Are strategy-performance relationships contingent on macroeconomic environments? Evidence from Japan’s textile industry

Abstract

Product diversity, International diversity, Economic performance, Yushi keiretsu financing, Environmental munificence and scarcity, Japanese textile industry,

The international diversification-performance link in Spain: Does firm size really matter?

“…1 (see Model 2). Some of the empirical studies conducted over the past forty years also corroborate this argument (e.g., Brewer, 1981;Collins, 1990;Colpan, 2008;Geringer, Tallman, & Olsen, 2000;Ramaswamy, 1992;Rugman, 1976;Siddharthan & Lall, 1982).…”

“…There is a well-known lack of consensus among researchers on the nature of the link between ID and P. Some researchers find a linear and positive link (e.g., Delios & Beamish, 1999;Pangarkar, 2008;Rugman, 1979), while others find a negative effect (e.g., Brewer, 1981;Collins, 1990;Colpan, 2008). Yet the assertion of linearity between the degree of ID and P has been challenged by an increasing number of empirical studies in recent years.…”

The link between product diversification and performance among Spanish manufacturing firms: Analyzing the role of firm size

“…Consistent with Grant et al () and other authors (e.g., Lee et al, ; Palich et al, ), our study seeks to control a set of variables that may have some kind of impact on ROA and ROS, and which allow us to minimize the potential risk of the omitted variable bias. These variables are: Growth in turnover ( Sales Growth ) measured as the increase in the firm's sales over two successive years (e.g., Lu & Beamish, ; Wan, ); Age , computed as the difference between the present year and the year in which the firm was incorporated (e.g., Kandilov, ); Size , measured on the basis of the natural logarithm of the firm's overall headcount (e.g., Colpan, ); advertising intensity ( Advertising ), measured as the percentage of the expenditure on advertising, publicity, and public relations over sales (e.g., Colpan, ; Lu & Beamish, ); R&D intensity ( R&D ), measured through the ratio between the firm's R&D expenditure and its sales (e.g., Lu & Beamish, ); work productivity ( Productivity ), measured through the ratio of value added to the approximation of the average number of employees during the year (e.g., Palia & Lichtenberg, ); market listing ( Listing ) as a dichotomous variable that takes a value of 1 if the firm is listed on the stock market, and a value of 0 otherwise (e.g., Elango, ). Finally, we considered industry and time dummy variables.…”

Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times

“…Quasi-inside reciprocal shareholdings insulate the group firm from market pressures for short-term performance, allowing groups to "smooth performance differences" (Gedajlovic & Shapiro, 2002;Lincoln, Gerlach, & Ahmadjian, 1996;Nakatani, 1984). Close relationships with banks and other group affiliated lenders such as insurance companies provide the firm with ready access to financing (Colpan, 2008;Frankel, 1991;Sheard, 1994a). Groups can also "smooth" performance differences among members, with stronger firms serving to assist weaker firms.…”

“…However, no clear empirical consensus regarding the evolution of these groupings has yet emerged (Ahmadjian & Lincoln, 2001;Johnston & McAlevey, 1998;Kim, Hoskisson, & Wan, 2004;. This issue is significant in that the role of business groups during economic downturn has received considerable debate which has had important policy implications (Colpan, 2008;Miyajima & Kuroki, 2007;Lincoln, Gerlach, & Ahmadjian, 1998;McGuire & Dow, 2003).…”