Relevant bibliographies by topics / Conglomerate Diversification

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Academic literature on the topic 'Conglomerate Diversification'

Author: Grafiati
Published: 5 June 2025
Last updated: 16 July 2025

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Journal articles on the topic "Conglomerate Diversification"

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Amit, Raphael, and Joshua Livnat. "A Concept of Conglomerate Diversification." Journal of Management 14, no. 4 (1988): 593–604. http://dx.doi.org/10.1177/014920638801400409.

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This study develops and tests a new concept of conglomerate diversification that reflects afirm's sensitivity to the cyclical behavior and differential amplitude of economic sectors throughout the business cycle. The measure is shown to describe unique aspects of conglomerate diversification that are not captured by other commonly used SIC-based diversification measures or by the Rumelt categorization scheme. The measure is also used to evaluate the association between conglomerate diversification and the reduction of operating risk. The results indicate that conglomerates that diversify the e
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Sinha, Deepak K. "On conglomerate diversification." Atlantic Economic Journal 27, no. 1 (1999): 115. http://dx.doi.org/10.1007/bf02299183.

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Ajao, Mayowa Gabriel, and George Abayomi KOKUMO-OYAKHIRE. "CORPORATE DIVERSIFICATION AND FINANCIAL PERFORMANCE OF CONGLOMERATE FIRMS IN NIGERIA." Journal of Business Studies and Mangement Review 5, no. 1 (2021): 91–101. http://dx.doi.org/10.22437/jbsmr.v5i1.16665.

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This study examined the effect of corporate diversification on the financial performance of conglomerate firms in Nigeria. The nine (9) conglomerates firms listed on the Nigerian Stock Exchange as of 2019 formed the population and sample size for this study from 2011 to 2019. Corporate diversification was measured by; product, operational and geographical diversification. Panel least-square analytical method was used. Two-panel co-integration models were developed for empirical analysis to measure financial performance using Return of Assets (Book Value) and Tobin's Q (Market Value). The study
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JOURNAL, ISJEM. "A study on working capital management of a conglomerate: with reference to ITC LMT." International Scientific Journal of Engineering and Management 03, no. 03 (2024): 1–9. http://dx.doi.org/10.55041/isjem01404.

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This study digs into the complex dynamics of working capital management inside conglomerates, with a special focus on ITC Limited. As conglomerates like ITC operate in a complex environment, successfully managing working capital becomes critical to their financial health and sustainability. However, conglomerates' distinct qualities, such as diverse industry exposure, worldwide expansion, and the incorporation of sustainability practises, need a thorough evaluation of their working capital strategy. By empirically analysing the complexities of working capital management inside conglomerates, t
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Boumosleh, Anwar, Abdallah Dah, and Mustafa Dah. "Internal Capital Markets And Equity Restructuring." Journal of Applied Business Research (JABR) 28, no. 6 (2012): 1171. http://dx.doi.org/10.19030/jabr.v28i6.7402.

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Inefficient internal capital market is often blamed for conglomerate diversification discount. While the positive market reaction to spin-off announcements is in conformity with that claim, the abnormal market return on tracking stock announcements is certainly not. This paper investigates the possibility of a bright side for internal capital markets in conglomerates that track business units as a mean of equity restructuring. This paper finds no evidence of a diversification discount for firms with a tracking stock. Partial support on the presence of diversification discount is found for a pa
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AMMANN, MANUEL, and MICHAEL VERHOFEN. "THE CONGLOMERATE DISCOUNT: A NEW EXPLANATION BASED ON CREDIT RISK." International Journal of Theoretical and Applied Finance 09, no. 08 (2006): 1201–14. http://dx.doi.org/10.1142/s0219024906004025.

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We present a simple new explanation for the diversification discount in the valuation of firms. We demonstrate that, ceteris paribus, limited liability of equity holders is sufficient to explain a diversification discount. To derive this result, we use a credit risk model based on the value of the firm's assets. We show that a conglomerate can be regarded as an option on a portfolio of assets. By splitting up the conglomerate, the investor receives a portfolio of options on assets. The conglomerate discount arises because the value of a portfolio of options is always equal to or higher than th
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Kim, Kong-Hee. "Institutional Contexts and Corporate Diversification Strategy." Journal of Management Research 16, no. 1 (2024): 15. http://dx.doi.org/10.5296/jmr.v16i1.21681.

