Diversification strategy and systematic risk

Cynthia A. Montgomery · Harbir Singh

214 citations0/0 files storedStrategic Management Journal

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Corporate Finance and Governance Financial Markets and Investment Strategies Innovation and Knowledge Management

Abstract

Abstract This paper addresses the relationship between diversification strategy and systematic risk (beta). Beta values are examined for six diversification categories, and it is found that betas for unrelated diversifiers are significantly higher than those of other firms. Possible contributions to this difference, including market power, capital structure, and capital intensity are explored.

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1975Strategy, structure, and economic performance 1982Diversification strategy and profitability 1971A PURE FINANCIAL RATIONALE FOR THE CONGLOMERATE MERGER 1972THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKS 1981Performance differences in related and unrelated diversified firms 1970The Association Between Market Determined and Accounting Determined Risk Measures.1981Corporate economic performance: Diversification strategy versus market structure 1970DIVERSIFICATION, PORTFOLIO ANALYSIS AND THE UNEASY CASE FOR CONGLOMERATE MERGERS

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1989Assessing Operations Management from a Strategic Perspective 1987Assessing international diversification of West German corporations 1991Diversification and Performance: Critical Review and Future Directions*1987MERGER STRATEGIES AND CAPITAL MARKET RISK.1990Corporate mergers, stockholder diversification, and changes in systematic risk 1991

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