Innovation, Industry Specialization, and Shareholder Wealth
研究了1980-1985年间361家美国上市公司，发现增加研发投入和降低行业专业化是提升经济绩效的关键因素，对战略管理者和投资者有参考价值。
A main interest among strategists has focused on the character of an economically efficient corporate strategy. This article examines the concept of an economically efficient corporate strategy and outlines an explanation for the superior performance of related diversifiers. This article is based on a study of the combined effects of R&D activity and industry specialization on economic performance. The study involves 361 New York and American Stock Exchange companies during 1980-1985. The analysis centers on two questions: What are the effects of the level of R&D activity and industry specialization on abnormal returns? What are the effects of the level of R&D and industry specialization on systematic risk? The results suggest that increased R&D and reduced industry specialization are critical factors underlying superior economic performance.