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There has been a great deal of controversies concerning the performance implications of conglomerate (business group) strategy, often prevalent in emerging economies. The aim of this research is to develop a theoretical model that prescribes the viability of corporate diversification strategy in relation to institutional contexts. The theoretical model suggests that conglomerate strategy will be positively related to firm performance in institutional contexts where the functions of formal market controls and informal normative controls are inefficient, whereas focused/related diversification s
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Hyland, David C., and Lance Nail. "Intersecurity wealth redistribution in conglomerate mergers: A re-examination over three decades." Corporate Ownership and Control 3, no. 3 (2006): 178–89. http://dx.doi.org/10.22495/cocv3i3c1p2.

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In this paper we re-examine the predicted wealth effects for the stockholders and bondholders involved in conglomerate mergers. Seminal studies in finance offer several hypotheses about the valuation consequences of corporate diversification and firm performance. Recent empirical studies document the negative relationship between corporate diversification and firm performance. We evaluate the predictive accuracy of these earlier theories given these more recent empirical results. Our results indicate that the wealth predictions of neither the wealth creation theory of Lewellen (1971) nor the w
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Nguyen, Thi Xuan Trang. "Corporate governance and conglomerate diversification strategy – evidence from Vietnam." International Journal of Emerging Markets 13, no. 6 (2018): 1578–96. http://dx.doi.org/10.1108/ijoem-10-2016-0260.

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Purpose The purpose of this paper is to examine the impact of internal corporate governance mechanisms, including interest alignment and control devices, on the unrelated diversification level in Vietnam. Additionally, the moderation of free cash flow (FCF) on these relationships is also tested. Design/methodology/approach The study is based on a balanced panel data set of 70 listed companies in both stock markets, Ho Chi Minh Stock Exchange and Hanoi Stock Exchange, in Vietnam for the years 2007–2014, which gives 560 observations in total. Findings The results show that if executive ownership
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Montgomery, Cynthia A. "Corporate Diversification." Journal of Economic Perspectives 8, no. 3 (1994): 163–78. http://dx.doi.org/10.1257/jep.8.3.163.

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This paper documents the significant presence of diversified firms in the U.S. economy and presents three views on why firms diversify. The market power view argues that firms diversify to wield conglomerate power across markets. The agency view argues that diversification is undertaken by managers pursuing their own interests at the expense of the firm's owners. The resource view argues that firms diversify in response to excess capacity in productive factors. A review of recent empirical research finds little support for the market-power view and a substantial amount of evidence that is cons
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Dissertations / Theses on the topic "Conglomerate Diversification"

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Picone, Pasquale Massimo. "Conglomerate diversification strategy and corporate performance." Doctoral thesis, Università di Catania, 2012. http://hdl.handle.net/10761/1167.

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The object of this dissertation is to discern the main variables that are instrumental in creating or destroying value in conglomerate diversification strategy. Its development is the result of a path of research along a fertile area that lies at the intersection of strategic management, corporate finance and organization theory.
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Subbramoney, Praven. "“Do conglomerates in emerging economies suffer a diversification discount? An application on South African listed companies”." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/26357.

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Corporate strategy forms the platform to consider fundamental strategic alternatives for an organisation. The recent financial crisis has been a sobering reality check for most companies. Diversification or specialisation are two of the more common configurations that corporate strategy theory would propose to grow and sustain financial performance, particularly during though times. Research conducted in developed markets since the 1950’s have tried to establish if diversification creates or destroys value. Conglomerates, defined as unrelated diversification, are often believed to translate in
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Sharp, Loane. "The South African Breweries Limited : a case study in monopoly conditions, conglomerate diversification, and corporate control in the South African Malt Beer Industry." Master's thesis, University of Cape Town, 1997. http://hdl.handle.net/11427/17537.

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Bibliography: pages 94-102.<br>The South African Breweries Limited (SAB) is an extremely profitable business. In 1996, for example, group profits before taxes exceeded R3 billion, some 10 percent of total assets. For a capital intensive manufacturing enterprise, this represents a truly extraordinary result. The company is also South Africa's premier industrial enterprise. Between 1990 and 1996, for instance, SAB's return on equity consistently averaged around 5 percent per annum above the representative return on equity, calculated for the market as a whole. And as the country's largest single
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Feyler, Stéphanie. "Évaluation et surveillance des risques relatifs aux conglomérats financiers." Thesis, Poitiers, 2012. http://www.theses.fr/2012POIT4005/document.

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Les mutations structurelles au sein de l'industrie financière sont nombreuses, protéiformes et complexes. L'analyse de leurs conséquences, particulièrement en matière de stabilité financière, s'avère cruciale. Notre travail se concentre sur l'une de ces transformations, à savoir l'émergence et le développement de la conglomération financière, qui a pour singularité d'entremêler diversification et globalisation, et qui, à notre sens, a été relativement peu étudié. Notre objectif est donc de contribuer à combler cette insuffisance. Nous avons articulé notre réflexion autour de trois axes : l'app
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Yuen, Sze Wai. "Individual vs. Aggregate Decision Making – Diversification Discount." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/477.

