메뉴 건너뛰기




Volumn 3, Issue 3, 2009, Pages 157-190

Product diversification strategy and financial performance: Meta-analytic evidence on causality and construct multidimensionality

Author keywords

Corporate strategy; Financial performance; Meta analysis; Product diversification

Indexed keywords


EID: 77949273983     PISSN: 18636683     EISSN: 18636691     Source Type: Journal    
DOI: 10.1007/s11846-009-0027-4     Document Type: Article
Times cited : (41)

References (130)
  • 1
    • 0001559433 scopus 로고    scopus 로고
    • The myth of the unique decomposability: Specializing the Herfindahl and entropy measures'?
    • doi:10.1002/(SICI)1097-0266(199910)20:10<969::AID-SMJ57>3.0.CO;2-0
    • Acar W, Sankaran K (1999) 'The myth of the unique decomposability: specializing the Herfindahl and entropy measures'? Strateg Manag J 20: 969-975. doi: 10. 1002/(SICI)1097-0266(199910)20: 10<969:: AID-SMJ57> 3. 0. CO; 2-0.
    • (1999) Strateg Manag J , vol.20 , pp. 969-975
    • Acar, W.1    Sankaran, K.2
  • 2
    • 0000748204 scopus 로고
    • Diversification and the risk-return trade-off
    • Amit R, Livnat J (1988a) Diversification and the risk-return trade-off. Acad Manag J 31: 154-166.
    • (1988) Acad Manag J , vol.31 , pp. 154-166
    • Amit, R.1    Livnat, J.2
  • 3
    • 84989051530 scopus 로고
    • Diversification strategies, business cycles and economic performance
    • Amit R, Livnat J (1988b) Diversification strategies, business cycles and economic performance. Strateg Manag J 9: 99-110.
    • (1988) Strateg Manag J , vol.9 , pp. 99-110
    • Amit, R.1    Livnat, J.2
  • 4
    • 84965567102 scopus 로고
    • A concept of conglomerate diversification
    • Amit R, Livnat J (1988c) A concept of conglomerate diversification. J Manag 14: 593-604.
    • (1988) J Manag , vol.14 , pp. 593-604
    • Amit, R.1    Livnat, J.2
  • 5
    • 0001159169 scopus 로고
    • Efficient corporate diversification: Methods and implications
    • Amit R, Livnat J (1989) Efficient corporate diversification: methods and implications. Manag Sci 35: 879-897.
    • (1989) Manag Sci , vol.35 , pp. 879-897
    • Amit, R.1    Livnat, J.2
  • 8
    • 0012985588 scopus 로고    scopus 로고
    • Corporate strategy in a small open economy: Reducing product diversification while increasing international diversification
    • Bengtsson L (2000) Corporate strategy in a small open economy: reducing product diversification while increasing international diversification. Eur Manag J 18: 444-453.
    • (2000) Eur Manag J , vol.18 , pp. 444-453
    • Bengtsson, L.1
  • 9
    • 0001852811 scopus 로고
    • Diversification's effect on firm value
    • Berger PG, Ofek E (1995) Diversification's effect on firm value. J Financ Econ 37: 39-65.
    • (1995) J Financ Econ , vol.37 , pp. 39-65
    • Berger, P.G.1    Ofek, E.2
  • 10
    • 21844497802 scopus 로고
    • Problems with repeated measures analysis: Demonstration with a study of the diversification and performance relationship
    • Bergh DD (1995) Problems with repeated measures analysis: demonstration with a study of the diversification and performance relationship. Acad Manag J 38: 1692-1708.
    • (1995) Acad Manag J , vol.38 , pp. 1692-1708
    • Bergh, D.D.1
  • 11
    • 0032331437 scopus 로고    scopus 로고
    • Portfolio restructuring and limits to hierarchical governance: The effects of environmental uncertainty and diversification strategy
    • Bergh DD, Lawless MW (1998) Portfolio restructuring and limits to hierarchical governance: the effects of environmental uncertainty and diversification strategy. Organ Sci 9: 87-102.
    • (1998) Organ Sci , vol.9 , pp. 87-102
    • Bergh, D.D.1    Lawless, M.W.2
  • 12
    • 84968283726 scopus 로고
    • Strategic management in the multibusiness firm
    • Bettis RA, Hall WK (1981) Strategic management in the multibusiness firm. Calif Manag Rev 24(1): 23-38.
    • (1981) Calif Manag Rev , vol.24 , Issue.1 , pp. 23-38
    • Bettis, R.A.1    Hall, W.K.2
  • 13
    • 0000228963 scopus 로고
    • Diversification strategy, accounting determined risk and accounting determined return
    • Bettis RA, Hall WK (1982) Diversification strategy, accounting determined risk and accounting determined return. Acad Manag J 25: 254-264.
    • (1982) Acad Manag J , vol.25 , pp. 254-264
    • Bettis, R.A.1    Hall, W.K.2
  • 14
    • 0001718732 scopus 로고
    • Risk/return performance of diversified firms
    • Bettis RA, Mahanjan V (1985) Risk/return performance of diversified firms. Manag Sci 31: 785-799.
    • (1985) Manag Sci , vol.31 , pp. 785-799
    • Bettis, R.A.1    Mahanjan, V.2
  • 15
    • 27544433451 scopus 로고    scopus 로고
    • Foreign-based competition and corporate diversification strategy
    • Bowen HP, Wiersema MF (2005a) Foreign-based competition and corporate diversification strategy. Strateg Manag J 26: 1153-1171.
