The effect of within‐industry diversification on firm performance: synergy creation, multi‐market contact and market structuration
研究了行业内多元化如何通过协同效应、多市场接触的相互容忍以及市场结构化三种机制影响企业绩效，发现相互容忍和市场结构化能带来优势，但多元化本身并不直接提升绩效。
Abstract This paper examines the effect of diversification upon intra‐industry performance. We propose that intra‐industry diversification promises three sets of benefits, which, separately and in combination, provide firms with a competitive advantage: synergies arising from economies of scope; premiums from mutual forbearance enabled by multi‐market competition; and efficiencies derived from market structuration. The additive and integrative effects of the first two have not been explored. The benefits of market structuration remain untheorized and thus untested. The test of our theoretical model in the Canadian general insurance industry indicates that mutual forbearance provides advantage under specified conditions, that market structuration also provides advantages, but that diversification per se does not. Copyright © 2004 John Wiley & Sons, Ltd.