An extensive empirical literature in strategy and finance studies the performance implications of corporate diversification. Two core debates in the literature concern the existence of a diversification discount and the relative importance of industry relatedness and market structure for the...

Der mittel- und langfristige Erfolg von M&A-Aktivitäten wird ent-scheidend dadurch beeinflusst, inwieweit es gelingt, die Teile des neu entstehenden Unternehmens miteinander zu verbinden und zu einer geeigneten Organisation zusammenzufügen. Dies wird beson-ders durch das Schlagwort...

Der mittel- und langfristige Erfolg von M&A-Aktivitäten wird ent-scheidend dadurch beeinflusst, inwieweit es gelingt, die Teile des neu entstehenden Unternehmens miteinander zu verbinden und zu einer geeigneten Organisation zusammenzufügen. Dies wird besonders durch das Schlagwort „structure...

Building upon a firm-level empirical investigation we conduct a phenomenological analysis of corporate diversification patterns. We take up a more holistic, multilevel approach towards corporate diversifiaction: In our investigation we capture diversification at the output level, at the input...

We investigate the relationship between product diversification and performance in the Dutch property-liability (P&L) insurance industry for the period 2007-2018. We employ a two-step approach: we first investigate the drivers of diversification and, as a second step, we investigate the impact...

Recent research questions the existence of a conglomerate discount. This study addresses two of the most important explanations for the conglomerate discount and finds evidence in support of an economically and statistically significant discount. The first explanation is that the risk-reducing...

This paper studies the diversification and refocusing strategies of firms in the last three decades. The 1980s were characterized by a trend towards greater focus. This trend slackens in the 1990s to be replaced by a surge in the number of newly listed single-segment firms. From 2000 to 2007...

Over the period 1980-2007 multinational firms' investment grew four times faster than worldwide GDP. Yet the evidence on whether global diversification is valuable is inconclusive. This paper uses detailed FDI data for 251 UK multinational firms and 4,676 subsidiaries to show that multinational...

This paper presents evidence that subsidiaries of multinational firms have higher valuations than locally matched firms. Using a unique sample of 251 UK multinational firms and 4,676 subsidiaries, the paper finds that multinational firms achieve, on average, an international diversification...

The business environment for many firms is changing rapidly and is becoming increasingly uncertain due to the disruption caused by new digital technologies, deregulation, new business models, and the threat of new competitive entrants. This dynamic competitive environment increases the level of...