    • (2005) Strateg Manag J , vol.26 , pp. 1153-1171
    • Bowen, H.P.1    Wiersema, M.F.2
  • 16
    • 0001123323 scopus 로고    scopus 로고
    • Matching method to paradigm in strategy research: Limitations of cross-sectional analysis and some methodological alternatives
    • Bowen HP, Wiersema MF (2005b) Matching method to paradigm in strategy research: limitations of cross-sectional analysis and some methodological alternatives. Strateg Manag J 20: 625-636.
    • (2005) Strateg Manag J , vol.20 , pp. 625-636
    • Bowen, H.P.1    Wiersema, M.F.2
  • 17
    • 0005993257 scopus 로고    scopus 로고
    • Diversification strategy, entry mode and performance: Evidence of choice and constraints
    • Busija EC, O'Neil HM, Zeithaml CP (1997) Diversification strategy, entry mode and performance: evidence of choice and constraints. Strateg Manag J 18: 321-327.
    • (1997) Strateg Manag J , vol.18 , pp. 321-327
    • Busija, E.C.1    O'Neil, H.M.2    Zeithaml, C.P.3
  • 19
    • 0000834517 scopus 로고
    • Diversification and seller concentration: Evidence from changes, 1963-72
    • Caves RE (1981) Diversification and seller concentration: evidence from changes, 1963-72. Rev Econ Stat 63: 289-293.
    • (1981) Rev Econ Stat , vol.63 , pp. 289-293
    • Caves, R.E.1
  • 21
    • 84989092742 scopus 로고
    • The impact of diversification strategy on risk-return performance
    • Chang Y, Thomas H (1989) The impact of diversification strategy on risk-return performance. Strateg Manag J 10: 285-294.
    • (1989) Strateg Manag J , vol.10 , pp. 285-294
    • Chang, Y.1    Thomas, H.2
  • 22
    • 21144476513 scopus 로고
    • Measurement of firm diversification: Is it robust'?
    • Chatterjee S, Blocher JD (1992) 'Measurement of firm diversification: is it robust'? Acad Manage J 35: 874-888.
    • (1992) Acad Manage J , vol.35 , pp. 874-888
    • Chatterjee, S.1    Blocher, J.D.2
  • 23
    • 84989040310 scopus 로고
    • The link between resources and type of diversification: Theory and evidence
    • Chatterjee S, Wernerfelt B (1991) The link between resources and type of diversification: theory and evidence. Strateg Manag J 12: 33-48.
    • (1991) Strateg Manag J , vol.12 , pp. 33-48
    • Chatterjee, S.1    Wernerfelt, B.2
  • 24
    • 84989065244 scopus 로고
    • Corporate economic performance: Diversification strategy versus market structure
    • Christensen HK, Montgomery CA (1981) Corporate economic performance: diversification strategy versus market structure. Strateg Manag J 2: 327-343.
    • (1981) Strateg Manag J , vol.2 , pp. 327-343
    • Christensen, H.K.1    Montgomery, C.A.2
  • 25
    • 26244452721 scopus 로고    scopus 로고
    • Are group-affiliated firms really more profitable than nonaffiliated'?
    • Chu W (2004) 'Are group-affiliated firms really more profitable than nonaffiliated'? Small Bus Econ 22: 391-405.
    • (2004) Small Bus Econ , vol.22 , pp. 391-405
    • Chu, W.1
  • 26
    • 84979188687 scopus 로고
    • The nature of the firm
    • Coase R (1937) The nature of the firm. Economica 4(16): 386-405.
    • (1937) Economica , vol.4 , Issue.16 , pp. 386-405
    • Coase, R.1
  • 28
    • 33747293931 scopus 로고    scopus 로고
    • The dimensionality of organizational performance and its implications for strategic management research
    • D. J. Ketchen and D. D. Bergh (Eds.), Greenwich: JAI Press
    • Combs JG, Crook TR, Shook CL (2005) The dimensionality of organizational performance and its implications for strategic management research. In: Ketchen DJ, Bergh DD (eds) Research methodology in strategy and management, vol 2. JAI Press, Greenwich.
    • (2005) Research Methodology in Strategy and Management , vol.2
    • Combs, J.G.1    Crook, T.R.2    Shook, C.L.3
  • 29
    • 85025178326 scopus 로고
    • Diversification and performance: Critical review and future directions
    • Datta DK, Rajagopalan N, Rasheed AMA (1991) Diversification and performance: critical review and future directions. J Manag Stud 28: 529-558.
    • (1991) J Manag Stud , vol.28 , pp. 529-558
    • Datta, D.K.1    Rajagopalan, N.2    Rasheed, A.M.A.3
  • 30
    • 13244268392 scopus 로고    scopus 로고
    • From corporate strategy to business-level advantage: Relatedness as resource congruence
    • D'Aveni RA, Ravenscraft DJ, Anderson P (2004) From corporate strategy to business-level advantage: relatedness as resource congruence. Manag Decis Econ 25: 365-381.
    • (2004) Manag Decis Econ , vol.25 , pp. 365-381
    • D'Aveni, R.A.1    Ravenscraft, D.J.2    Anderson, P.3
  • 31
    • 84989071172 scopus 로고
    • Diversification, vertical integration, and industry analysis: New perspectives and measurement
    • Davis R, Duhaime IM (1992) Diversification, vertical integration, and industry analysis: new perspectives and measurement. Strateg Manag J 13: 511-524.
    • (1992) Strateg Manag J , vol.13 , pp. 511-524
    • Davis, R.1    Duhaime, I.M.2
  • 32
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis DJ, Denis DK, Sarin A (1997) Agency problems, equity ownership, and corporate diversification. J Financ 52: 135-160.
