Shareholder Value and Investment Strategy Using the General Portfolio Model
检验了遵循通用投资组合模型的投资策略是否能为股东带来超额回报，发现该策略实际与低于平均水平的股东回报相关，对学者和管理者有启示。
Portfolio planning has been the subject of much debate, but little testing in strategic management. Building on the assumptions that relative ROA and sales growth are valid indicators of competitive position and industry attractiveness, this study examines whether an investment strategy that is consistent with prescriptions from the general portfolio model is associated with excess returns to shareholders. Evidence reported in this study indicates that this strategy is actually associated with subpar returns to shareholders. The implications of this finding for scholars and managers are discussed.