Diversification Strategy & Policy eJournal最新文献

{"title":"Diversification as a Strategic Choice for Yangguang Takeaway Restaurant","authors":"Chenoy Ceil","doi":"10.2139/ssrn.3519765","DOIUrl":"https://doi.org/10.2139/ssrn.3519765","url":null,"abstract":"Growth through diversification is an important parameter for most firms, and it was no different for Yangguang. Yangyang was now offering takeaway services to similar markets and this increased the value proposition for the company. This significantly helped the firm to expand its services and implement economies of scale in production and delivery of fast food. Diversification into the takeaway industry was a natural transition for Yangguang as the firm was already selling food through its grocery store.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126949153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"When Does Limited Commitment Matter in a Production Economy?","authors":"Kyoung Jin Choi, Jungho Lee","doi":"10.2139/ssrn.2375531","DOIUrl":"https://doi.org/10.2139/ssrn.2375531","url":null,"abstract":"We investigate the conditions under which the first-best allocation without commitment is sustainable in a production economy. We find that allowing capital accumulation can help to sustain the first-best allocation, although it is known to create a distortion. For some production technologies, gains from efficient resource allocation between agents can be so large that it can compensate for the increase in the outside option that arises when capital moves to the more productive agent from the less productive agent.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131360044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cross-Border Acquisitions and the Asymmetric Effect of Power Distance Value Difference on Long-Term Post-Acquisition Performance","authors":"Zhi Huang, Hong Zhu, Daniel J. Brass","doi":"10.1002/SMJ.2530","DOIUrl":"https://doi.org/10.1002/SMJ.2530","url":null,"abstract":"Inconclusive findings about the effect of national cultural differences on post-acquisition performance may be created by the failure to distinguish among the different cultural dimensions and the asymmetry of cultural differences. To demonstrate a different approach, this study focuses on one dimension of national cultural values — power distance value (PDV) and develops a framework for the asymmetric effect of PDV differences in creating two types of conflicts. The analysis of 2,115 cross-border acquisitions in the global information technology industry shows that PDV differences undermine the long-term post-acquisition performance of acquirers. This effect is stronger when acquirers are higher than targets in PDV than when the opposite is the case. This asymmetric effect of PDV difference depends on national status difference, business relatedness, and acquisition experience.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123035028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Collaboration between Competitors' NPD Teams: In Search of Effective Modes of Management Control","authors":"Lydie P. M. Smets, F. Langerak, Mohan V. Tatikonda","doi":"10.1111/radm.12156","DOIUrl":"https://doi.org/10.1111/radm.12156","url":null,"abstract":"Successful collaboration between new product development (NPD) teams maintained by competitors (so-called horizontal NPD collaboration) requires the use of formal modes of management control that simultaneously coordinate the teams' interdependent development activities and encourage their cooperative behavior. Nevertheless, prior theoretical and empirical research suggests that formal control modes required to improve coordination may also drive uncooperative, opportunistic behavior. To help managers in horizontal NPD collaborations select appropriate control modes, this study draws on organizational theory of management control and develops a conceptual framework that specifies the impact of one partner's use of input, process, and output controls on the other partner's perception of coordination effectiveness and cooperative behavior. The results of a scenario-based experiment with 110 expert practitioners show that managers perceive the competitor's use of input control as harmful and process control as helpful for achieving coordination effectiveness. Moreover, managers respond positively to the competitor's use of input control and negatively to the competitor's use of output control when it comes to cooperative behavior. Together, the results indicate that no single mode of formal management control simultaneously enhances both coordination and cooperative behavior in horizontal NPD collaborations.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133392419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Diversifying Risk Parity","authors":"Harald Lohre, Heiko Opfer, G. Orszag","doi":"10.2139/ssrn.1974446","DOIUrl":"https://doi.org/10.2139/ssrn.1974446","url":null,"abstract":"Striving for maximum diversification we follow Meucci (2009) in measuring and managing a multi-asset class portfolio. Under this paradigm the maximum diversification portfolio is equivalent to a risk parity strategy with respect to the uncorrelated risk sources embedded in the underlying portfolio assets. Our paper characterizes the mechanics and properties of this diversified risk parity strategy. Moreover, we explore the risk and diversification characteristics of traditional risk-based asset allocation techniques like 1/N, minimum-variance, or risk parity and demonstrate the diversified risk parity strategy to be quite meaningful when benchmarked against these alternatives.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"130 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116353996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Epigenetic Economic Dynamics: The Adaptation of Business Routines and Geographic Spaces to Rapid Environmental Changes","authors":"Mikel Gomez-Uranga","doi":"10.2139/ssrn.2341542","DOIUrl":"https://doi.org/10.2139/ssrn.2341542","url":null,"abstract":"In this article, our aim is to study how firms and territories adapt to very fast qualitatively major changes in the environment. As opposed to the prevalent Darwinian approach in which the logic of the phenotype takes shape as a “slow and moderate” adaptation of social organisations to changes, our view focuses mainly on rapid adaptation to quickly changing environments.The concept of Epigenetic Economic Dynamics (EED) is understood as the study of the epigenetic dynamics generated as a result of the adaptation of organizations to major changes in their respective environments. The concept shows its highest explanatory power in rapidly changing environments, which entail fast organizational moves and/or decisions.The concept of EED was originally designed to explain the changes generated in Internet industry groups. As a result of the study, the part dealing with the results of economic systems, innovation, legal changes, regulations and morals induced by the epigenetic dynamics of organisations was configured and expanded.Three related points of attention could be cited as where to focus analyses concerning organisations’ adaptation to changing environments: The mechanics of change “in routines”; the “necessary capabilities” that organisations require; and “the resulting dynamics” observed in them. The adaptation to changes in the environment in each case makes it possible to study these three approaches in a related manner.The use of the concept of resilience in regional economics is increasingly widespread. In the resilience framework, adaptive capacity takes shape as a key structural component. In this paper we establish an analogy between firms and national or regional spaces so that the activities, resources, routines and paths observed in firms can determine their fast adaptation to rapid changes in the environment or, on the contrary, make this adaptation impossible.