    • (1997) J Financ , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 33
    • 0001381384 scopus 로고
    • Diversification and measures of performance: Additional empirical evidence
    • Dubofsky P, Varadarajan PR (1987) Diversification and measures of performance: additional empirical evidence. Acad Manag J 30: 597-606.
    • (1987) Acad Manag J , vol.30 , pp. 597-606
    • Dubofsky, P.1    Varadarajan, P.R.2
  • 34
    • 84989059334 scopus 로고
    • Implementing the unrelated product strategy
    • Dundas KHM, Richardson PR (1982) Implementing the unrelated product strategy. Strateg Manag J 3: 287-301.
    • (1982) Strateg Manag J , vol.3 , pp. 287-301
    • Dundas, K.H.M.1    Richardson, P.R.2
  • 35
    • 0001320899 scopus 로고    scopus 로고
    • The independent and joint effects of the skill and physical bases of relatedness in diversification
    • Farjoun M (1998) The independent and joint effects of the skill and physical bases of relatedness in diversification. Strateg Manag J 19: 611-630.
    • (1998) Strateg Manag J , vol.19 , pp. 611-630
    • Farjoun, M.1
  • 36
    • 8844260504 scopus 로고    scopus 로고
    • Cross-country evidence on the value of corporate industrial and international diversification
    • Fauver L, Houston JF, Naranjo A (2004) Cross-country evidence on the value of corporate industrial and international diversification. J Corp Financ 10: 729-752.
    • (2004) J Corp Financ , vol.10 , pp. 729-752
    • Fauver, L.1    Houston, J.F.2    Naranjo, A.3
  • 37
    • 0041013954 scopus 로고    scopus 로고
    • Generalizing diversification theory across economic sectors: Theoretical and empirical considerations
    • Winter
    • Gassenheimer JB, Keep WW (1998) Generalizing diversification theory across economic sectors: theoretical and empirical considerations. J Mark Theory Pract, Winter, pp 38-47.
    • (1998) J Mark Theory Pract , pp. 38-47
    • Gassenheimer, J.B.1    Keep, W.W.2
  • 38
    • 0002965429 scopus 로고    scopus 로고
    • Product and international diversification among Japanese multinational firms
    • Geringer JM, Tallman S, Olsen DM (2000) Product and international diversification among Japanese multinational firms. Strateg Manag J 21: 51-80.
    • (2000) Strateg Manag J , vol.21 , pp. 51-80
    • Geringer, J.M.1    Tallman, S.2    Olsen, D.M.3
  • 39
    • 0002100348 scopus 로고
    • Primary, secondary, and meta-analysis
    • Glass GV (1976) Primary, secondary, and meta-analysis. Educ Res 5(10): 3-8.
    • (1976) Educ Res , vol.5 , Issue.10 , pp. 3-8
    • Glass, G.V.1
  • 40
    • 0039176402 scopus 로고    scopus 로고
    • Cultural diversity and the performance of multinational firms
    • Gomez-Mejia LR, Palich LE (1997) Cultural diversity and the performance of multinational firms. J Int Bus Stud Second Quart, pp 309-335.
    • (1997) J Int Bus Stud Second Quart , pp. 309-335
    • Gomez-Mejia, L.R.1    Palich, L.E.2
  • 41
    • 0012694269 scopus 로고
    • Why diversify? Four decades of management thinking
    • Goold M, Luchs K (1993) Why diversify? Four decades of management thinking. Acad Manag Exec 7(3): 7-25.
    • (1993) Acad Manag Exec , vol.7 , Issue.3 , pp. 7-25
    • Goold, M.1    Luchs, K.2
  • 42
    • 8644285772 scopus 로고
    • How corporate parents add value to the stand-alone performance of their businesses
    • Goold M, Campbell A, Alexander M (1994) How corporate parents add value to the stand-alone performance of their businesses. Bus Strategy Rev 5(4): 33-55.
    • (1994) Bus Strategy Rev , vol.5 , Issue.4 , pp. 33-55
    • Goold, M.1    Campbell, A.2    Alexander, M.3
  • 43
    • 0039656364 scopus 로고
    • Organization capital and the choice between specialization and diversification
    • Gort M, Grabowski H, McGuckin R (1985) Organization capital and the choice between specialization and diversification. Manag Decis Econ 6(1): 2-10.
    • (1985) Manag Decis Econ , vol.6 , Issue.1 , pp. 2-10
    • Gort, M.1    Grabowski, H.2    McGuckin, R.3
  • 44
    • 84989040581 scopus 로고
    • Performance differences between the Wrigley/Rumelt strategic categories
    • Grant RM, Jammine AP (1988) Performance differences between the Wrigley/Rumelt strategic categories. Strateg Manag J 9: 333-346.
    • (1988) Strateg Manag J , vol.9 , pp. 333-346
    • Grant, R.M.1    Jammine, A.P.2
  • 45
    • 0000517481 scopus 로고
    • Diversity, diversification, and profitability among British manufacturing companies, 1972-84
    • Grant RM, Jammine AP, Thomas H (1988) Diversity, diversification, and profitability among British manufacturing companies, 1972-84. Acad Manag J 31: 771-801.
    • (1988) Acad Manag J , vol.31 , pp. 771-801
    • Grant, R.M.1    Jammine, A.P.2    Thomas, H.3
  • 46
    • 84989133353 scopus 로고
    • A methodological note on diversity measurement
    • Hall EH Jr, St. John CH (1994) A methodological note on diversity measurement. Strateg Manag J 15: 153-168.
