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Does corporate diversification enhance firm value during times of crisis?
Title
Does corporate diversification enhance firm value during times of crisis?.
Creator
Volkov, Nikanor, Garcia-Feijoo, Luis, Graduate College
Date Issued
2013-04-12
PURL
http://purl.flvc.org/fcla/dt/3361968
Subject Headings
Diversification in industry, Value, Industrial management
Format
Document (PDF)
meta-analytic review of the diversification-performance relationship: Aggregating findings in strategic management
Title
A meta-analytic review of the diversification-performance relationship: Aggregating findings in strategic management.
Creator
Perry, Susan Ross, Florida Atlantic University, Golden, Peggy A.
Abstract/Description
This study discusses the theoretical and methodological issues in the diversification-performance literature and presents a meta-analysis of 50 studies with 169 separate effects of the diversification-performance relationship. The overall objective of this study was to answer the primary question: What is the relationship between diversification strategies and corporate performance? In addition, this study aimed to determine if the inconsistencies found in the diversification-performance...
Show moreThis study discusses the theoretical and methodological issues in the diversification-performance literature and presents a meta-analysis of 50 studies with 169 separate effects of the diversification-performance relationship. The overall objective of this study was to answer the primary question: What is the relationship between diversification strategies and corporate performance? In addition, this study aimed to determine if the inconsistencies found in the diversification-performance relationship across studies is attributable to moderator variables such as: (1) measurement of diversification, (2) measurement of performance, (3) source of data, (4) time period, and (5) industry effects. A final objective of this study was to illustrate the usefulness of meta-analytic techniques for reviewing and synthesizing empirical literature in strategic management. The results suggest that related diversified firms have higher accounting- and market-based returns and lower levels of total risk than unrelated diversified firms. These results are consistent with the predictions of agency theories of diversification. The results further indicate that related diversifiers have lower levels of systematic risk than unrelated diversifiers, a result consistent with the predictions of the traditional strategic management perspective of diversification. The results of the subgroup and combined meta-analyses of moderator effects indicate that the use of different measures of diversification (e.g., Rumelt's categories vs. SIC-based continuous), different measures of performance (accounting- vs. market-based), and source of data (e.g., primary vs. secondary) significantly influenced the relationship between diversification strategies and performance. The relationship was not affected by the time period of studies or industry effects. The findings are discussed in terms of their implications for practice and for future research.
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Date Issued
1998
PURL
http://purl.flvc.org/fcla/dt/12566
Subject Headings
Diversification in Industry, Corporate Profits, Strategic Planning
Format
Document (PDF)
Corporate diversification: organization capital, organic growth, and long-term performance
Title
Corporate diversification: organization capital, organic growth, and long-term performance.
Creator
Smith, Garrett C., Garcia-Feijoo, Luis, Florida Atlantic University, College of Business, Department of Finance
Abstract/Description
Corporate diversification is a core topic in Financial Economics. The desire to better understand why a firm elects to diversify as opposed to increase in scale is the motivation of this dissertation. To accomplish this goal I test a number of dynamic models of corporate diversification, with similar predictions, to better understand the dynamic choice to diversify. I find that several previously untested models do indeed provide insight as to why a firm would diversify (Essay One). In...
Show moreCorporate diversification is a core topic in Financial Economics. The desire to better understand why a firm elects to diversify as opposed to increase in scale is the motivation of this dissertation. To accomplish this goal I test a number of dynamic models of corporate diversification, with similar predictions, to better understand the dynamic choice to diversify. I find that several previously untested models do indeed provide insight as to why a firm would diversify (Essay One). In particular two firm traits, firm talent which I use the proxy of organization capital and asset specificity which I use the proxy of asset tangibility, are strongly related to propensity of the firm to engage in corporate diversification for the first time.
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Date Issued
2015
PURL
http://purl.flvc.org/fau/fd/FA00004468, http://purl.flvc.org/fau/fd/FA00004468
Subject Headings
Competition, Corporate reorganizations, Corporations -- Growth, Diversification in industry, Economics -- Sociological effects, Industrial organization
Format
Document (PDF)