ch07 discussion blue
TRANSCRIPT
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2004 by South-Western/Thomson Learning 1
Corporate-Level StrategyCorporate-Level Strategy
Robert E. Hoskisson
Michael A. Hitt
R. Duane Ireland
Chapter 7Chapter 7
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Chapter 2Chapter 2
Strategic LeadershipStrategic Leadership
Chapter 4Chapter 4
The InternalThe Internal
OrganizationOrganization
Chapter 6Chapter 6
Competitive Rivalry andCompetitive Rivalry and
Competitive DynamicsCompetitive Dynamics
Chapter 9Chapter 9
International StrategyInternational Strategy
Chapter 1Chapter 1
Introduction toIntroduction to
Strategic ManagementStrategic Management
Chapter 3Chapter 3
The ExternalThe External
EnvironmentEnvironment
Chapter 5Chapter 5
Business-LevelBusiness-Level
StrategyStrategy
Chapter 8Chapter 8Acquisition andAcquisition and
Restructuring StrategiesRestructuring Strategies
Chapter 11Chapter 11
Corporate GovernanceCorporate Governance
Strategic IntentStrategic Intent
Strategic MissionStrategic Mission
Chapter 7Chapter 7
Corporate-Level StrategyCorporate-Level Strategy
Chapter 10Chapter 10
Cooperative StrategyCooperative Strategy
Chapter 12Chapter 12
Strategic EntrepreneurshipStrategic Entrepreneurship
Strategic
Analysis
Strategic
Thinking
Creating
Competitive
Advantage
Monitoring
And Creating
EntrepreneurialOpportunities
The Strategic Management ProcessThe Strategic Management Process
Chapter 5Chapter 5
Business-LevelBusiness-Level
StrategyStrategy
Chapter 6Chapter 6
Competitive Rivalry andCompetitive Rivalry and
Competitive DynamicsCompetitive Dynamics
Chapter 7Chapter 7
Corporate-Level StrategyCorporate-Level Strategy
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Discussion QuestionsDiscussion Questions
1. What is the difference between business-and corporate- level strategy? How cancorporate level diversification strategies
be classified in regard to type andamount of diversification?
2. What are the reasons that firms pursue acorporate diversification strategy?
3. What are the value enhancing economicrationales for related diversification?
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Discussion Questions (cont.)Discussion Questions (cont.)Click
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4. What are the value enhancing
economic rationales for unrelated
diversification?
5. Why are diversified firms more
efficiently managed with a
multidivisional structure? What
variants of the multidivisional form fitwith the specific types of corporate
strategy?
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Discussion Questions (cont.)Discussion Questions (cont.)Click
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6. What are the external as well as the
internal incentives (generally value
neutral motives) firms have to
diversify? What resources foster
increased diversification?
7. Are there managerial rationales that
serve as motives to increasediversification but which may deflate
the value of the firm?
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Discussion Questions (cont.)Discussion Questions (cont.)
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relationship between diversification
strategy and firm performance
outcomes?
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Discussion Question 1Discussion Question 1
What is the difference betweenbusiness- and corporate- level
strategy? How can corporate leveldiversification strategies beclassified in regard to type and
amount of diversification?
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Levels and Types of DiversificationLevels and Types of Diversification
Low Levels of DiversificationLow Levels of Diversification
Single BusinessSingle Business
> 95% of business from a single> 95% of business from a single
business unitbusiness unit
Dominant BusinessDominant Business
Between 70 and 95% of businessBetween 70 and 95% of business
from a single business unitfrom a single business unit
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Related ConstrainedRelated Constrained
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Related Linked (Mixed)Related Linked (Mixed)
< 70% of revenues from dominant< 70% of revenues from dominant
business, and only limited linksbusiness, and only limited links
existexist
Levels and Types of DiversificationLevels and Types of Diversification
Moderate to High Levels of DiversificationModerate to High Levels of Diversification
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Levels and Types ofLevels and Types of
DiversificationDiversification
UnrelatedUnrelated
< 70% of revenue comes from the< 70% of revenue comes from the
dominant business, and there aredominant business, and there are
no common links betweenno common links between
businessesbusinesses
Very High Levels of DiversificationVery High Levels of Diversification
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Discussion Question 2Discussion Question 2
What are the reasons that firms pursuea corporate diversification strategy?
