A consistent analysis of diversification decisions with non-observable firm effects

• 成果类型: Article
• 署名作者: Merino, F; Rodriguez, DR
• 署名单位: Universidad de Alcala; Complutense University of Madrid
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199710)18:9<733::AID-SMJ915>3.0.CO;2-1
• 发表日期: 1997
• 页码: 733-743
• 关键词: Diversification; unobserved firm effects

摘要

The empirical analyses of firm diversification decisions, both for new activities (new products) and markets (for example, new routes for airlines), have usually estimated a binary dependent variable model for each of the decisions the firm makes. To obtain consistent estimators, every relevant effect must be considered in the specification. hs this will hardly happen, the presence of nonobserved firm effects (either because such data do not exist or because it is impossible to obtain them) must be econometrically treated, because it causes inconsistency in the estimations. In this paper we propose to use the estimators provided by the maximization of the conditional likelihood function in problems of this kind because they give consistent results even when unobserved firm effects are present. Finally, Me apply this technique to an example of diversification among Spanish manufacturers. (C) 1997 by John Wiley & Sons, Ltd.