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125756063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Diversification Strategies and Firm Performance: A Sample Selection Approach","authors":"E. Santarelli, H. Tran","doi":"10.2139/ssrn.2303642","DOIUrl":"https://doi.org/10.2139/ssrn.2303642","url":null,"abstract":"This paper is based upon the assumption that firm profitability is determined by its degree of diversification which in turn is strongly related to the antecedent decision to carry out diversification activities. This calls for an empirical approach that permits the joint analysis of the three interrelated and consecutive stages of the overall diversification process: diversification decision, degree of diversification, and outcome of diversification. We apply parametric and semiparametric approaches to control for sample selection and endogeneity of diversification decision in both static and dynamic models. After controlling for industry fixed-effects, empirical evidence from firm-level data shows that diversification has a curvilinear effect on profitability: it improves firms’ profit up to a point, after which a further increase in diversification is associated with declining performance. This implies that firms should consider optimal levels of product diversification when they expand product offerings beyond their core business. Other worth-noting findings include: (i) factors stimulating firms to diversify do not necessarily encourage them to extend their diversification strategy; (ii) firms which are endowed with highly skilled human capital are likely to successfully exploit diversification as an engine of growth; (iii) while industry performance does not influence profitability of firms, it impacts their diversification decision and degree.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115569519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Entry Strategy of the Indian Pharmaceutical Companies in Africa, CIS and the Middle East","authors":"Roshni Majumdar","doi":"10.2139/ssrn.2162547","DOIUrl":"https://doi.org/10.2139/ssrn.2162547","url":null,"abstract":"The social, economic and demographic context, in which the global pharmaceutical industry functions, is altering. The already developed economies, with escalation in healthcare expenses are looking to rein in healthcare disbursements. In developing economies as Africa, CIS & Middle-East the pharmaceutical industries are also undergoing a phase of dynamic change. The changes are brought about by revolutionary initiatives taken by the government of the constituent nations and the world around. Rising health consciousness, prevalence of diseases, and healthcare expenditure will help the MENA (Middle-East & North Africa) pharma market to grow at a CAGR of approx. 9.5% during 2011-2013. The pharma market in this region will continue to grow due to the high demand of drugs, even though there are multitudes of political issues in the region, which can potentially harm the industry. It is found that Saudi Arabia, South Africa, Africa, Algeria, & Egypt are the main defining markets in the region, and they will continue to dominate the market in future also. However, other countries, such as the UAE, Nigeria, CIS, and Israel have a lot of untapped potential, which can be utilized by the pharma companies. To capitalize on the opportunities in the Middle East & Africa pharma market, the multinational companies are looking to penetrate the market through individual or collaborative efforts. Joint ventures and other distribution agreements with the local companies will provide multinationals the advantage of having a better understanding of the market and its demands. Emerging economies as India & China certainly, propose a beam of optimism for the global pharmaceutical industry. The product development skills and scientific talent in India are being increasingly sought after by the pharmaceutical MNCs to confront the trials of growth and innovation. Indian pharmaceutical companies are also watching to move ahead in the value chain and alter the perception of India as a low-priced manufacture base to that of a unpretentious intellectual contributor. Various policies being introduced are related to the strengthening of the IPR protection laws, providing incentives, and tax exemptions to the foreign and domestic companies, and improving the marketing & distribution channels as well.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129428553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Synergy Limitation Paradox","authors":"K. R. Harrigan","doi":"10.2139/ssrn.2544436","DOIUrl":"https://doi.org/10.2139/ssrn.2544436","url":null,"abstract":"The paradox of making acquisitions is that they are difficult to repay — since the market has already priced most attainable operating improvements into the transaction price. By expanding upon Sirower’s (1994) framework for identifying the required performance improvements (RPIs) needed to repay acquisition premiums, an approach is offered for finding combinatorial synergies that will add the necessary, incremental operating improvements to post-acquisition activities.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124328994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Diversification and Survival of Young, Small Firms","authors":"R. Baptista, Murat Karaöz, J. Leitão","doi":"10.2139/ssrn.2009717","DOIUrl":"https://doi.org/10.2139/ssrn.2009717","url":null,"abstract":"Young firm diversification is examined investigating whether diversifying firms have higher survival chances. We use extensive longitudinal data containing information on firms’ characteristics and environmental conditions, and their evolution over time. Firms that are born diversified are more likely to survive, suggesting that pre-entry capabilities play an important role in early diversification. Firms diversifying after birth are more likely to survive the older they are at the moment of diversification, suggesting that early diversification may be associated with entry mistakes by firms that have not yet accumulated the required resources and capabilities to diversify successfully.","PeriodicalId":375570,"journal":{"name":"Diversification Strategy & Policy eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125388392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}