    • (1994) Strateg Manag J , vol.15 , pp. 153-168
    • Hall Jr., E.H.1    St. John, C.H.2
  • 47
    • 84986841129 scopus 로고
    • Extent of diversification and company performance: The New Zealand evidence
    • Hamilton RT, Shergill G (1993) Extent of diversification and company performance: the New Zealand evidence. Manag Decis Econ 14: 47-52.
    • (1993) Manag Decis Econ , vol.14 , pp. 47-52
    • Hamilton, R.T.1    Shergill, G.2
  • 48
    • 0039484024 scopus 로고
    • Corporate bankruptcy and conglomerate merger
    • Higgins RC, Schall LD (1975) Corporate bankruptcy and conglomerate merger. J Financ 30: 93-113.
    • (1975) J Financ , vol.30 , pp. 93-113
    • Higgins, R.C.1    Schall, L.D.2
  • 49
    • 84926276824 scopus 로고
    • Conglomerate performance over the economic cycle
    • Hill CWL (1983) Conglomerate performance over the economic cycle. J Ind Econ 32: 197-211.
    • (1983) J Ind Econ , vol.32 , pp. 197-211
    • Hill, C.W.L.1
  • 50
    • 0010032738 scopus 로고
    • Diversification and economic performance: Bringing structure and corporate management back into the picture
    • In: Rumelt RP, Schendel DE, Teece DJ (eds), Harvard Business School Press, Boston
    • Hill CWL (1994) Diversification and economic performance: bringing structure and corporate management back into the picture. In: Rumelt RP, Schendel DE, Teece DJ (eds) Fundamental issues in strategy: a research agenda. Harvard Business School Press, Boston, pp 297-322.
    • (1994) Fundamental issues in strategy: A research agenda , pp. 297-322
    • Hill, C.W.L.1
  • 51
    • 0000507840 scopus 로고
    • Strategy and structure in the multiproduct firm
    • Hill CWL, Hoskisson RE (1987) Strategy and structure in the multiproduct firm. Acad Manag Rev 12: 331-341.
    • (1987) Acad Manag Rev , vol.12 , pp. 331-341
    • Hill, C.W.L.1    Hoskisson, R.E.2
  • 52
    • 1542334862 scopus 로고
    • Cooperative versus competitive structures in related and unrelated diversified firms
    • Hill CWL, Hitt MA, Hoskisson RE (1992) Cooperative versus competitive structures in related and unrelated diversified firms. Organ Sci 3: 501-521.
    • (1992) Organ Sci , vol.3 , pp. 501-521
    • Hill, C.W.L.1    Hitt, M.A.2    Hoskisson, R.E.3
  • 53
    • 84980279618 scopus 로고
    • Relationships among corporate level distinctive competencies, diversification strategy, corporate structure and performance
    • Hitt MA, Ireland DR (1986) Relationships among corporate level distinctive competencies, diversification strategy, corporate structure and performance. J Manag Stud 23: 401-416.
    • (1986) J Manag Stud , vol.23 , pp. 401-416
    • Hitt, M.A.1    Ireland, D.R.2
  • 54
    • 84970531019 scopus 로고
    • Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives
    • Hoskisson RE, Hitt MA (1990) Antecedents and performance outcomes of diversification: a review and critique of theoretical perspectives. J Manag 16: 461-509.
    • (1990) J Manag , vol.16 , pp. 461-509
    • Hoskisson, R.E.1    Hitt, M.A.2
  • 55
    • 84989036165 scopus 로고
    • Construct validity of an objective (entropy) categorical measure of diversification strategy
    • Hoskisson RE, Hitt MA, Johnson RA, Moesel DD (1993) Construct validity of an objective (entropy) categorical measure of diversification strategy. Strateg Manag J 14: 215-235.
    • (1993) Strateg Manag J , vol.14 , pp. 215-235
    • Hoskisson, R.E.1    Hitt, M.A.2    Johnson, R.A.3    Moesel, D.D.4
  • 56
    • 84929230402 scopus 로고
    • Developing more encompassing theories about organizations: The centralization-effectiveness relationship as an example
    • Huber GP, Miller CC, Glick WH (1990) Developing more encompassing theories about organizations: the centralization-effectiveness relationship as an example. Organ Sci 1: 11-40.
    • (1990) Organ Sci , vol.1 , pp. 11-40
    • Huber, G.P.1    Miller, C.C.2    Glick, W.H.3
  • 60
    • 0039235327 scopus 로고
    • The relationship between the effectiveness of risk diversification and corporate performance
    • Jahera JS, Oswald SL, McMillan K (1993) The relationship between the effectiveness of risk diversification and corporate performance. J Appl Bus Res 9(3): 1-11.
    • (1993) J Appl Bus Res , vol.9 , Issue.3 , pp. 1-11
    • Jahera, J.S.1    Oswald, S.L.2    McMillan, K.3
  • 61
    • 0001066475 scopus 로고
    • Agency costs of Free Cash Flow, corporate finance and takeovers
    • Jensen MC (1986) Agency costs of Free Cash Flow, corporate finance and takeovers. Am Econ Rev 76: 323-329.
    • (1986) Am Econ Rev , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 63
    • 84989132173 scopus 로고
    • Transaction cost analysis of strategy-structure choice
    • Jones GR, Hill CWL (1988) Transaction cost analysis of strategy-structure choice. Strateg Manag J 9: 159-172.
