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Industrial and Corporate Change 2004 13(5):757-787; doi:10.1093/icc/dth030
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Right arrow G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
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Industrial and Corporate Change, Vol. 13 No. 5 © ICC Association 2004; all rights reserved

Corporate diversification, coherence and economic performance

Lucia Piscitello

Correspondence: Lucia Piscitello, Politecnico di Milano, P.za L. da Vinci, 32, 20133 Milan, Italy. Email: lucia.piscitello{at}polimi.it

Abstract

Within the diversification literature the concept of corporate coherence has been referred to as the ability of the firm to generate and explore synergies of various types. However, the empirical studies have insofar provided only approaches taking explicitly into account the product/market side of the phenomenon. The present paper operationalizes the concept of corporate coherence as a dynamic interconnectedness between the company’s technological competencies and its downstream activities. It also provides some further empirical evidence on the widely discussed relationship between corporate diversification and performance. Specifically, it offers some (albeit rather weak) evidence that economic performance is positively influenced not by the degree of diversification per se, but by the ability of the company to increase its corporate coherence.


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