Maximizing Value Through Diversification  

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Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Sloan: Management Review vol. 43 no. 2 (2002), page 10-12.
Topik: diversification; value; diversification

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Perpustakaan Pusat (Semanggi) Nomor Panggil: SS27 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Corporate diversification is a prime example of a once -p opular management idea that has fallen from grace. In the 1960s, the "conglomerate kings" - giants such as Gulf & Western and ITT - snapped up dozens of businesses to general acclaim. More recent studies, however, have found that diversified companies trade at a 5 % to 12 % discount relative to focused companies. Most economists interpret this evidence to mean that diversification causes poor performance. According to the standard agency account, managers pursue diversification for selfish reasons, such as the desire to build an empire or reduce their personal risk. The resulting conglomerates often operate inefficiently - strong divisions, for example, may subsidize the weak - leading investors to punish diversified companies. But what if the causal arrow points the other way ? Could diversification be not the cause of poor performance, but its result ? That's the argument put forward by John Matsusaka, professor of finance and business economics at the University of Southern California, in an article titled "Corporate Diversification, Value Maximization and Organizational Capabilities," which appeared in the July 2001 issue of the Journal of Business.

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