Corporate Diversification And Firm Performance

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Diversification, Industry Dynamism, and Economic Performance

Author : Matthias Knecht
Publisher : Springer Science & Business Media
ISBN 13 : 3658026774
Total Pages : 365 pages
Book Rating : 4.6/5 (58 download)

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Book Synopsis Diversification, Industry Dynamism, and Economic Performance by : Matthias Knecht

Download or read book Diversification, Industry Dynamism, and Economic Performance written by Matthias Knecht and published by Springer Science & Business Media. This book was released on 2013-07-01 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decision to diversify lies at the core of corporate strategy and is one of the most important decisions for top management. Matthias Knecht introduces a new perspective on corporate diversification that extends the academic discussion and reveals substantial new insights with regards to one of the most pressing questions in strategic management: what makes a diversification strategy successful? The author introduces the dynamism of industries as the dominant force in the firm’s environment that influences the organization on all levels. Due to strategic, organizational, and managerial similarities of businesses competing in similar dynamic environments, synergistic benefits and superior economic performance can be realized through the combination of dynamic-related businesses in the corporate portfolio. This study provides a quantitative, multidimensional operationalization of industry dynamism and an in-depth assessment of the dynamism of a wide range of industries. At the core of the study lies the investigation of the performance impact of dynamic-related diversification strategies. The results provide new insights into successful portfolio construction strategies in the face of today’s dynamic environments.

Corporate Diversification and Firm Performance

Author : Sajid Ali
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Corporate Diversification and Firm Performance by : Sajid Ali

Download or read book Corporate Diversification and Firm Performance written by Sajid Ali and published by . This book was released on 2019 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aimed to investigate the relationship between corporate diversification and firm performance in a developing country. Previous studies have found that the mixed results have been established between these two constructs in developed countries such as linear, u-shaped or inverted u-shaped relationship. To this end, a sample of 141 non-financial companies over the period of 2003 to 2013 listed on Pakistani stock market was used to analyze the impact of diversification strategy on the performance of firm. Corporate diversification is divided into two types including product and geographic diversification. The findings of the study demonstrated that an inverted u-shaped relationship existed as performance increased up to a certain level due to the related diversification strategy and then it fell down drastically. It showed that too much diversification creates agency problems and internal inefficiencies. It has implications for agency problems, weak corporate governance structures, and family relationships.

Essays on Corporate Diversification and Firm Value

Author : Tyson Brighton Mackey
Publisher :
ISBN 13 :
Total Pages : 97 pages
Book Rating : 4.:/5 (76 download)

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Book Synopsis Essays on Corporate Diversification and Firm Value by : Tyson Brighton Mackey

Download or read book Essays on Corporate Diversification and Firm Value written by Tyson Brighton Mackey and published by . This book was released on 2006 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation finds new evidence on the relationship between diversification and firm performance. In Chapter Two, theory and evidence are presented showing how empirical studies accounting for the endogeneity of the diversification decision must also account for a firm's alternative uses for its free cash flow. This chapter examines dividends and stock repurchases in tandem with the firm's diversification decision and finds that the factors that lead a firm to diversify also make it more likely to pay a dividend. Controlling for this relationship, the diversification premium found by recent research correcting for endogeneity turns back into a discount. In Chapter Three, consideration is given to the possibility that different firms can have differing results from diversification. Using a random parameters model, a distribution of firm-specific diversification effects is estimated, finding that, while diversification destroys value on average, it creates value for a quarter of firms. This chapter also hypothesizes that firms may have an optimal portfolio of businesses, and firms that are not creating value from diversification could potentially do so through by diversifying further. Through a series of hypothetical related and unrelated diversification scenarios, this chapter finds that almost half of the diversified firms who are not creating value through their past diversification efforts would create value from further related diversification; while very few of the firms that are currently creating value from diversification would create value from further diversification. After observing the heterogeneity across firms in the impact of diversification on firm performance, theory and evidence is presented on the source of this heterogeneity in Chapter Four. Using a Bayesian linear hierarchical model, firm-specific effects of diversification on firm performance are estimated as a function of firm attributes. The main finding is that the firm-specific resources that allow a firm to succeed in its original business, allow the firm to succeed through related diversification. Unsuccessful firms will not find success simply by finding a new market in which to compete.

