The impact of diversification strategy on risk‐return performance
研究了多元化战略对企业风险与收益的影响，发现市场与业务的结构因素比多元化战略本身更能解释风险-收益差异，且收益会影响战略选择但战略并未带来更高利润。
Abstract This study examines the impact of diversification strategy on risk and return in diversified firms. Following an assessment of previous research on strategic risk, relationships between risk, return, and diversification strategy are hypothesized. Regression analysis shows that differences in risk‐return performance among diversified firms are more closely associated with structural factors associated with markets and businesses than with the particular diversification strategy chosen. Returns also influence the choice of diversification strategles which, in turn, do not get rewarded with higher profits. A curvilinear risk‐return relationship is also observed which is consistent with previous theoretical suggestions. Implications for the strategic management of risk are then drawn.