    • (1988) Strateg Manag J , vol.9 , pp. 159-172
    • Jones, G.R.1    Hill, C.W.L.2
  • 64
    • 0002116533 scopus 로고
    • Diversification and business economic performance revisited: Issues of measurement and causality
    • Keats BW (1990) Diversification and business economic performance revisited: issues of measurement and causality. J Manag 16: 61-72.
    • (1990) J Manag , vol.16 , pp. 61-72
    • Keats, B.W.1
  • 65
    • 0001050575 scopus 로고
    • A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance
    • Keats BW, Hitt MA (1988) A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Acad Manag J 31: 570-598.
    • (1988) Acad Manag J , vol.31 , pp. 570-598
    • Keats, B.W.1    Hitt, M.A.2
  • 67
    • 0001921324 scopus 로고    scopus 로고
    • Why focused strategies may be wrong for emerging markets
    • Khanna T, Palepu K (1997) Why focused strategies may be wrong for emerging markets. Harv Bus Rev 75(4): 41-51.
    • (1997) Harv Bus Rev , vol.75 , Issue.4 , pp. 41-51
    • Khanna, T.1    Palepu, K.2
  • 68
    • 0001937627 scopus 로고    scopus 로고
    • Estimating the performance effects of business groups in emerging markets
    • Khanna T, Rivkin JW (2001) Estimating the performance effects of business groups in emerging markets. Strateg Manag J 22: 45-74.
    • (2001) Strateg Manag J , vol.22 , pp. 45-74
    • Khanna, T.1    Rivkin, J.W.2
  • 69
    • 3042548981 scopus 로고    scopus 로고
    • Power dependence, diversification strategy, and performance in Keiretsu member firms
    • Kim H, Hoskisson RE, Wan WP (2004) Power dependence, diversification strategy, and performance in Keiretsu member firms. Strateg Manag J 25: 613-636.
    • (2004) Strateg Manag J , vol.25 , pp. 613-636
    • Kim, H.1    Hoskisson, R.E.2    Wan, W.P.3
  • 70
    • 84989026691 scopus 로고
    • Global diversification strategy and corporate profit performance
    • Kim WC, Hwang P, Burgers WP (1989) Global diversification strategy and corporate profit performance. Strateg Manag J 10: 45-57.
    • (1989) Strateg Manag J , vol.10 , pp. 45-57
    • Kim, W.C.1    Hwang, P.2    Burgers, W.P.3
  • 71
    • 21844489051 scopus 로고
    • Components of artifactual variance in meta-analysis
    • Koslowsky M, Sagie A (1994) Components of artifactual variance in meta-analysis. Pers Psychol 47: 561-574.
    • (1994) Pers Psychol , vol.47 , pp. 561-574
    • Koslowsky, M.1    Sagie, A.2
  • 72
    • 85015662538 scopus 로고    scopus 로고
    • Synergies, shareholder value and exchange ratios in "value-creating" mergers. Why shareholders should doubt management's pre-merger promises
    • Kürsten W (2008) 'Synergies, shareholder value and exchange ratios in "value-creating" mergers. Why shareholders should doubt management's pre-merger promises'. Manag Financ 34: 252-261.
    • (2008) Manag Financ , vol.34 , pp. 252-261
    • Kürsten, W.1
  • 73
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang LHP, Stulz RM (1994) Tobin's q, corporate diversification, and firm performance. J Pol Econ 102: 1248-1280.
    • (1994) J Pol Econ , vol.102 , pp. 1248-1280
    • Lang, L.H.P.1    Stulz, R.M.2
  • 74
    • 84993848595 scopus 로고
    • A pure financial rationale for the conglomerate merger
    • Lewellen WG (1971) A pure financial rationale for the conglomerate merger. J Financ 26: 521-545.
    • (1971) J Financ , vol.26 , pp. 521-545
    • Lewellen, W.G.1
  • 76
    • 21344492751 scopus 로고
    • Extending modern portfolio theory into the domain of corporate diversification: Does it apply'?
    • Lubatkin M, Chatterjee S (1994) 'Extending modern portfolio theory into the domain of corporate diversification: does it apply'? Acad Manag J 37: 109-136.
    • (1994) Acad Manag J , vol.37 , pp. 109-136
    • Lubatkin, M.1    Chatterjee, S.2
  • 77
    • 0000734515 scopus 로고
    • Diversification, systematic risk, and shareholder return: A capital market extension of Rumelt's 1974 study
    • Lubatkin M, Rogers RC (1989) Diversification, systematic risk, and shareholder return: a capital market extension of Rumelt's 1974 study. Acad Manag J 32: 454-465.
    • (1989) Acad Manag J , vol.32 , pp. 454-465
    • Lubatkin, M.1    Rogers, R.C.2
  • 78
    • 84989104533 scopus 로고
    • Construct validity of some unweighted product-count diversification measures
    • Lubatkin M, Merchant H, Srinivasan N (1993) Construct validity of some unweighted product-count diversification measures. Strateg Manag J 14: 433-449.
    • (1993) Strateg Manag J , vol.14 , pp. 433-449
    • Lubatkin, M.1    Merchant, H.2    Srinivasan, N.3
  • 79
    • 84989029859 scopus 로고
    • The resource-based view within the conversation of strategic management
    • Mahoney J, Pandian JR (1992) The resource-based view within the conversation of strategic management. Strateg Manag J 13: 363-380.
    • (1992) Strateg Manag J , vol.13 , pp. 363-380
    • Mahoney, J.1    Pandian, J.R.2
  • 81
    • 0001376710 scopus 로고
    • Consequences of corporate refocusing: Ex ante evidence
    • Markides CC (1992) Consequences of corporate refocusing: ex ante evidence. Acad Manag J 35: 398-412.