Corporate Diversification

Author : E. Ralph Biggadike
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Corporate Diversification by : E. Ralph Biggadike

Download or read book Corporate Diversification written by E. Ralph Biggadike and published by . This book was released on 1979 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Diversification, Refocusing, and Economic Performance

Author : Constantinos Markides
Publisher : MIT Press
ISBN 13 : 9780262133111
Total Pages : 228 pages
Book Rating : 4.1/5 (331 download)

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Book Synopsis Diversification, Refocusing, and Economic Performance by : Constantinos Markides

Download or read book Diversification, Refocusing, and Economic Performance written by Constantinos Markides and published by MIT Press. This book was released on 1995 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the causes and consequences of the "refocusing" phenomenon, where companies have stopped diversifying and begun focusing once more on their core product lines. Coverage includes a discussion of the effects of refocusing on market value, profitability and organizational structure.

Diversification, Relatedness, and Performance

Author : Frithjof Pils
Publisher : Springer Science & Business Media
ISBN 13 : 3834981818
Total Pages : 229 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Diversification, Relatedness, and Performance by : Frithjof Pils

Download or read book Diversification, Relatedness, and Performance written by Frithjof Pils and published by Springer Science & Business Media. This book was released on 2009-04-09 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frithjof Pils uses multiple statistical techniques to examine the true nature of the relationships between diversification strategies and accounting-based, market-based, and growth-based performance. The author shows implications for the interpretation of past research, the design of future research including the use of meta-analysis methodologies, as well as management practice.

Tobin's Q, Corporate Diversification and Firm Performance

Author : Larry H.P. Lang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Tobin's Q, Corporate Diversification and Firm Performance by : Larry H.P. Lang

Download or read book Tobin's Q, Corporate Diversification and Firm Performance written by Larry H.P. Lang and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we show that Tobin's q and firm diversification are negatively related throughout the 1980s. This negative relation holds for different diversification measures and when we control for other known determinants of q. Further, diversified firms have lower q's than portfolios of pure-play firms active in the same industries as the divisions of the diversified firms. In our sample, the firms that choose to diversify are poor performers relative to firms that do not, but there is only weak evidence that they have lower q's than the firms in their industry. We find no evidence supportive of the view that diversification provides firms with a valuable intangible asset.

Downscoping

Author : Robert E. Hoskisson
Publisher : Oxford University Press
ISBN 13 : 0195360117
Total Pages : 223 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Downscoping by : Robert E. Hoskisson

Download or read book Downscoping written by Robert E. Hoskisson and published by Oxford University Press. This book was released on 1994-09-01 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.

Asia-Pacific Contemporary Finance and Development

Author : William A. Barnett
Publisher : Emerald Group Publishing
ISBN 13 : 1789732735
Total Pages : 344 pages
Book Rating : 4.7/5 (897 download)

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Book Synopsis Asia-Pacific Contemporary Finance and Development by : William A. Barnett

Download or read book Asia-Pacific Contemporary Finance and Development written by William A. Barnett and published by Emerald Group Publishing. This book was released on 2019-06-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of The International Symposia in Economic Theory and Econometrics explores and investigates contemporary challenges and issues facing the Asia-Pacific economies. For researchers and students of economics and finance, this volume is a fascinating exploration of emerging topics in one the fastest growing economies in the world.

