Context-Driven Diversification in Social Enterprises
研究识别了两种情境驱动的多元化战略（市场发展多元化和市场功能多元化），并基于印度小额信贷机构数据，发现前者提升社会影响、后者促进财务增长，且法律形式与战略的匹配影响财务绩效。
Recent work has emphasized the role of context in shaping the diversification strategies of social enterprises (SEs), but our understanding remains superficial. We identify two types of context-driven diversification strategies—market development diversification (MDD) and market functioning diversification (MFD)—depending on the type of voids being addressed. We then empirically test how these diversification strategies impact the performance of SEs on the twin dimensions of financial growth and social impact. Using a mixed-method approach of qualitative interviews and a longitudinal database of Indian microfinance firms (MFIs), we find that while MFD positively impacts financial growth, MDD has a positive effect on social impact. Furthermore, we find that the strategic fit (or lack of it) between the SE’s legal form and the type of diversification enhances (undermines) financial growth. However, the strategic fit between the legal form and diversification choice does not amplify social impact. The study contributes to product diversification literature, which has paid limited attention to the role of context.