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| Tekijä: | Kling, G. Ghobadian, A. O'Regan, N. |
| Otsikko: | Organic growth and shareholder value: a case study of the insurance industry |
| Lehti: | International Journal of Research in Marketing
2009 : DEC, VOL 26:4, p. 276-283 |
| Asiasana: | strategy organizational growth insurance companies |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this article is to investigate the effect of organic growth on shareholder value. A method is proposed that enables decomposing revenue growth into components, i. e. into organic growth, external growth, exchange rate effects and under-/outperformance. The authors analyze data collected from three insurance companies from 1995 to 2005, to disclose the roles of each component of revenue growth. It is found that exchange rate effects does not have significant effects, unless the firm is entering markets at an inopportune time. The main contribution of the article is the finding that organic growth is the only growth component that has a positive impact on shareholder value. |
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