    • (1992) Acad Manag J , vol.35 , pp. 398-412
    • Markides, C.C.1
  • 82
    • 84989095341 scopus 로고
    • Related diversification, core competencies and corporate performance
    • Markides CC, Williamson PJ (1994) Related diversification, core competencies and corporate performance. Strateg Manag J 15: 149-165.
    • (1994) Strateg Manag J , vol.15 , pp. 149-165
    • Markides, C.C.1    Williamson, P.J.2
  • 83
    • 0030304389 scopus 로고    scopus 로고
    • Corporate diversification and organizational structure: A resource-based view
    • Markides CC, Williamson PJ (1996) Corporate diversification and organizational structure: a resource-based view. Acad Manag J 39: 340-367.
    • (1996) Acad Manag J , vol.39 , pp. 340-367
    • Markides, C.C.1    Williamson, P.J.2
  • 84
    • 0000946470 scopus 로고
    • A comparison of diversifying and non-diversifying Australian industrial firms
    • McDougall FM, Round DK (1984) A comparison of diversifying and non-diversifying Australian industrial firms. Acad Manag J 27: 384-398.
    • (1984) Acad Manag J , vol.27 , pp. 384-398
    • McDougall, F.M.1    Round, D.K.2
  • 85
    • 0002407258 scopus 로고
    • Does business diversification affect performance?
    • Michel A, Shaked I (1984) 'Does business diversification affect performance'? Financ Manag 13(4): 18-25.
    • (1984) Financ Manag , vol.13 , Issue.4 , pp. 18-25
    • Michel, A.1    Shaked, I.2
  • 86
    • 58149211224 scopus 로고
    • Complementarities and fit: Strategy, structure, and organizational change in manufacturing
    • Milgrom P, Roberts J (1995) Complementarities and fit: strategy, structure, and organizational change in manufacturing. J Account Econ 19 (2/3): 179-208.
    • (1995) J Account Econ , vol.19 , Issue.2-3 , pp. 179-208
    • Milgrom, P.1    Roberts, J.2
  • 87
    • 7044249632 scopus 로고    scopus 로고
    • Firm's technological resources and the performance effects of diversification: A longitudinal study
    • Miller DJ (2004) Firm's technological resources and the performance effects of diversification: a longitudinal study. Strateg Manag J 25: 1097-1119.
    • (2004) Strateg Manag J , vol.25 , pp. 1097-1119
    • Miller, D.J.1
  • 88
    • 0000322441 scopus 로고
    • The measurement of firm diversification: Some new empirical evidence
    • Montgomery CA (1982) The measurement of firm diversification: some new empirical evidence. Acad Manag J 25: 299-307.
    • (1982) Acad Manag J , vol.25 , pp. 299-307
    • Montgomery, C.A.1
  • 89
    • 84986077493 scopus 로고    scopus 로고
    • The relationship between prior performance and diversification: A study of three industries
    • Mukherji A (1998) The relationship between prior performance and diversification: a study of three industries. Manag Decis 36(3): 180-188.
    • (1998) Manag Decis , vol.36 , Issue.3 , pp. 180-188
    • Mukherji, A.1
  • 90
    • 84989082241 scopus 로고
    • On the measurement of corporate diversification strategy: Evidence from large U.S. service firms
    • Nayyar P (1992) On the measurement of corporate diversification strategy: Evidence from large U. S. service firms. Strateg Manag J 13: 219-235.
    • (1992) Strateg Manag J , vol.13 , pp. 219-235
    • Nayyar, P.1
  • 92
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta-analysis
    • Orlitzky M, Schmidt FL, Rynes SL (2003) Corporate social and financial performance: a meta-analysis. Organ Stud 24: 403-441.
    • (2003) Organ Stud , vol.24 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 93
    • 84989095272 scopus 로고
    • Diversification strategy, profit performance and the entropy measure
    • Palepu K (1985) Diversification strategy, profit performance and the entropy measure. Strateg Manag J 6: 239-255.
    • (1985) Strateg Manag J , vol.6 , pp. 239-255
    • Palepu, K.1
  • 94
    • 0001487363 scopus 로고    scopus 로고
    • Curvilinearity in the diversification-performance linkage: An examination of over three decades of research
    • Palich LE, Cardinal LB, Miller CC (2000a) Curvilinearity in the diversification-performance linkage: an examination of over three decades of research. Strateg Manag J 21: 155-174.
    • (2000) Strateg Manag J , vol.21 , pp. 155-174
    • Palich, L.E.1    Cardinal, L.B.2    Miller, C.C.3
  • 95
    • 0346047287 scopus 로고    scopus 로고
    • The impact of internationalization on the diversification-performance relationship: A replication and extension of prior research
    • Palich LE, Carini GR, Seaman SL (2000b) The impact of internationalization on the diversification-performance relationship: a replication and extension of prior research. J Bus Res 48: 43-54.
    • (2000) J Bus Res , vol.48 , pp. 43-54
    • Palich, L.E.1    Carini, G.R.2    Seaman, S.L.3
  • 96
    • 0036845552 scopus 로고    scopus 로고
    • The effects of prior performance on the choice between related and unrelated acquisitions: Implications for the performance consequences of diversification strategy
    • Park C (2002) The effects of prior performance on the choice between related and unrelated acquisitions: implications for the performance consequences of diversification strategy. J Manag Stud 39: 1003-1019.
    • (2002) J Manag Stud , vol.39 , pp. 1003-1019
    • Park, C.1
  • 98
    • 0001220166 scopus 로고
    • Reliability of nominal data based on qualitative judgments
    • Perreault WD, Leigh LE (1989) Reliability of nominal data based on qualitative judgments. J Mark Res 26: 135-148.