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This paper studies via experimental setting whether diversification discount exists and what factors affect the magnitude of the discount. The results suggest that experience before decision increases the likelihood of exercising the real option of conglomerates. People are also more likely to convert if it is less risky to do so.
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Lee, Ji-Hwan. "Exploring the relationship between diversification and performance in Korea : are chaebols any different from Western conglomerates ?" Thesis, London Business School (University of London), 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.415323.

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Tseng, Ching-Chi, and 曾慶基. "The Case Study of Conglomerate, Diversification Strategy." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/30320612679517565540.

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碩士<br>國立雲林科技大學<br>企業管理技術研究所<br>87<br>The Case Study of Conglomerate, Diversification Strategy －From Traditional to High -Tech Industry Student: Ching-Chi Tseng Advising Professor: Hui-Yun Yu , Ph.D. Institute of Business and Administration National Yunlin University of Science and Technology Abstract Enterprise groups have always enjoyed greater resources than non-group enterprise; from financial resources to personnel and even the development of certain core resources, group
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Chŏn, Su-bong. "An economic analysis of the efficiency of Korean chaebol's diversification." 1997. http://catalog.hathitrust.org/api/volumes/oclc/40598369.html.

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Zhang, Kai-Jun, and 張凱鈞. "Diversification of the Conglomerate Company to the new Industry : From the view of Knowledge Management." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/v92swh.

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Ting, Der-Shuh, and 丁德樹. "Diversification strategies and performance of knowledge transfer in a conglomerate － case study of China Steel group." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/21425795008032478343.

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碩士<br>國立中山大學<br>企業管理學系研究所<br>91<br>The new era of knowledge economic arrived. Knowledge has become the most important strategic asset of the firms. Utilize effective knowledge management to enhance the knowledge in the organization is a key issue for firms to compete in the 21st century. How to share the knowledge among the business units in conglomerate is also the main factor of enterprise’s synergy. To establish a measuring tool for performance of knowledge transfer promotes the competence of the conglomerate richly. The purpose of this study is to explore the relationship between the congl
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Books on the topic "Conglomerate Diversification"

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Ueno, Yasuhiro. Takakuka kigyō no kyōsō yūisei no kenkyū. Ōsaka Furitsu Daigaku Keizai Gakubu, 1997.

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Tizzano, Roberto. L' economia delle aziende diversificate: Nella prospettiva dell'informazione contabile. Liguori, 1994.

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Goold, Michael. Strategies and styles: The role of the centre in managing diversified corporations. B. Blackwell, 1987.

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Goold, Michael. Strategies and styles: The role of the centre in managing diversified corporations. Basil Blackwell, 1988.

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Ganidis, Basile. Stratégie de diversification des grands groupes industriels en France: Approche historique et enseignements contemporains. Éditions Eska, 2004.

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Moati, Philippe. Hétérogénéité des entreprises et échange international. Economica, 1992.

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Yoshino, Michael Y. The invisible link: Japan's sogo shosha' and the organisation of trade. MIT Press, 1986.

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Hubbard, R. Glenn. A re-examination of the conglomerate merger wave in the 1960s: An internal capital markets view. National Bureau of Economic Research, 1998.

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Freygang, Winfried. Kapitalallokation in diversifizierten Unternehmen: Ermittlung divisionaler Eigenkapitalkosten. DUV, 1993.

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Laeven, Luc. Is there a diversification discount in financial conglomerates? National Bureau of Economic Research, 2005.

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Book chapters on the topic "Conglomerate Diversification"

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Planelles, David Millán. "Principles of corporate level rivalry. Diversification and the conglomerate power." In Strategic Luxury Management. Routledge, 2021. http://dx.doi.org/10.4324/9781003015321-12.

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Izod, John. "Conglomerates and Diversification, 1965–86." In Hollywood and the Box Office, 1895–1986. Palgrave Macmillan UK, 1988. http://dx.doi.org/10.1007/978-1-349-19324-0_13.

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Dontis-Charitos, Panagiotis, Sotiris Staikouras, and Jonathan Williams. "Bank Diversification and Financial Conglomerates in Europe." In The Palgrave Handbook of European Banking. Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-52144-6_3.

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van den Berghe, Lutgart, and Kurt Verweire. "Looking for the Ratio Behind the Diversification Strategies." In Creating the Future with All Finance and Financial Conglomerates. Springer US, 1998. http://dx.doi.org/10.1007/978-1-4757-4881-9_3.

