Diversification and performance: evidence from East Asian firms
Diversification and performance: evidence from East Asian firms
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DOI：
10.1002/smj.572
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发表时间：
2007-02
影响因子：
1.1
通讯作者：
Abhirup Chakrabarti;Kulwant Singh;Ishtiaq P. Mahmood
中科院分区：
文献类型：
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作者：
Abhirup Chakrabarti;Kulwant Singh;Ishtiaq P. Mahmood
我们研究了在相对稳定的时期和重大的经济冲击期间，在不同的制度环境中经营的公司的多元化对业绩的影响。我们在六个处于不同制度发展水平的亚洲国家进行了研究。结果表明，多样化对较发达的体制环境的业绩产生负面影响，而仅在最不发达环境中改善业绩。即使在最不发达的体制环境中，当整个经济受到冲击时，多样化带来的好处也很有限。虽然成功的多样化经营者有时与企业集团有关联，但无论是关联企业还是独立企业，多样化经营都与业绩较差有关。总之，我们发现，多元化的结果受到制度环境，经济稳定性和与企业集团的联系。版权所有© 2007约翰威利父子有限公司.
We examine the impact of diversification on performance for firms operating in different institutional environments during a relatively stable period and during a major economy-wide shock. We locate our study in six Asian countries at different levels of institutional development. Results indicate that diversification negatively impacts performance in more developed institutional environments while improving performance only in the least developed environments. Even in the least developed institutional environments, diversification offers limited benefits when an economy-wide shock strikes. Though successful diversifiers are sometimes affiliated with business groups, diversification is associated with poorer performance for both affiliated firms and independent firms. In sum, we find that the outcomes of diversification are influenced by institutional environments, economic stability and affiliation with business groups. Copyright © 2007 John Wiley & Sons, Ltd.