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Analysing the relationship between diversification strategy and firm performance: the role of the economic cycle

机译：分析多样化战略与企业绩效关系的关系：经济周期的作用

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The relationship between corporate strategies and firm performance has been one of the key debates in the discipline of Strategic Management. There are studies that analyse the moderating role that certain variables may play in that relationship. These variables tend to refer to aspects within the firm or, at the very least, within the competitive environment in which a firm operates. Nevertheless, the empirical evidence on the part the general environment plays from an economic perspective is much less common, and focuses on large corporations and on periods of economic growth. Accordingly, using a panel of 1,828 Spanish manufacturing firms of different sizes, an analysis is conducted of the differences in Return On Assets (ROA), Growth in Sales (GS) and Labor Productivity (LP) between specialised firms, those with related diversification, and those with unrelated diversification, between 2002 and 2011, in which there was a period of growth alternated with another one of economic recession. Although some superiority is noted of related diversification and specialisation over unrelated diversification, the differences between strategies are less significant in periods of economic recession, and vary according to the dimension of performance considered. These results reveal the need to consider the economic cycle as a contingent factor that affects the impact corporate strategies have on firm performance.
机译：企业战略与企业绩效之间的关系一直是战略管理学科的主要争论之一。有研究分析了调节作用，某些变量可能在这种关系发挥。这些变量往往指方面在公司内部，或至少是，其中一个公司的经营竞争环境中。然而，在一般环境从经济学的角度扮演的部分经验证据是不太常见，专注于大型企业和对经济增长的时期。因此，使用不同尺寸的1828家西班牙制造企业一个面板，分析的资产回报率（ROA）的差异进行，销售增长（GS）和劳动生产率（LP）的专业公司之间，那些具有相关多元化，和那些与非相关多元化，2002年和2011年之间，其中有一段经济衰退的另一个交替的增长。虽然有些优势注意到相关多元化和专业化在非相关多元化的，战略的差异是在经济衰退时期少显著，并根据性能考虑的尺寸而有所不同。这些结果表明，需要考虑经济周期的影响对公司业绩的影响，公司战略有偶然因素。

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