Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle

[EN] The relationship between corporate strategies and firm performance has been one of the key debates in the discipline of Strategic Management. There are studies that analyse the moderating role that certain variables may play in that relationship. These variables tend to refer to aspects within...

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Autores: López Zapata, Esteban, García Muiña, Fernando Enrique, García, Susana María
Formato: artículo
Fecha de publicación:2019
País:España
Recursos:Universidad del País Vasco
Repositorio:Addi. Archivo Digital para la Docencia y la Investigación
OAI Identifier:oai:addi.ehu.eus:10810/33227
Acesso em linha:http://hdl.handle.net/10810/33227
Access Level:acceso abierto
Palavra-chave:corporate strategy
diversification
economic cycle
performance
estrategia corporativa
diversificación
ciclo económico
desempeño
id ES_deafd24052a0bf01fa4dc38ddb90fe79
oai_identifier_str oai:addi.ehu.eus:10810/33227
network_acronym_str ES
network_name_str España
repository_id_str
dc.title.none.fl_str_mv Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
Análisis de la relación entre la estrategia de diversificación y el desempeño de la empresa: el rol del ciclo económico
title Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
spellingShingle Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
López Zapata, Esteban
corporate strategy
diversification
economic cycle
performance
estrategia corporativa
diversificación
ciclo económico
desempeño
title_short Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
title_full Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
title_fullStr Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
title_full_unstemmed Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
title_sort Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle
dc.creator.none.fl_str_mv López Zapata, Esteban
García Muiña, Fernando Enrique
García, Susana María
author López Zapata, Esteban
author_facet López Zapata, Esteban
García Muiña, Fernando Enrique
García, Susana María
author_role author
author2 García Muiña, Fernando Enrique
García, Susana María
author2_role author
author
dc.subject.none.fl_str_mv corporate strategy
diversification
economic cycle
performance
estrategia corporativa
diversificación
ciclo económico
desempeño
topic corporate strategy
diversification
economic cycle
performance
estrategia corporativa
diversificación
ciclo económico
desempeño
description [EN] The relationship between corporate strategies and firm performance has been one of the key debates in the discipline of Strategic Management. There are studies that analyse the moderating role that certain variables may play in that relationship. These variables tend to refer to aspects within the firm or, at the very least, within the competitive environment in which a firm operates. Nevertheless, the empirical evidence on the part the general environment plays from an economic perspective is much less common, and focuses on large corporations and on periods of economic growth. Accordingly, using a panel of 1,828 Spanish manufacturing firms of different sizes, an analysis is conducted of the differences in Return On Assets (ROA), Growth in Sales (GS) and Labor Productivity (LP) between specialised firms, those with related diversification, and those with unrelated diversification, between 2002 and 2011, in which there was a period of growth alternated with another one of economic recession. Although some superiority is noted of related diversification and specialisation over unrelated diversification, the differences between strategies are less significant in periods of economic recession, and vary according to the dimension of performance considered. These results reveal the need to consider the economic cycle as a contingent factor that affects the impact corporate strategies have on firm performance.
publishDate 2019
dc.date.none.fl_str_mv 2019
2019
2019
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10810/33227
url http://hdl.handle.net/10810/33227
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv http://www.ehu.eus/cuadernosdegestion/revista/en/published-issues/articulo?year=2019&vol=19&num=2&o=1
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Atribución-NoComercial-SinDerivadas (cc by-nc-nd)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Atribución-NoComercial-SinDerivadas (cc by-nc-nd)
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto de Economía Aplicada a la Empresa (Universidad del País Vasco UPV/EHU)
publisher.none.fl_str_mv Instituto de Economía Aplicada a la Empresa (Universidad del País Vasco UPV/EHU)
dc.source.none.fl_str_mv reponame:Addi. Archivo Digital para la Docencia y la Investigación
instname:Universidad del País Vasco
instname_str Universidad del País Vasco
reponame_str Addi. Archivo Digital para la Docencia y la Investigación
collection Addi. Archivo Digital para la Docencia y la Investigación
repository.name.fl_str_mv
repository.mail.fl_str_mv
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spelling Analysing the relationship between diversification strategy and firm performance: the role of the economic cycleAnálisis de la relación entre la estrategia de diversificación y el desempeño de la empresa: el rol del ciclo económicoLópez Zapata, EstebanGarcía Muiña, Fernando EnriqueGarcía, Susana Maríacorporate strategydiversificationeconomic cycleperformanceestrategia corporativadiversificaciónciclo económicodesempeño[EN] The relationship between corporate strategies and firm performance has been one of the key debates in the discipline of Strategic Management. There are studies that analyse the moderating role that certain variables may play in that relationship. These variables tend to refer to aspects within the firm or, at the very least, within the competitive environment in which a firm operates. Nevertheless, the empirical evidence on the part the general environment plays from an economic perspective is much less common, and focuses on large corporations and on periods of economic growth. Accordingly, using a panel of 1,828 Spanish manufacturing firms of different sizes, an analysis is conducted of the differences in Return On Assets (ROA), Growth in Sales (GS) and Labor Productivity (LP) between specialised firms, those with related diversification, and those with unrelated diversification, between 2002 and 2011, in which there was a period of growth alternated with another one of economic recession. Although some superiority is noted of related diversification and specialisation over unrelated diversification, the differences between strategies are less significant in periods of economic recession, and vary according to the dimension of performance considered. These results reveal the need to consider the economic cycle as a contingent factor that affects the impact corporate strategies have on firm performance.[ES] La relación entre las estrategias corporativas y el desempeño empresarial ha sido uno de los debates centrales en la disciplina de la dirección estratégica. Diversos estudios analizan el rol moderador que juegan diversas variables en esta relación. Dichas variables tienden a referirse a aspectos internos de la empresa o, si acaso, a aspectos del entorno competitivo en el que la empresa opera. Sin embargo, es más escasa la evidencia empírica sobre el rol que desempeña el entorno general y suele enfocarse en grandes empresas y en períodos de crecimiento económico. En consecuencia, utilizando un panel de 1.828 empresas manufactureras españolas de diferentes tamaños, se realiza un análisis de las diferencias de rentabilidad sobre activos, crecimiento de ventas y productividad laboral entre empresas especializadas, con diversificación relacionada y con diversificación no relacionada, entre los años 2002 y 2011, en los cuales hubo un período de crecimiento alternado con otro de recesión económica. Aunque se destaca cierta superioridad de la diversificación relacionada y la especialización sobre la diversificación no relacionada, las diferencias entre estrategias son menos significativas en los períodos de recesión económica y varían de acuerdo a la dimensión de desempeño considerada. Estos resultados revelan la necesidad de considerar el ciclo económico como un factor contingente que afecta el impacto que las estrategias corporativas tienen sobre el desempeño de la empresa.This paper has been supported by Project ECO2015-67434-R of Spanish Ministry of Economy and Competitiveness (Spain) and for the Excellent Research Group “Strategor” of URJC-Bank of Santander.Instituto de Economía Aplicada a la Empresa (Universidad del País Vasco UPV/EHU)201920192019info:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10810/33227reponame:Addi. Archivo Digital para la Docencia y la Investigacióninstname:Universidad del País VascoIngléshttp://www.ehu.eus/cuadernosdegestion/revista/en/published-issues/articulo?year=2019&vol=19&num=2&o=1info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-nd/3.0/es/Atribución-NoComercial-SinDerivadas (cc by-nc-nd)oai:addi.ehu.eus:10810/332272026-06-18T09:23:17Z
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