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Foreign diversification vs concentration strategies and firm performance: Moderating effects of the market, product and firm factors

机译：外国多元化与集中战略和公司绩效：市场，产品和公司因素的调节作用

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Purpose - The purpose of this study is to examine the impact on firm performance of foreign concentration vs diversification strategies, as well as the moderating role played by market, product and firm characteristics. Design/methodology/approach - Moderated regression analysis is used. Findings - Distribution and cultural distance (CU) moderate the relationship between foreign concentration-diversification and stock market performance; while the non-repetitive character of product purchase moderates the relationship at an accounting performance level. Research limitations/implications - First, the lack of information prevented us from examining other groups of determining factors. Second, the possible existence of bias in the results due to the selection of stock market quoted firms. Practical implications - Managers must realise that CU, distribution channel, and the product factor of non-repeat purchase, play an important role in the choice of a concentration vs diversification strategy when explaining business results. Government authorities should develop training programmes for firms located in middle-income countries in order to detect the CU with target markets, as well as the development of effective distribution channels and of product strategy in these markets. Originality/value - The findings of this study and the implications proposed show the relevance of this topic. The paper focuses on a middle-income country (Spain) and uses two measurements of firm performance: an accounting rate and a market measure based on the event-study (excess returns on the stock market generated by the announcement of a foreign expansion).
机译：目的-这项研究的目的是研究外国集中度与多元化战略对公司绩效的影响，以及市场，产品和公司特征对经济的调节作用。设计/方法/方法-使用中度回归分析。调查结果-分布和文化距离（CU）缓和了国外集中度多元化与股票市场表现之间的关系；产品购买的非重复性可在会计绩效水平上缓和这种关系。研究的局限性/意义-首先，信息的缺乏使我们无法检查其他决定因素组。其次，由于选择了股票市场报价的公司，结果可能存在偏差。实际意义-经理在解释业务成果时必须意识到，CU，分销渠道和非重复购买的产品因素在选择集中战略还是多元化战略中起着重要作用。政府当局应为位于中等收入国家的公司制定培训计划，以发现具有目标市场的CU，并在这些市场中开发有效的分销渠道和产品策略。原创性/价值-这项研究的发现以及所提出的含义表明了该主题的相关性。本文关注的是一个中等收入国家（西班牙），它使用了两种衡量公司业绩的指标：会计率和基于事件研究的市场度量（通过宣布国外扩张而产生的股票市场超额收益）。

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