, diversification and internationalisation. Originality value: The study applies theories associated with disruptive innovation and …, diversification, efficiency drives, and internationalisation. …

. The first explanation is that the risk-reducing effect of diversification increases debt value and consequently the use of … risk at the expense of shareholders. Hence, the diversification discount only occurs in levered firms and stems from … from a neglect of the endogenous nature of the diversification decision. We first show that the conglomerate discount in …

diversification options did not take place. The companies often lacked the ability to systematically structure and select attractive … markets and strategies to enter them. Thus, the aim of this thesis is a method to develop diversification strategies based on … competencies have to be acquired externally. All partial results lead to a diversification strategy. The strategy includes an …