Diversification entry: Internal development versus acquisition
结合进入壁垒的经济理论与相关性的企业战略概念，构建了多元化进入新市场时选择内部开发还是收购的模型，并利用PIMS项目数据验证了壁垒越高越倾向收购、相关性越高越倾向直接进入。
Abstract The economic theory of barriers to entry is integrated with the corporate strategy concept of relatedness, to develop a model of the choice between internal development and acquisition in diversification entry into new markets. The model is tested on original data collected for this study from PIMS Program participants. These original data cover the parent company characteristics, entry strategy and entry outcome for 59 entrants into 31 markets. These entry‐related data are merged with existing PIMS data on the structure of the entered markets and their incumbents. Results of binary regression analysis show that the choice between the two entry modes is well explained by measures of barriers and relatedness. Higher barriers are more likely to be associated with acquisition entry. Greater relatedness is more likely to be associated with direct entry.