摘要:

AbstractThis study examines the stability of the relationship between diversification and shareholder value across contiguous time periods, organized so as to highlight three distinct market cycles. By defining value as a two‐dimensional construct, separating the concurrent economic phenomena of cycle and trend, and controlling for other factors that influence risk and return, this study finds that the best way to protect shareholder value against economic downturns is to diversify in a manner such that ‘all of one's eggs are in similar baske

ISSN:0143-2095    

DOI:10.1002/smj.4250120402

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractFirm announcements of adoption of the multidivisional (M‐form) structure are evaluated using stock market data and event methodology. Results indicate that investors positively value M‐form adoption. Furthermore, some support is found for the hypothesis that firm diversification strategy (related versus unrelated) is contingently related to investors' valuation of M‐form implement

ISSN:0143-2095    

DOI:10.1002/smj.4250120403

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractBased on 173 acquisitions in the U.S. manufacturing industry, this study examines the impact of organizational differences between acquiring and acquired firms on post‐acquisition performance. The findings indicate that differences in top management styles have a negative impact on performance in acquisitions characterized by both high and low levels of post‐acquisition integration. However, no such relationship was observed between differences in the reward and evaluation systems and post‐acquisition performance in either the high or low integration subgroups. Implications of the findings, along with directions for future research, have been discussed in the concluding section of this

ISSN:0143-2095    

DOI:10.1002/smj.4250120404

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractThe paper analyzes the functional relationship between profitability and market share for type of businesses in the PIMS data base. Although a linear relationship has been imposed in other studies, our result shows that empirically it seems a poor representation of the data. In addition, three observations seem to be most evident. First, small‐share businesses were not per se less successful than larger business units. In the service market and the market for raw or semi‐finished materials small‐share businesses were just as profitable or even more profitable than larger business units. Second, some businesses were ‘stuck in the middle’, which was most evident in the service market but also in the retail and wholesale markets. Third, very large‐share businesses were often less profitable. A critical market share was identified as between 65 and 70 percent. Beyond that level the RO

ISSN:0143-2095    

DOI:10.1002/smj.4250120405

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractPerceptions of environmental uncertainty and organizational control influence strategic behavior. As national culture influences these perceptions we expect to find cultural differences in interpretation and response to strategic issues. Given a case describing an issue concerning deregulation of the U.S. banking industry, managers completed questionnaires rating interpretations and responses to that issue. National culture was found to influence interpretation and responses. In particular, Latin European managers when compared with other managers were more likely to interpret the issue as a crisis and as a threat. Latin Europeans were also more likely to recommend proactive behavior. This study indicates that different cultures are likely to interpret and respond to the same strategic issue in different ways. These differences may help to explain and predict different responses of European countries to ‘1992

ISSN:0143-2095    

DOI:10.1002/smj.4250120406

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

摘要:

AbstractThis research examines the relationship between ownership structure and financial performance in the context of the agency theory. It improves upon previous research by presenting an improved risk‐adjusted performance measure, by using a larger sample size than prior work and also by controlling for firm size differences. The results suggest that ownership is significantly related to firm financial performance even after controlling for siz

ISSN:0143-2095    

DOI:10.1002/smj.4250120407

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY

ISSN:0143-2095    

DOI:10.1002/smj.4250120401

出版商:John Wiley&Sons, Ltd.    

年代:1991

数据来源: WILEY