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Reasons for DiversificationReasons for Diversification
Reasons to Enhance StrategicReasons to Enhance Strategic
CompetitivenessCompetitiveness
Economies of scope
Market power
Financial economics
IncentivesIncentives
ResourcesResources
ManagerialManagerial
MotivesMotives
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Resources with varyingResources with varying
effects on value creation andeffects on value creation and
strategic competitivenessstrategic competitiveness Tangible resources
financial resources
physical assets
Intangible resources
tacit knowledge
customer relations
image and reputation
IncentivesIncentives
ResourcesResources
ManagerialManagerial
MotivesMotives
Reasons for DiversificationReasons for Diversification
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Value-creating Strategies of Diversification:Value-creating Strategies of Diversification:Operational and Corporate ReadinessOperational and Corporate Readiness
Related ConstrainedRelated Constrained
DiversificationDiversification
Vertical IntegrationVertical Integration
(Market Power)(Market Power)
UnrelatedUnrelated
DiversificationDiversification
(Financial Economies)(Financial Economies)
Both Operational andBoth Operational and
Corporate RelatednessCorporate Relatedness
(Rare Capability(Rare Capability
and can Createand can Create
Diseconomies ofDiseconomies ofScope)Scope)
Related LinkedRelated Linked
DiversificationDiversification(Economies of(Economies of
Scope)Scope)
Corporate Readiness: Transferring Skills intoCorporate Readiness: Transferring Skills into
Businesses Through Corporate HeadquartersBusinesses Through Corporate Headquarters
LowLow HighHigh
Sharing:Op
era
tional
Sharin
g:Opera
tional
Relate
dnessBetw
een
Businesses
Relate
dness
Between
Businesses
LowLow
HighHigh
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Adding Value by DiversificationAdding Value by Diversification
Diversification most effectively adds valueDiversification most effectively adds value
by either of two mechanisms:by either of two mechanisms:
Economies of scope:Economies of scope:cost savings attributedcost savings attributedto transferring the capabilities and competenciesto transferring the capabilities and competencies
developed in one business to a new businessdeveloped in one business to a new business
Market power:Market power:when a firm is able to sell itswhen a firm is able to sell itsproducts above the existing competitive level orproducts above the existing competitive level or
reduce the costs of its primary and supportreduce the costs of its primary and support
activities below the competitive level, or bothactivities below the competitive level, or both
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Diversification andDiversification and
Multidivisional StructureMultidivisional StructureThree major benefits
more accurate monitoring of theperformance of each business,
simplifying problems of control facilitate comparisons between
divisions, improving resource allocationprocess
stimulate managers of poorlyperforming divisions to look for ways ofimproving performance
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Alternative DiversificationAlternative Diversification
StrategiesStrategies
Related Diversification StrategiesRelated Diversification Strategies
sharing activitiessharing activities
transferring core competenciestransferring core competencies
Unrelated Diversification StrategiesUnrelated Diversification Strategies
efficient internal capital market allocationefficient internal capital market allocation
restructuringrestructuring
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Alternative DiversificationAlternative Diversification
StrategiesStrategies
Related Diversification StrategiesRelated Diversification Strategies
sharing activitiessharing activities
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Discussion Question 3Discussion Question 3
What are the value enhancingeconomic rationales for relateddiversification?
