Diversification, restructuring and economic performance

During the 1980s, many conglomerates and other diversified firms reduced their diversification by refocusing on their core businesses. This paper provides an economic explanation for this phenomenon and empirically tests the hypotheses that emerge from the analysis. It is shown that refocusing is as...

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Veröffentlicht in:	Strategic management journal 1995-02, Vol.16 (2), p.101-118
1. Verfasser:	Markides, Constantinos C.
Format:	Artikel
Sprache:	eng
Schlagworte:	Applied sciences Business strategies Business structures Capital markets Conglomerates Corporate profits Corporate reorganization Corporate strategies Costs Diversification Diversified companies Economic performance Exact sciences and technology Firm modelling Hypotheses Industrial concentration Manager behavior Operational research and scientific management Operational research. Management science Portfolio diversification Product diversification Profitability Profitable firms Profits refocusing Regression analysis restructuring Retained earnings Stockholders Studies Wall Street
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Beschreibung
Zusammenfassung:	During the 1980s, many conglomerates and other diversified firms reduced their diversification by refocusing on their core businesses. This paper provides an economic explanation for this phenomenon and empirically tests the hypotheses that emerge from the analysis. It is shown that refocusing is associated ex post with profitability improvements.
ISSN:	0143-2095 1097-0266
DOI:	10.1002/smj.4250160203