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Empirical Studies on Corporate Diversification

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  • Davide Vannoni

Abstract

The paper critically reviews the large amount of empirical studies on diversification strategies and on closely related topics (acquisition and divestment patterns, corporate coherence, return to the core). In the theoretical literature three main motivations have been proposed to explain multioutput production: the resource view, the agency view and the market power view. Since all theories have been developed mainly without recurring to formalised models, it is difficult to build tests which unambiguously identify a particular view. The paper discusses in detail several empirical failures, and a limited number of strong results. Finally, some suggestions for re-addressing empirical investigation are given.

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  • Davide Vannoni, 1999. "Empirical Studies on Corporate Diversification," Rivista italiana degli economisti, Società editrice il Mulino, issue 1, pages 107-136.
    • Handle: RePEc:mul:jqat1f:doi:10.1427/3652:y:1999:i:1:p:107-136
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    Cited by:

    1. Davide Vannoni, 2000. "Diversification, the Resource View and Productivity: Evidence from Italian Manufacturing Firms," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 27(1), pages 47-63, March.
    2. Davide Vannoni, 2004. "Causes and effects of multimarket activity from theory to empirical analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(3), pages 163-174.

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