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https://hdl.handle.net/20.500.14279/9305
Τίτλος: | Organizational learning and corporate diversification performance | Συγγραφείς: | Andreou, Panayiotis Louca, Christodoulos Petrou, Andreas |
metadata.dc.contributor.other: | Ανδρέου, Παναγιώτης Λουκά, Χριστόδουλος Πέτρου, Ανδρέας |
Major Field of Science: | Social Sciences | Field Category: | Economics and Business | Λέξεις-κλειδιά: | Absorptive capacity;Repetitive experience;Diversification;Accumulative experience;Organizational learning | Ημερομηνία Έκδοσης: | 1-Σεπ-2016 | Πηγή: | Journal of Business Research, 2016, vol. 69, no. 9, pp. 3270-3284 | Volume: | 69 | Issue: | 9 | Start page: | 3270 | End page: | 3284 | Περιοδικό: | Journal of Business Research | Περίληψη: | This study investigates the role of organizational learning on the valuation effects of corporate diversification. The empirical findings suggest that corporate diversification reduces shareholders' wealth. However, consistent with the absorptive capacity viewpoint of organizational learning, diversification performance depends on repetitive and accumulative experiences that relate to a firm's prior diversification activity and/or a firm's experience in operating in multiple-business segments. Specifically, single-business firms that diversify once demonstrate significant value reduction. In contrast, multi-business firms that diversify once do not demonstrate value reduction, while single/multi-business firms that diversify multiple times demonstrate value creation. Findings also reveal that performance is conditional on the mode of diversification since internal growth diversification shows higher valuation effects than diversifications through acquisitions. These findings contribute to the literature by affirming the importance of organizational learning, a cognitive and behavioral perspective, in explaining the valuation effect of corporate diversification. | URI: | https://hdl.handle.net/20.500.14279/9305 | ISSN: | 0148 2963 | DOI: | 10.1016/j.jbusres.2016.02.022 | Rights: | © Elsevier | Type: | Article | Affiliation: | Cyprus University of Technology |
Εμφανίζεται στις συλλογές: | Άρθρα/Articles |
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