版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請進行舉報或認領(lǐng)
文檔簡介
1、外文翻譯FeigndiversificationvsconcentrationstrategiesfirmperfmanceMaterialSource:02651335.htmAuth:FranciscoFirstlythelackofconsensusontherelationship“feignconcentrationdiversificatin→perfmance“hasbeenexplainedthroughtheexist
2、enceofoperationalproblemsinperfmancemeasurement.Empiricalliteratureusesmanydifferentwaystomeasureperfmancetheuseofamultidimensionalconstructisperhapsthemostappropriate(Katsikeas2000).Accdinglyourstudysimultaneouslyapplie
3、stwodifferentreferentstocomparefeignperfmancefromseveralangles:accountingrateamarketevaluationmeasure.Thesemeasuresalthoughinterrelatedreflectdifferentaspectsofperfmancewiththeirrespectiveadvantageslimitations(Ross1983Ke
4、ats1988).Thelimitationsofeachmeasure(accountingmarketmeasures)canbesolvedthroughtheirjointuse(Ross1983).Secondlyliteraturehasmainlyexaminedtheimpactofconcentrationdiversificationstrategiesonfirmperfmanceinthecontextofexp
5、tmarketexpansion(AttiyehWenner1981LeeYang1990Piercy1981a).Alternativelyourpaperisfocusedonexptsfeigndirectinvestment(FDI).Thisisexplainedasfollows:Theuseofmarketingefftsisindependentoftheinstrumentofexpansion(FDIexpts).I
6、nprincipleinthewaythatconcentrationdiversificationstrategiesstressthegradualrapidexpansionofafirmmarketingefftsallocatedtonewmarketsthesestrategies(concentrationvsdiversification)seemtoimplydifferentlevelsofmarketingefft
7、sdifferentinstrumentsineachmarket.Infactgivenfixedresourcesthoseassignedtoeachmarketinadiversificationstrategyarelessthaninaconcentrationstrategy.Alowlevelofmarketingefftsinadiversificationstrategywouldimplylesssalesprom
8、otionagreatertendencytouseindependentagents(expts)skimmingprice(initiallyhighpricesdescendinglater)whereasaconcentrationstrategywouldimplyinvestmentsinmarketsharewhichincludelargepromotionalcostsgreatercontroloverdistrib
9、utionchannels(FDI)perationprices(lowfromthestart).HoweverintherealwldthesemarketingexpectedstockmarketresultsastheseexpectationstakeintoaccounttheriskimplicitincountrieswithgreaterCU.Finallyaccountingreturnscapturethemod
10、eratingeffectoftheNRPacteroftheproductanaspectwhichisnotcollectedbystockmarketresults.Themainimplicationsoftheseresultsofmanagersotherolicymakersare:firstdecisionmakersinfirmsthatexpabroadshouldnotbeconcernedwithfeigncon
11、centrationdiversificationstrategiesperseindertoimproveresultsbutwiththeinteractionoftheconcentrationdiversificationdecisionwiththeacteristicsofthemarketproductfirm.Inotherwdsneitherthetempalelementoftheexpansionmarketing
12、efftsassignedtothefeignmarkets(aterristicsoftheconcentrationdiversificationstrategy)ntransnationalwkstructure(deepvswide)implicitinconcentrationvsdiversificationofourpaper(basedonFDI)canuniquelyexplainfirmperfmance.Howev
13、ertheyareimptantinthecontextofthemarketproductfirmofthefeignexpansionwhenexplainingfirmresults.SecondessentiallymanagersmustrealisethattwomarketsfactsCUDchannelalongwithaproductfactNRPplayanimptantroleinthechoiceofaconce
14、ntrationvsdiversificationstrategywhenexplainingbusinessresultsfactsthatshouldbeassessedattheindividualfirmlevel.resultsfactsthatshouldbeassessedattheindividualfirmlevel.Anowndistributionchannelseemstobecriticalffirmsthat
15、chooseafeigndiversificationstrategyasfirmstockmarketresultsarereduced.Astrategyofrapidexpansioninalargenumberofmarketsthroughcostlyownchannelsrequentlyincreasesdistributioncosts(asaresultofnecessaryinvestment).Consequent
16、lyinvestsdonotfavoursuchfirmswhichreducetheirpotentialvalue.Meoverthelackofevidenceonitseffectonaccountingresults(duetothefactthatitisnotanimmediatelyprofitableinvestment)impliesthatitisessentialthatmanagerspaysufficient
17、attentiontothedistributionsystemsoftheoverseasmarketstargetedindertomaximizeconcentrationdiversificationstrategyoutcomesftheshareholder.LargeCUbetweenthehomecountrythedifferenthostcountriesreferredtointheliterature(AyalZ
18、if1979Piercy1981b)seemstobemerelevantffirmschoosingfeigndiversificationasitallowsthemtoattainbetterstockmarketresults.LargeCUisanindicatofahighrisklevelfthefirmconcentrationinsuchmarketswouldbeveryriskyfthefirm.Itisessen
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 眾賞文庫僅提供信息存儲空間,僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護處理,對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對任何下載內(nèi)容負責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當內(nèi)容,請與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準確性、安全性和完整性, 同時也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 聯(lián)想從多元化到專業(yè)化
- KT公司專業(yè)化和多元化經(jīng)營戰(zhàn)略選擇研究.pdf
- 格力電器專業(yè)化和多元化的研究.pdf
- 多元化與專業(yè)化優(yōu)缺點比較以及選擇
- KQ公司專業(yè)化與多元化發(fā)展戰(zhàn)略研究.pdf
- 服裝品牌多元化策略外文翻譯
- 服裝品牌多元化策略【外文翻譯】
- 商品期貨市場對多元化公司和專業(yè)化公司的影響對比.pdf
- 多元化經(jīng)營和專業(yè)化經(jīng)營的比較辯論資料
- 本國的環(huán)境中,公司多元化戰(zhàn)略與企業(yè)績效【外文翻譯】
- 基于上市公司視角的企業(yè)專業(yè)化與多元化戰(zhàn)略實證研究.pdf
- 我國中藥上市公司多元化與專業(yè)化經(jīng)營的比較分析.pdf
- 北大倉集團多元化和專業(yè)化經(jīng)營戰(zhàn)略研究.pdf
- 企業(yè)專業(yè)化經(jīng)營與多元化經(jīng)營戰(zhàn)略選擇研究.pdf
- 主業(yè)專業(yè)化服務(wù)多元化中建總公司核心競爭力解析
- 企業(yè)專業(yè)化多元化成長戰(zhàn)略分析與選擇.pdf
- 公司治理、多元化與企業(yè)績效.pdf
- 我國財險公司產(chǎn)品多元化和地域多元化對經(jīng)營績效影響研究.pdf
- 海灣集團專業(yè)化和多元化協(xié)調(diào)發(fā)展戰(zhàn)略研究.pdf
- 上市公司股權(quán)多元化投資與實業(yè)多元化投資策略的比較.pdf
評論
0/150
提交評論