    • (1989) J Mark Res , vol.26 , pp. 135-148
    • Perreault, W.D.1    Leigh, L.E.2
  • 99
    • 84989113324 scopus 로고
    • The cornerstones of competitive advantage: A resource-based view
    • Peteraf M (1993) The cornerstones of competitive advantage: a resource-based view. Strateg Manag J 14: 179-191.
    • (1993) Strateg Manag J , vol.14 , pp. 179-191
    • Peteraf, M.1
  • 100
    • 0001124075 scopus 로고
    • Firm diversity: Conceptualization and measurement
    • Pitts RA, Hopkins HD (1982) Firm diversity: conceptualization and measurement. Acad Manag Rev 7: 620-629.
    • (1982) Acad Manag Rev , vol.7 , pp. 620-629
    • Pitts, R.A.1    Hopkins, H.D.2
  • 102
    • 84989026753 scopus 로고
    • The dominant logic: A new linkage between diversity and performance
    • Prahalad CK, Bettis RA (1986) The dominant logic: a new linkage between diversity and performance. Strateg Manag J 7(6): 485-501.
    • (1986) Strateg Manag J , vol.7 , Issue.6 , pp. 485-501
    • Prahalad, C.K.1    Bettis, R.A.2
  • 103
    • 0000047478 scopus 로고    scopus 로고
    • Assessing product-market diversification of U.S. firms
    • Qian G (1997) Assessing product-market diversification of U. S. firms. Manag Int Rev 37: 127-149.
    • (1997) Manag Int Rev , vol.37 , pp. 127-149
    • Qian, G.1
  • 104
    • 84989052435 scopus 로고
    • Research on corporate diversification: A synthesis
    • Ramanujam V, Varadarajan P (1989) Research on corporate diversification: a synthesis. Strateg Manag J 10: 523-551.
    • (1989) Strateg Manag J , vol.10 , pp. 523-551
    • Ramanujam, V.1    Varadarajan, P.2
  • 105
    • 28144438587 scopus 로고    scopus 로고
    • Who drives unrelated diversification? A study of Indian manufacturing firms
    • Ramaswamy K, Li M, Petitt BSP (2004) Who drives unrelated diversification? A study of Indian manufacturing firms. Asia Pac J Manag 21: 403-423.
    • (2004) Asia Pac J Manag , vol.21 , pp. 403-423
    • Ramaswamy, K.1    Li, M.2    Petitt, B.S.P.3
  • 106
    • 0039827167 scopus 로고
    • Effects of ownership structure, firm performance, size and diversification strategy on CEO compensation: A path analysis
    • Riahi-Belkaoui A, Pavlik E (1993) Effects of ownership structure, firm performance, size and diversification strategy on CEO compensation: a path analysis. Manag Financ 19: 33-54.
    • (1993) Manag Financ , vol.19 , pp. 33-54
    • Riahi-Belkaoui, A.1    Pavlik, E.2
  • 107
    • 84989113305 scopus 로고
    • A resource-based approach to the multibusiness firm: Empirical analysis of portfolio interrelationships and corporate financial performance
    • Robins J, Wiersema MF (1995) A resource-based approach to the multibusiness firm: empirical analysis of portfolio interrelationships and corporate financial performance. Strateg Manag J 16: 277-299.
    • (1995) Strateg Manag J , vol.16 , pp. 277-299
    • Robins, J.1    Wiersema, M.F.2
  • 108
    • 0037227262 scopus 로고    scopus 로고
    • The measurement of corporate portfolio strategy: Analysis of the content validity of related diversification indexes
    • Robins JA, Wiersema MF (2003) The measurement of corporate portfolio strategy: analysis of the content validity of related diversification indexes. Strateg Manag J 24: 39-59.
    • (2003) Strateg Manag J , vol.24 , pp. 39-59
    • Robins, J.A.1    Wiersema, M.F.2
  • 109
    • 0035234392 scopus 로고    scopus 로고
    • Meta-analysis: Recent developments in quantitative research methods for literature reviews
    • Rosenthal R, DiMatteo MR (2001) Meta-analysis: recent developments in quantitative research methods for literature reviews. Annu Rev Psychol 52: 59-82.
    • (2001) Annu Rev Psychol , vol.52 , pp. 59-82
    • Rosenthal, R.1    Dimatteo, M.R.2
  • 111
    • 84989135219 scopus 로고
    • Diversification strategy and profitability
    • Rumelt RP (1982) Diversification strategy and profitability. Strateg Manag J 3: 359-369.
    • (1982) Strateg Manag J , vol.3 , pp. 359-369
    • Rumelt, R.P.1
  • 112
    • 0000126207 scopus 로고
    • Predation, mergers, and incomplete information
    • Saloner G (1987) Predation, mergers, and incomplete information. Rand J Econ 18: 165-186.
    • (1987) Rand J Econ , vol.18 , pp. 165-186
    • Saloner, G.1
  • 114
    • 0034410812 scopus 로고    scopus 로고
    • Assessing the construct validity of strategic and SIC-based measures of corporate diversification
    • Sambharya RB (2000) Assessing the construct validity of strategic and SIC-based measures of corporate diversification. Br J Manag 11: 163-173.
    • (2000) Br J Manag , vol.11 , pp. 163-173
    • Sambharya, R.B.1
  • 115
    • 0000060909 scopus 로고
    • Development of a general solution to the problem of validity generalization
    • Schmidt FL, Hunter JE (1977) Development of a general solution to the problem of validity generalization. J Appl Psychol 62: 529-540.