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Sharing Activities:Sharing Activities: Sharing activities often lowers costs or raisesSharing activities often lowers costs or raises
differentiationdifferentiation
Sharing activities can lower costs if it:Sharing activities can lower costs if it:
achieves economies of scaleachieves economies of scale
boosts efficiency of utilizationboosts efficiency of utilization
helps move more rapidly down the Learning Curvehelps move more rapidly down the Learning Curve
Sharing activities can enhance potential for orSharing activities can enhance potential for orreduce the cost of differentiationreduce the cost of differentiation
Must involve activities that are crucial toMust involve activities that are crucial tocompetitive advantagecompetitive advantage
Key CharacteristicsKey Characteristics
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Sharing Activities:Sharing Activities: Strong sense of corporate identityStrong sense of corporate identity
Clear corporate mission that emphasizesClear corporate mission that emphasizes
the importance of integrating businessthe importance of integrating business
unitsunits Incentive system that rewards more thanIncentive system that rewards more than
just business unit performancejust business unit performance
AssumptionsAssumptions
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Transferring Core Competencies:Transferring Core Competencies:
Exploits interrelationships amongExploits interrelationships among
divisionsdivisions
Start with value chain analysisStart with value chain analysis
identify ability to transfer skills or expertiseidentify ability to transfer skills or expertise
among similar value chainsamong similar value chains
exploit ability to transfer activitiesexploit ability to transfer activities
Key CharacteristicsKey Characteristics
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Transferring Core Competencies:Transferring Core Competencies:
Transferring core competencies leads toTransferring core competencies leads tocompetitive advantage only if the similaritiescompetitive advantage only if the similaritiesamong business units meet the followingamong business units meet the following
conditions:conditions: activities involved in the businesses are similaractivities involved in the businesses are similarenough that sharing expertise is meaningfulenough that sharing expertise is meaningful
transfer of skills involves activities which aretransfer of skills involves activities which areimportant to competitive advantageimportant to competitive advantage
the skills transferred represent significantthe skills transferred represent significantsources of competitive advantage for thesources of competitive advantage for thereceiving unitreceiving unit
AssumptionsAssumptions
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Question 4Question 4
What are the value enhancing
economic rationales for unrelated
diversification?
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Related Diversification StrategiesRelated Diversification Strategies
sharing activitiessharing activities
transferring core competenciestransferring core competencies
Alternative DiversificationAlternative Diversification
StrategiesStrategies
Unrelated Diversification StrategiesUnrelated Diversification Strategies
efficient internal capital market allocationefficient internal capital market allocation
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Efficient Internal Capital MarketEfficient Internal Capital Market
Allocation:Allocation: Firms pursuing this strategy frequentlyFirms pursuing this strategy frequently
diversify by acquisition:diversify by acquisition: acquire sound, attractive companiesacquire sound, attractive companies
acquired units are autonomousacquired units are autonomous acquiring corporation supplies needed capitalacquiring corporation supplies needed capital
portfolio managers transfer resources from unitsportfolio managers transfer resources from unitsthat generate cash to those with high growththat generate cash to those with high growthpotential and substantial cash needspotential and substantial cash needs
add professional management & control to sub-add professional management & control to sub-unitsunits
sub-unit managers compensation based on unitsub-unit managers compensation based on unitresultsresults
Key CharacteristicsKey Characteristics
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Efficient Internal Capital MarketEfficient Internal Capital Market
Allocation:Allocation:Managers have more detailed knowledgeManagers have more detailed knowledge
of firm relative to outside investorsof firm relative to outside investors
Firm need not risk competitive edge byFirm need not risk competitive edge by
disclosing sensitive competitivedisclosing sensitive competitive
information to investorsinformation to investors
Firm can reduce risk by allocatingFirm can reduce risk by allocating
resources among diversified businesses,resources among diversified businesses,although shareholders can generallyalthough shareholders can generally
diversify more economically on their owndiversify more economically on their own
AssumptionsAssumptions
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Related Diversification StrategiesRelated Diversification Strategies
sharing activitiessharing activities
transferring core competenciestransferring core competencies
Unrelated Diversification StrategiesUnrelated Diversification Strategies
efficient internal capital market allocationefficient internal capital market allocation
Alternative DiversificationAlternative Diversification
StrategiesStrategies
restructuringrestructuring
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Restructuring:Restructuring:
Seek out undeveloped, sick or threatenedSeek out undeveloped, sick or threatenedorganizations or industriesorganizations or industries
Parent company (acquirer) intervenes andParent company (acquirer) intervenes and
frequently:frequently: changes sub-unit management teamchanges sub-unit management team
shifts strategyshifts strategy
infuses firm with new technologyinfuses firm with new technology
enhances discipline by changing controlenhances discipline by changing controlsystemssystems
divests part of firmdivests part of firm
makes additional acquisitions to achievemakes additional acquisitions to achieve
critical masscritical mass
Key CharacteristicsKey Characteristics
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Restructuring:Restructuring:
Frequently sell unit after making one-timeFrequently sell unit after making one-time
changes since parent no longer addschanges since parent no longer adds
value to ongoing operationsvalue to ongoing operations
Key CharacteristicsKey Characteristics
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Restructuring:Restructuring:
Requires keen management insight inRequires keen management insight in
selecting firms with depressed values orselecting firms with depressed values or
unforeseen potentialunforeseen potential
Must do more than restructure companiesMust do more than restructure companies
Need to initiate restructuring of industriesNeed to initiate restructuring of industries
to create a more attractive environmentto create a more attractive environment
AssumptionsAssumptions
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Question 5Question 5
Why are diversified firms more
efficiently managed with a
multidivisional structure? Whatvariants of the multidivisional form fit
with the specific types of corporate
strategy?
