(Diversification) Rumelt(1974) 3 1. Rumelt(1974) (Synergy) 3 Chandler(1962) Gort(1962) - 8 -
(Economic of Scope) Teece(1982) Rumelt(1982) Amit and Livant(1988) Williamson(1976) (Debt Capacity) 2. Amihud, Yakov and Lev (1981) (Employment Risk) Shleifer and Vishny(1989) Montgomery(1994) - 9 -
Jensen and Murphy(1990) Jensen(1986), Stulz(1990) Gibbons and Murphy(1992) 1. (Standard Industrial Classification code, SIC code) SIC SIC 4 2. Berry(1975) SIC - 10 -
I = n i= 1 ( P i ) 2 H = 1 I = 1 n i= 1 ( P i ) 2 I P i SIC i n SIC H (Herfindahl Index) 3. Entropy Jacqemin and Berry(1979) SIC SIC SIC Entropy / s s 1 Etotal = Erel + Eunrel = P Pj ln( ) + s P s j s j s 1 Ps ln( ) P s E rel = s P s j s P s j 1 ln( ) s P j E unrel = s 1 Ps ln( P s ) - 11 -
E total E rel E unrel P i SIC P j SIC SIC SIC P s SIC 4. Rumel Rumel(1982) 5 Rumel a. (Specialization Ratio, R s ) b. (Related Ratio, R r ) c. (Vertical Ratio, R v ) d. (Related-Core Ratio, R c ) 5 Rumelt (Related-Core Ratio - 12 -
Rumelt SIC Rumel Wrigley(1970) Rumel 2-1-1 Rumel (Singal Business) (Singal Business) R s 0.95 (Dominant Business) (Dominant-Vertical Business) (Dominant-Constrained Business) R v 0.7 0.95<R s <0.7; R c >( R r + R s )/2 0.95<R s <0.7; (Dominant-Linked-Unrelated R c <( R r + R s )/2 Business) (Related Business) (Related-Constrained Business) R s <0.7; R r >0.7; R c >( R r + R s )/2 (Related-Linked Business) R s <0.7; R r >0.7; R c <( R r + R s )/2 R r <0.7 (Unrelated Business) (Unrelated Business) Rumelt R. P., 1982, Diversification Strategy and Profitability. Strategic Management Journal 3, pp.360-13 -
Rumelt Herfindahl Entropy Entropy Herfindahl Entropy 6 Entropy SIC Entropy 6 Herfindahl - 14 -
(Debt capacity) (Overinvestment) (Cross-Subsidization) 1960 1970 1990 Berger and Ofek(1995) 1986 1991 Compustat Industry Segment(CIS) 3,659 (Industry Multiplier Approach) (Imputed Value) (Excess Value) OLS -13% -15% 2.6% 3.6% 4.5% 3% 0.1% 1980-15 -
Servaes(1996) Compustat 1961 1976 Tobin s Q SIC 1960 1970 1960 1970 1970 OLS 1960 1970 Campa and Kedia(2002) Compustat Industry Segment 1978 1996 (Fixed Effect Model) (Instrumental Variable) (Endogenous Self-Selection Model) - 16 -
(Self-Selection Bias) (Refocusing Firm) Berger and Ofek(1995) Lamont and Polk(2002) Compustat Current and Research 1979 1999 Berger and Ofek(1995) OLS 7 Q 7 Chevalier(1999); Whited(2001) (Measurement Error) - 17 -
( 85) ROA ROE ( 85) 81 83 (Pure Play Method) 8 ( 86) 81 85 Tobin s Q (Industry Multiplier Approach) ( 91) 2 4.5-18 -
Rumelt(1974) 1980-19 -
Jensen and Meckling(1976) (Convergence of Interest Hypothesis) Jensen and Ruback(1983) (Entrenchment Hypothesis) McConnell and Servaes(1990) NYSE and AMEX 1976 1,173 1986 1,093 Tobin s Q (Piecewise Linear Regression) 5% 5 25% 25% - 20 -
25 Jensen and Meckling(1976) 25 Jensen and Ruback(1983) Gibbons and Murphy(1992) (Implicit Incentive) (Explicit Incentive) ( ) 1970 1988 (Forbes) 1,493 2,972 10% 1.7% 10% 1.3% ( 90) S&P ExecuComp 1993 1999 OLS (Simultaneous Regression) - 21 -
Jensen and Meckling(1976) ( 81) ( ) OLS Jensen and Meckling(1976) ( 89) 84 87 / Morck, Shleifer, and Vishny(1988) (Piecewise Linear Regression Model) 25% 40% 25 Jensen and Meckling(1976) - 22 -
25 Jensen and Ruback(1983) ( 90) (1996) (1999) Tobin s Q Jensen and Ruback(1983) Jensen and Meckling(1976) Jensen and Meckling(1976) Jensen and Ruback(1983) 9 9 Morck, Shleifer, and Vishny(1988); McConnell and Servaes(1990) - 23 -
10 10 Morck, Shleifer, and Vishny(1988) McConnell and Servaes(1990) - 24 -
May(1995) CRSP Compustat 1979 1990 (Market model Regression) - 25 -
Denis, Denis, and Sarin(1997) 1984 Value Line 933 Berger and Ofek(1995) OLS 5 10% 20% 10~20% 11 1980 Logit Analysis Aggarwal and Samwick(2003) 11-26 -
(Pay Performance Sensitivity, PPS) S&P ExecuComp 1993 1998 Tobin s Q SIC OLS (Fixed Effect Model) ( 82) 96 77 81 5 Rumelt(1982) - 27 -
20% 50% 20% 50% ( 82) 72 81 (Stepwise regression) ( 86) Denis, Denis, and Sarin(1997) 81 83 85 Berger and Ofek(1995) (Excess Value) - 28 -
85-29 -