    • (1977) J Appl Psychol , vol.62 , pp. 529-540
    • Schmidt, F.L.1    Hunter, J.E.2
  • 116
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes H (1996) The value of diversification during the conglomerate merger wave. J Financ 51(4): 1201-1225.
    • (1996) J Financ , vol.51 , Issue.4 , pp. 1201-1225
    • Servaes, H.1
  • 117
    • 84989035983 scopus 로고
    • Value creation in acquisitions: A re-examination of performance issues
    • Seth A (1990) Value creation in acquisitions: a re-examination of performance issues. Strateg Manag J 11: 99-115.
    • (1990) Strateg Manag J , vol.11 , pp. 99-115
    • Seth, A.1
  • 118
    • 34548050784 scopus 로고    scopus 로고
    • Governance and performance implications of diversification strategies: Evidence from large U.S. firms
    • Singh M, Mathur I, Gleason KC (2004) Governance and performance implications of diversification strategies: evidence from large U. S. firms. Financ Rev 39: 489-526.
    • (2004) Financ Rev , vol.39 , pp. 489-526
    • Singh, M.1    Mathur, I.2    Gleason, K.C.3
  • 119
    • 43949150942 scopus 로고
    • An empirical evaluation of the equivalence of categorical and continuous measures
    • Srivastata A, Nargunkar S, Green RF (1994) An empirical evaluation of the equivalence of categorical and continuous measures. J Bus Res 29: 145-149.
    • (1994) J Bus Res , vol.29 , pp. 145-149
    • Srivastata, A.1    Nargunkar, S.2    Green, R.F.3
  • 120
    • 11844254457 scopus 로고    scopus 로고
    • Knowledge relatedness and the performance of multibusiness firms
    • Tanriverdi H, Venkatraman N (2005) Knowledge relatedness and the performance of multibusiness firms. Strateg Manag J 26: 97-119.
    • (2005) Strateg Manag , vol.26 , pp. 97-119
    • Tanriverdi, H.1    Venkatraman, N.2
  • 121
    • 0002096935 scopus 로고
    • Towards an economic theory of the multiproduct firm
    • Teece DJ (1982) Towards an economic theory of the multiproduct firm. J Econ Behav Organ 3: 39-63.
    • (1982) J Econ Behav Organ , vol.3 , pp. 39-63
    • Teece, D.J.1
  • 122
    • 17444431236 scopus 로고    scopus 로고
    • International diversification and performance: Evidence from Singapore
    • Tongli L, Ping EJ, Chiu WKC (2005) International diversification and performance: evidence from Singapore. Asia Pac J Manag 22: 65-88.
    • (2005) Asia Pac J Manag , vol.22 , pp. 65-88
    • Tongli, L.1    Ping, E.J.2    Chiu, W.K.C.3
  • 123
    • 0001966850 scopus 로고
    • Product diversity and firm performance: An empirical investigation
    • Varadarajan PR (1986) Product diversity and firm performance: an empirical investigation. J Mark 50: 43-57.
    • (1986) J Mark , vol.50 , pp. 43-57
    • Varadarajan, P.R.1
  • 124
    • 0001757851 scopus 로고
    • Diversification and performance: A reexamination using a new two-dimensional conceptualization of diversity in firms
    • Varadarajan PR, Ramanujam V (1987) Diversification and performance: a reexamination using a new two-dimensional conceptualization of diversity in firms. Acad Manag J 30: 380-393.
    • (1987) Acad Manag J , vol.30 , pp. 380-393
    • Varadarajan, P.R.1    Ramanujam, V.2
  • 125
    • 0001873530 scopus 로고
    • Construct measurement in organizational strategy research: A critique and proposal
    • Venkatraman N, Grant JH (1986) Construct measurement in organizational strategy research: a critique and proposal. Acad Manag Rev 11: 71-87.
    • (1986) Acad Manag Rev , vol.11 , pp. 71-87
    • Venkatraman, N.1    Grant, J.H.2
  • 126
    • 0000833421 scopus 로고
    • Measurement of business performance in strategy research: A comparison of approaches
    • Venkatraman N, Ramanujam V (1986) Measurement of business performance in strategy research: a comparison of approaches. Acad Manag Rev 11: 801-814.
    • (1986) Acad Manag Rev , vol.11 , pp. 801-814
    • Venkatraman, N.1    Ramanujam, V.2
  • 127
    • 54649084521 scopus 로고    scopus 로고
    • International diversification, industrial diversification and firm performance of Hong-Kong MNCs
    • Wan C (1998) International diversification, industrial diversification and firm performance of Hong-Kong MNCs. Asia Pac J Manag 15: 205-217.
    • (1998) Asia Pac J Manag , vol.15 , pp. 205-217
    • Wan, C.1
  • 128
    • 0037298038 scopus 로고    scopus 로고
    • Home country environments, corporate diversification strategies, and firm performance
    • Wan WP, Hoskisson RE (2003) Home country environments, corporate diversification strategies, and firm performance. Acad Manag J 46: 27-45.
    • (2003) Acad Manag J , vol.46 , pp. 27-45
    • Wan, W.P.1    Hoskisson, R.E.2
  • 129
    • 84993918967 scopus 로고
    • Tests of the efficiency performance of conglomerate firms
    • Weston JF, Mansinghka SK (1971) Tests of the efficiency performance of conglomerate firms. J Financ 26: 919-936.
    • (1971) J Financ , vol.26 , pp. 919-936
    • Weston, J.F.1    Mansinghka, S.K.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.