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van den Berghe, Lutgart, and Kurt Verweire. "Comparative Analysis of Diversification Strategies with the Help of the Financial Conglomerates Control Board." In Creating the Future with All Finance and Financial Conglomerates. Springer US, 1998. http://dx.doi.org/10.1007/978-1-4757-4881-9_5.

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van den Berghe, Lutgart, and Kurt Verweire. "Research into the Overall Effect of the Diversification Strategies in the Financial Services Industry." In Creating the Future with All Finance and Financial Conglomerates. Springer US, 1998. http://dx.doi.org/10.1007/978-1-4757-4881-9_6.

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"Corporate Diversification and Agency." In Incentives, Organization, and Public Economics, edited by Benjamin E. Hermalin and Michael L. Katz. Oxford University PressOxford, 2000. http://dx.doi.org/10.1093/oso/9780199242290.003.0002.

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Abstract A frequently stated motive for joint ventures, conglomerate mergers, and investments in new lines of business is a desire to diversify the firm and reduce the riskiness of its returns. According to this view, joint ventures spread the risk of major projects, while conglomerate diversification creates portfolio benefits by pooling uncorrelated returns. A similar logic may drive a corporate decision to pursue simultaneously a variety of different R&amp;D strategies aimed at a common goal.
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MCVea, Harry. "Summary and Conclusion." In Financial Conglomerates and the Chinese Wall. Oxford University PressOxford, 1993. http://dx.doi.org/10.1093/oso/9780198257134.003.0009.

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Abstract The trend towards deregulation in the form of financial diversification is best illustrated by recent events which have transformed the provision of financial services in the UK in the run-up to Big Bang. The most important outcome of this process has been the emergence of a new corporate creature, the financial conglomerate. The formation of conglomerates is the result of a desire by market participants to expand rather than limit the range of financial services they offer. It is now possible for a single financial house to provide a range of financial services including stockbroking, market making, banking, corporate finance, etc. Most importantly, the traditional self imposed separation of banking and securities business has now been broken down.
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Strangleman, Tim. "Change at Work." In Voices of Guinness. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190645090.003.0006.

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In the early 1980s, Guinness found itself facing serious financial problems as a result of the recession, falling profits, and mistaken diversification decisions. This chapter tells how the company confronted these challenges by appointing a new managing director, Ernest Saunders, who transformed Guinness into a multinational beverage conglomerate and changed the culture of the organization forever. In the process, he also committed serious financial misdemeanors. This chapter tells the shop floor workers experienced these changes, in particular how the reorganizations and layoffs affected workplace culture and identity. Drawing on a series of oral histories and autobiographical accounts, the author places what happened at Guinness in the 1980s and 1990s within the wider context of the brewing and spirits sectors in the United Kingdom and globally.
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Dahiya, Surbhi. "BCCL: Moving with the Times." In Indian Media Giants. Oxford University PressDelhi, 2021. http://dx.doi.org/10.1093/oso/9780190132620.003.0003.

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Abstract The Times Group has undergone growth and transformation which is unparalleled. The author traces an unencumbered growth and immensely thrilling 181-year-old journey of this humongous media house. The Times Group started out in the year 1838 as Bombay Journal of Commerce, which was later Indianized, once the British were ousted from the country and metamorphosed to a full-fledged family-owned business run by Dalmias followed by the Sahu Jain family. It is under the patronage of this family that the Times Group grew to become the conglomerate it is today. The group not only withstood the uncertainty and challenges of the changing times, but also has its own business tale to tell. The Jains have transformed the company into a major media behemoth spanning print, television, radio, and Internet. The group today owns multiple publications, TV channels, radio stations, and webportals. The group has also branched out to other business areas such realestate, advertising, matrimony, etc. The author in this book has delved deep into the history of the organization and has given a detailed analysis of what resulted in the genesis of the group, to its dissection into subsidiaries, to the launch of new divisions, diversification, product launches, joint ventures, market domination, and what were the major strategic business milestones the group achieved till date. The author met Vineet Jain and tried to understand the business model of the organization.
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Reports on the topic "Conglomerate Diversification"

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Laeven, Luc, and Ross Levine. Is There a Diversification Discount in Financial Conglomerates? National Bureau of Economic Research, 2005. http://dx.doi.org/10.3386/w11499.

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Cardozo, Pamela, Paola Morales-Acevedo, Andrés Murcia, and Beatriz Pacheco. Does Geographical Complexity of Colombian Financial Conglomerates Increase Banks’ Risk? The Role of Diversification, Regulatory Arbitrage and Funding Costs. Banco de la República de Colombia, 2020. http://dx.doi.org/10.32468/be.1110.

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