Firms’ Technological Resources and The Performance Effects of Diversification : A Longitudinal Study  

Oleh:

Miller, Douglas J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 11 (Nov. 2004), page 1097-1120.
Topik: FIRM; diversification; resource - based view; relatedness; longitudinal

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.17 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

While agency theory claims managerial self - interest creates a diversification discount, strategic theory explains that firms with certain kinds of resources should diversity. Longitudinal data on 227 firms that diversity between 1980 and 1992 reveal that the sample firms invest less in R & D and have greater breath of technology (based on patent citations) than their industry peers prior to the diversification event. Also, acquiring firms may appear to have lower performance because of accounting conventions and because firms that use internal growth rather than acquisition pursue less extensive diversification. These findings help explain how diversification and financial performance are endogenous.

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