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| Author: | Miller, D.J. |
| Title: | Firms' technological resources and the performance effects of diversification: a longitudinal study |
| Journal: | Strategic Management Journal
2004 : NOV, VOL. 25:11, p. 1097-1119 |
| Index terms: | company performance diversification resources technology |
| Language: | eng |
| Abstract: | While agency theory claims managerial self-interest creates a diversification discount, strategic theory explains that companies with certain kinds of resources should diversify. Longitudinal data on 227 companies that diversify between 1980 and 1992 reveal that the sample companies invest less in R&D and have greater breadth of technology (based on patent citations) than their industry peers prior to the diversification event. |
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