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Strategy and Structure GrowthStrategy and Structure Growth
Pattern:Pattern:SimpleSimple
StructureStructure
FunctionalFunctional
StructureStructure
MultidivisionalMultidivisional
StructureStructureSales Growth-Sales Growth-
Coordination andCoordination and
Control ProblemsControl Problems
Sales Growth-Sales Growth-
Coordination andCoordination and
Control ProblemsControl Problems
Efficient implementationEfficient implementation
of formulated strategyof formulated strategy
EfficientEfficient
implementationimplementation
of formulatedof formulated
strategystrategy
Multidivisional StructureMultidivisional Structure
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Strategy and Structure GrowthStrategy and Structure Growth
Pattern:Pattern: Strategic controlStrategic control
operating divisionsoperating divisions
each division is separate business or profiteach division is separate business or profit
centercenter Top corporate officer delegatesTop corporate officer delegates
responsibilities to division managersresponsibilities to division managers for day-to-day operationsfor day-to-day operations
for business-unit strategyfor business-unit strategyAppropriate when the firm grows throughAppropriate when the firm grows through
diversificationdiversification
Multidivisional StructureMultidivisional Structure
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Strategy and Structure GrowthStrategy and Structure Growth
Pattern:Pattern: Three major benefitsThree major benefits
corporate officers able to more accuratelycorporate officers able to more accurately
monitor the performance of each business,monitor the performance of each business,
which simplifies the problem of controlwhich simplifies the problem of control facilitates comparisons between divisions,facilitates comparisons between divisions,
which improves the resource allocation processwhich improves the resource allocation process
stimulates managers of poorly performingstimulates managers of poorly performing
divisions to look for ways of improvingdivisions to look for ways of improvingperformanceperformance
Multidivisional StructureMultidivisional Structure
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Multidivisional StructureMultidivisional Structure
Managers try to strike a balance between:Managers try to strike a balance between:
competing among divisions for scarce capitalcompeting among divisions for scarce capital
resourcesresources
creating opportunities for cooperation tocreating opportunities for cooperation todevelop synergiesdevelop synergies
The goal is to maximize overall firmThe goal is to maximize overall firm
performanceperformance The decision-making of managers in aThe decision-making of managers in a
multidivisional structure may be:multidivisional structure may be:
centralized or decentralizedcentralized or decentralized
bureaucratic or non-bureaucraticbureaucratic or non-bureaucratic
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Multidivisional StructureMultidivisional Structure
Balance on these dimensions may changeBalance on these dimensions may changeover timeover time
Structure will evolve over time with:Structure will evolve over time with:
changes in strategychanges in strategy
degree of diversificationdegree of diversification
geographic scopegeographic scope
nature of competitionnature of competition
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Three Variations of theThree Variations of the
Multidivisional StructureMultidivisional Structure
MultidivisionalMultidivisional
StructureStructure
(M-form)(M-form)
Strategic Business-UnitStrategic Business-Unit
(SBU) Form(SBU) Form
CooperativeCooperative
FormForm
CompetitiveCompetitive
FormForm
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Cooperative Form of MultidivisionalCooperative Form of Multidivisional
Structure:Structure: Related-Constrained StrategyRelated-Constrained Strategy
GovernmentGovernment
AffairsAffairs
LegalLegal
AffairsAffairs
CorporateCorporate
R&D LabR&D Lab
StrategicStrategic
PlanningPlanning
CorporateCorporate
HumanHuman
ResourcesResources
CorporateCorporate
MarketingMarketing
CorporateCorporate
FinanceFinance
ProductProduct
DivisionDivision
ProductProduct
DivisionDivision
ProductProduct
DivisionDivision
ProductProduct
DivisionDivision
ProductProduct
DivisionDivision
PresidentPresidentHeadquarters OfficeHeadquarters Office
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Cooperative Form of MultidivisionalCooperative Form of Multidivisional