Corporate Growth and Diversification

Author : Charles Horace Berry
Publisher : Princeton University Press
ISBN 13 : 1400872960
Total Pages : 198 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Corporate Growth and Diversification by : Charles Horace Berry

Download or read book Corporate Growth and Diversification written by Charles Horace Berry and published by Princeton University Press. This book was released on 2015-03-08 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: As an increasing number of large corporations branch out into many fields of industry, public concern over the lateral extension of their power is aroused. Arguing that entry by large firms into concentrated industries may instead stimulate competition, Charles H. Berry analyzes the effect that such diversification has on corporate growth and on the structure and functioning of industrial markets. To identify a relationship between the growth of large corporations and the pattern of their diversifying activities, Professor Berry examines 460 of the largest U.S. industrial corporations. In tracing the effects of their entry into some 200 manufacturing industries, he develops new and striking evidence of the protected position of leading firms in concentrated industries, a position that can be effectively undermined by the diversification of more powerful corporations into these industries. Originally published in 1975. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

The Risky Business of Diversification

Author : Ralph Biggadike
Publisher :
ISBN 13 : 9780000793034
Total Pages : pages
Book Rating : 4.7/5 (93 download)

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Book Synopsis The Risky Business of Diversification by : Ralph Biggadike

Download or read book The Risky Business of Diversification written by Ralph Biggadike and published by . This book was released on 1979-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Performance Impact of Business Group Affiliation

Author : Manohar Singh
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Performance Impact of Business Group Affiliation by : Manohar Singh

Download or read book Performance Impact of Business Group Affiliation written by Manohar Singh and published by . This book was released on 2006 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: To understand the performance implications of corporate strategies as conditioned by business group affiliations, we analyze the relationship between corporate diversification and performance for 889 Indian firms. We find that diversified firms perform significantly worse than focused firms and that there exists a significant negative relationship between the degree of diversification and firm performance. A comparative analysis of firms affiliated with Indian business groups and those affiliated with MNCs indicates that sources of negative impact of diversification on performance are conditioned by the nature of a firm's affiliation. For multinational affiliates, diversification appears to be associated with poor asset quality and asset management, which is an indicator of possible agency conflict. For domestic business group affiliates, diversification appears to generate cost inefficiencies leading to poor performance.

Corporate Diversification and Firm Performance

Author : John A. Doukas
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Corporate Diversification and Firm Performance by : John A. Doukas

Download or read book Corporate Diversification and Firm Performance written by John A. Doukas and published by . This book was released on 2012 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short- and long-term valuation effects of Swedish takeovers. Using a sample of 93 bidding firms that acquired 101 targets between 1980 and 1995, we find that diversifying acquisitions lead to a negative market reaction and deterioration of the operating performance of the bidder. Our findings do not support the internal capital market hypothesis that postulates information asymmetries and market imperfections enhance the value of diversification. We find that the typical bidder is a growing firm while the target has a weaker performance than its industry competitors. Performance gains in each of the three years following the acquisition occur only when bidders expand their core business rather than diversify in peripheral lines of business. The announcement gains are also greater for firms that chose to expand their core lines of business. Our findings suggest that focused acquisitions lead to greater synergies and operating efficiencies than diversifying acquisitions. This implies that agency costs associated with diversification outweigh possible benefits arising from the creation of internal capital markets. Further, we find that concentrated ownership in the hands of insiders does mitigate the losses of diversifying bidders.

Services Marketing Issues in Emerging Economies

Author : Atanu Adhikari
Publisher : Springer Nature
ISBN 13 : 9811587876
Total Pages : 195 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis Services Marketing Issues in Emerging Economies by : Atanu Adhikari

Download or read book Services Marketing Issues in Emerging Economies written by Atanu Adhikari and published by Springer Nature. This book was released on 2021-02-24 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book would enable students, academics and practitioners to develop a thorough understanding on how to address service marketing issues and problems in a variety of settings in emerging economies. This book would also give them the background necessary to think through different elements of service marketing in emerging markets by comparing and contrasting with developed economies. This book will describe the component of service marketing, including service mix, service development, consumer behavior, customer assessment, service communication, role of electronic channel and channel management, service chain, pricing and similar topics. Chapters of the book will focus on creating, communicating and delivering customer value to emerging market consumers through several service marketing strategies, processes and programs in the context of markets dynamics, consumer diversity, and competitors. By way of illustrating various actual business situations, this book will help students, academics and practitioners to build necessary skills to take service marketing decisions in emerging economies. This book would be relevant for students of postgraduate programs of full time MBA, post graduate diploma in management, and executive post graduate programs and doctoral programs to develop a critical understanding of the business scenarios and service marketing strategies in emerging economies.

