8ebde766e173d3b9 kostenfrei https://www.mdpi.com/2071-1050/15/7/6216 kostenfrei https://doaj.org/toc/2071-1050 Journal toc kostenfrei GBV_USEFLAG_A SYSFLAG_A GBV_DOAJ GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_2014 GBV_ILN_2507 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4367 GBV_ILN_4700 AR 15 2023 7, p 6216
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callnumber-first	T - Technology
author	Haixia Zuo
spellingShingle	Haixia Zuo misc TD194-195 misc TJ807-830 misc GE1-350 misc agriculture companies misc formal institutional environment misc informal institutional environment misc diversification strategy misc enterprise growth misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China
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topic	misc TD194-195 misc TJ807-830 misc GE1-350 misc agriculture companies misc formal institutional environment misc informal institutional environment misc diversification strategy misc enterprise growth misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences
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title	Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China
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title_sort	relationship between diversification, institutional environment and growth: a study of agricultural companies in china
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title_auth	Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China
abstract	China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand.
abstractGer	China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand.
abstract_unstemmed	China’s economic growth has been heavily driven by its agriculture-related industries. This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. Applying the results of this study could help managers anticipate future policy changes and adjust their strategies accordingly, while also assisting companies in developing new products and services that meet changing demand.
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This growth has been attributed to several factors, including government policies, technological advancements, and changing consumer preferences. This research aims to shed light on the underlying mechanisms that have enabled agriculture-related listed companies to thrive in China’s rapidly evolving economic landscape. Specifically, this study examines the role of the institutional environment, diversification strategy, and Confucian culture in the growth of these companies. Based on the institutional basic view theory, transaction cost theory, principal–agent theory, brand theory, and enterprise growth theory, this study uses empirical research to analyse the diversification strategy and growth of 204 agriculture-related listed companies from 2010 to 2019. The study selected companies listed as Class A in agriculture, forestry, animal husbandry, and fishery with complete data and more than three years of history. The selection also covered those whose income from agriculture accounted for more than 50% of the total in 2021, or those with the highest income related to agriculture accounting for over 30% of the total income. The collected data is analysed with SPSS and Stata. The results showed that the formal institutional environment significantly suppresses the diversification strategy of agriculture-related listed companies, while the Confucian culture in the informal institutional environment significantly promotes it. The interaction between the formal and informal institutional environments has a complementary effect on the choice of diversification strategy. The study also finds that diversification strategy significantly suppresses the growth of agriculture-related listed companies, and the formal institutional environment has a more significant inhibitory effect on the diversification strategy of agriculture-related listed companies. In the informal institutional environment, Confucian culture plays a more significant role in promoting the diversification strategy of agriculture-related listed companies. The output of this study is an empirical investigation of the level of institutional setting and diversity production, which could aid in sustainable development and revitalisation of rural communities. 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Relationship between Diversification, Institutional Environment and Growth: A Study of Agricultural Companies in China

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