Organizational capital and the choice between specialization and diversification
作者:
Michael Gort,
Henry Grabowski,
Robert McGuckin,
期刊:
Managerial and Decision Economics
(WILEY Available online 1985)
卷期:
Volume 6,
issue 1
页码: 2-10
ISSN:0143-6570
年代: 1985
DOI:10.1002/mde.4090060103
出版商: John Wiley&Sons, Ltd.
数据来源: WILEY
摘要:
AbstractThis paper specifies a model in which the preservation of organizational capital is the principal factor motivating corporate diversification decisions. Alternative hypotheses of the determinants of diversification are then subjected to empirical test with data for 96 US industrial firms in the 1967–71 period. Consistent with the model, variables associated with unfavorable expectations on the marginal returns to investment in existing activities proved dominant in explaining ‘desired’ increases in diversification. Alternative explanations, namely, the role of managerial attributes, of absolute advantages of some firms, and of opportunities created by research and development, had more modest explanatory
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