Firms technological resources and the performance effects of diversification: A longitudinal study

• 成果类型: Review
• 署名作者: Miller, DJ
• 署名单位: Tulane University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.411
• 发表日期: 2004
• 页码: 1097-1119
• 关键词: Diversification; resource-based view; relatedness; longitudinal

摘要

While agency theory claims managerial self-interest creates a diversification discount, strategic theory explains that firms with certain kinds of resources should diversify. Longitudinal data oil 227 firms that diversify between 1980 and 1992 reveal that the sample firms invest less in R&D and have greater breadth 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 art, endogenous. Copyright (C) 2004 John Wiley Sons, Ltd.