Competitive Advantage

Author : Michael E. Porter
Publisher : Simon and Schuster
ISBN 13 : 1416595848
Total Pages : 592 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Competitive Advantage by : Michael E. Porter

Download or read book Competitive Advantage written by Michael E. Porter and published by Simon and Schuster. This book was released on 2008-06-30 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now beyond its eleventh printing and translated into twelve languages, Michael Porter’s The Competitive Advantage of Nations has changed completely our conception of how prosperity is created and sustained in the modern global economy. Porter’s groundbreaking study of international competitiveness has shaped national policy in countries around the world. It has also transformed thinking and action in states, cities, companies, and even entire regions such as Central America. Based on research in ten leading trading nations, The Competitive Advantage of Nations offers the first theory of competitiveness based on the causes of the productivity with which companies compete. Porter shows how traditional comparative advantages such as natural resources and pools of labor have been superseded as sources of prosperity, and how broad macroeconomic accounts of competitiveness are insufficient. The book introduces Porter’s “diamond,” a whole new way to understand the competitive position of a nation (or other locations) in global competition that is now an integral part of international business thinking. Porter's concept of “clusters,” or groups of interconnected firms, suppliers, related industries, and institutions that arise in particular locations, has become a new way for companies and governments to think about economies, assess the competitive advantage of locations, and set public policy. Even before publication of the book, Porter’s theory had guided national reassessments in New Zealand and elsewhere. His ideas and personal involvement have shaped strategy in countries as diverse as the Netherlands, Portugal, Taiwan, Costa Rica, and India, and regions such as Massachusetts, California, and the Basque country. Hundreds of cluster initiatives have flourished throughout the world. In an era of intensifying global competition, this pathbreaking book on the new wealth of nations has become the standard by which all future work must be measured.

Strategic Management (color)

Author :
Publisher :
ISBN 13 : 9781949373943
Total Pages : 325 pages
Book Rating : 4.3/5 (739 download)

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Book Synopsis Strategic Management (color) by :

Download or read book Strategic Management (color) written by and published by . This book was released on 2020-08-18 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic Management (2020) is a 325-page open educational resource designed as an introduction to the key topics and themes of strategic management. The open textbook is intended for a senior capstone course in an undergraduate business program and suitable for a wide range of undergraduate business students including those majoring in marketing, management, business administration, accounting, finance, real estate, business information technology, and hospitality and tourism. The text presents examples of familiar companies and personalities to illustrate the different strategies used by today's firms and how they go about implementing those strategies. It includes case studies, end of section key takeaways, exercises, and links to external videos, and an end-of-book glossary. The text is ideal for courses which focus on how organizations operate at the strategic level to be successful. Students will learn how to conduct case analyses, measure organizational performance, and conduct external and internal analyses.

The Impact of Geographic Diversification on Firm Performance

Author : Young Sang Kim
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Impact of Geographic Diversification on Firm Performance by : Young Sang Kim

Download or read book The Impact of Geographic Diversification on Firm Performance written by Young Sang Kim and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically examines the economic effects of both corporate industrial and geographic diversifications. Using a sample of 28,050 firm year observations from 1990 to 1998, we find that industrial and geographic diversifications are associated with firm value decrease. Consistent with Denis et al. (2002), the costs of corporate diversification may outweigh the benefits of diversification. We find that geographically diversified firms have higher Ramp;D expenditures, advertising expenses, operating income, ROE and ROA than industrially diversified firms. In addition, higher Ramp;D expenditures create value for multi-segment global firms, but not for single segment global firms. This result implies that there exists an interaction effect between industrial and geographic diversification. We also examine the effects of agency cost issues, as characterized by the diversification discount, on both industrial and geographic diversification. Consistent with the agency explanation, firms with high equity-based compensation are associated with higher firm value than firms with low equity-based compensation. Also, we find that firms with a higher insider ownership percentage are associated with higher excess value.