This paper examines empirically the relationship between the internal technological profile and the diversification through strategic alliances of the largest 219 industrial firms world-wide. It explores three related issues. First, the paper shows that firms’ internal technological diversification is more pronounced than external technological diversification. Second, it confirms the idea that...

This paper examines empirically the relationship between the internal technological profile and the diversification through strategic alliances of the largest 219 industrial firms world-wide. It explores three related issues. First, the paper shows that firms’ internal technological diversification is more pronounced than external technological diversification. Second, it confirms the idea that...

We examine how corporate innovations influence firms’ industrial diversification decisions and how innovation-related diversification affects firm value. Our fixed effect, 2SLS and GMM models consistently show that corporate innovations lead to greater extent of diversification. The 2SLS model uses the staggered implementation of U.S. state-level R&D tax credits as an instrumental variable for ...

This paper examines the effect of geographic and industrial diversification on firm value for a sample of 1,914 corporations from 18 countries. Our results indicate that both geographic and product diversification destroy value at high levels of diversification, suggesting that agency and influence costs arising from the increased complexity outweigh the benefits of diversification at high degr...

Species richness varies dramatically among clades across the Tree of Life, by over a million-fold in some cases (e.g. placozoans versus arthropods). Two major explanations for differences in richness among clades are the clade-age hypothesis (i.e. species-rich clades are older) and the diversification-rate hypothesis (i.e. species-rich clades diversify more rapidly, where diversification rate i...

Economic diversification has long been considered a potential determinant of stability in regional economies, with policymakers often emphasizing efforts to diversify local economies as a means of reducing cyclical swings in unemployment. In recent years several cross sectional studies comparing different regional economies have supported the linkage of diversification and stability, while sugg...

Comparing niche divergence among closely related taxa can yield important insights into the ecological distinctiveness of genetically similar forms, and identify the processes that are responsible for diversification in such organisms. Here, we apply newly developed techniques for analysing niche divergence to assess how ecologically distinct a group of closely related rattlesnakes (Sistrurus s...

This paper analyzes the diversification-value puzzle from the Real Options (RO) approach. Our proposal conceives corporate diversification as a process which involves both the sequential replacement of prior acquired investment opportunities by assets-in-place and the generation of new valuable growth options. We argue that this conceptual framework allows to explain both documented diversifica...

Clade diversification is a central topic in macroevolutionary studies. Recently, it has been shown that diversification rates appear to decelerate over time in many clades. What causes this deceleration remains unclear, but it has been proposed that competition for limited resources between sympatric, ecologically similar species slows diversification. Employing carnivoran mammals as a model sy...

there is little consensus on the corporate diversification-efficiency relationship in the diversification literature. according to the corporate diversification, firms have a tendency to get more market share with diversifying in the local segment or in the international market. theoretically, a contradictory exists between the profitable strategy and the value reducing strategy in the diversif...