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Relationship Between Diversification and Performance：evidence from Companies Which Focus on Information Technology Industry

Author: LuoWei
Tutor: YangDeLin
School: Tsinghua University
Course: Business Administration
Keywords: Diversification strategy Enterprise Performance Simultaneous equations model Lag Polynomial regression
CLC: F272
Type: Master's thesis
Year: 2009
Downloads: 36
Quote: 0
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Abstract


Corporate diversification and firm performance has been a central topic of strategic management, industry, economy, finance, and other disciplines study. Since the 1920s the first implementation of the diversification, diversification strategy to become one of the important choice in many enterprises on the growth path. The purpose of this study is to explore the impact of information technology-based industry, corporate diversification of its business performance. To this end, the IT industry listed companies based on 2001-2006 data of empirical research, analysis and the corresponding conclusions: (1) analysis of the relationship between corporate diversification and performance in the past to use more to join corporate liabilities, firm size, and corporate single-equation model of multiple regression, control variables such as the establishment of the time ignored the diversified itself corporate liabilities and the scale of this study using a simultaneous equations model analysis results will reflect the actual situation. The results found that the direct effect of diversification on firm performance is positive, negative indirect effects on firm performance through the impact of firm size and corporate liabilities, but the overall effect is still positive. This reflects the corporate information technology-based industry, is suitable for the implementation of the diversification strategy. The possible reason is that IT can generate substantial synergies through the high permeability of the information technology and its different business. Moreover, the high IT resources can be copied and the easy modifications allows businesses through diversification at low cost to meet the diverse needs of the market, so that IT-based business diversification strategy combined with obvious business advantage. (2) implementation of the diversification strategy, corporate performance often requires a certain amount of time to show it, and most empirical studies do not take into account the time lag factor, this study lag samples investigated in order to explore the diversification strategy implementation lagged impact on firm performance. The results show that corporate diversification is a positive impact on the performance of the second year of the enterprise the largest enterprise diversification strategy implementation effect with a lag, if only from the judgment of the operating conditions of the year tend to underestimate the diversified enterprise performance forward impact. (3) The polynomial regression model simulation curve relationship between a more detailed portrait of the impact of corporate diversification on firm performance. The model results show that the business performance in the three positive correlation between the degree of diversification into the 0.1 level of significance, inferred enterprises in the early diversification, due to the relatively high initial investment and learning cost, weakly reducing corporate performance, further diversification for enterprise performance has brought rapid growth, excessive diversification, but also enable enterprises performance dropped significantly.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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