Diversifying acquisitions and financial relationships: Testing 1974‐1976 behaviour
研究了1974-1976年间制造业和采矿业54起多元化收购，发现收购方与被收购方在增长率、盈利能力和流动性上存在显著的结构匹配，企业试图平衡业务板块的产品生命周期阶段。
Abstract Fifty‐four diverisifying acquisitions in manufacturing and mining industries from 1974 to 1976 are investigated in terms of sales growth rate, rate of return on assets, and current ratio of the acquiring and acquired companies. The average characteristics of acquired companies, classified by the characteristics of their acquiring companies, are compared. Results indicate significant structural matches between the acquired and acquiring companies to exploit strengths and avoid weaknesses in growth, profitability, and liquidity. It appears that firms try to balance their business segments in terms of product life cycle stages within a limit of maintaining proper levels of profit.