Structure:Structure: Structural integration devices create tight linksStructural integration devices create tight links
among all divisionsamong all divisions
Corporate office emphasizes centralized strategicCorporate office emphasizes centralized strategic
planning, human resources, and marketing toplanning, human resources, and marketing tofoster cooperation between divisionsfoster cooperation between divisions
R&D is likely to be centralizedR&D is likely to be centralized
Rewards are subjective and tend to emphasizeRewards are subjective and tend to emphasize
overall corporate performance, in addition tooverall corporate performance, in addition todivisional performancedivisional performance
Culture emphasizes cooperative sharingCulture emphasizes cooperative sharing
Related-Constrained StrategyRelated-Constrained Strategy
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SBU Form of MultidivisionalSBU Form of Multidivisional
Structure:Structure: Related-Linked StrategyRelated-Linked Strategy
PresidentPresident
CorporateCorporate
R&D LabR&D Lab
StrategicStrategic
PlanningPlanning
CorporateCorporate
HRMHRM
CorporateCorporate
MarketingMarketing
CorporateCorporate
FinanceFinance
Headquarters OfficeHeadquarters Office
DivisionDivision
DivisionDivisionDivisionDivision
SBUSBU SBUSBU SBUSBU
DivisionDivision
DivisionDivisionDivisionDivision
DivisionDivision
DivisionDivisionDivisionDivision
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SBU Form of MultidivisionalSBU Form of Multidivisional
Structure:Structure: Structural integration devices create tight linksStructural integration devices create tight links
among all divisionsamong all divisions
Corporate office emphasizes centralized strategicCorporate office emphasizes centralized strategic
planning, human resources, and marketing toplanning, human resources, and marketing tofoster cooperation between divisionsfoster cooperation between divisions
R&D is likely to be centralizedR&D is likely to be centralized
Rewards are subjective and tend to emphasizeRewards are subjective and tend to emphasize
overall corporate performance, in addition tooverall corporate performance, in addition todivisional performancedivisional performance
Culture emphasizes cooperative sharingCulture emphasizes cooperative sharing
Related-Linked StrategyRelated-Linked Strategy
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Market PowerMarket Power
Multipoint competition two or more diversified firms
simultaneously compete in the same
product areas or geographic marketsVertical integration
company produces its own inputs
(backward integration) or owns its ownsource of distribution of outputs
(forward integration)
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Simultaneous Operational RelatednessSimultaneous Operational Relatedness
and Corporate Relatednessand Corporate Relatedness
Simultaneously managing two
sources of knowledge is difficult and
such efforts often failEither cooperative or SBU M-form
structures would likely be
implemented with this dual strategy
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Competitive Form of MultidivisionalCompetitive Form of Multidivisional
Structure:Structure: Corporate headquarters has a small staffCorporate headquarters has a small staff Finance and auditing are the most prominentFinance and auditing are the most prominent
functions in the headquarters to manage cash flowfunctions in the headquarters to manage cash flowand ensure the accuracy of performance dataand ensure the accuracy of performance data
coming from divisionscoming from divisions The legal affairs function becomes important whenThe legal affairs function becomes important when
the firm acquires or divests assetsthe firm acquires or divests assets Divisions are independent and separate forDivisions are independent and separate for
financial evaluation purposesfinancial evaluation purposes Divisions retain strategic control, but cash isDivisions retain strategic control, but cash is
managed by the corporate officemanaged by the corporate office Divisions compete for corporate resourcesDivisions compete for corporate resources
Unrelated Diversification StrategyUnrelated Diversification Strategy
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Characteristics of VariousCharacteristics of Various
Structural FormsStructural FormsStructuralStructural
CharacteristicsCharacteristicsCooperativeCooperative
M-FormM-FormSBUSBU
M-FormM-FormCompetitiveCompetitive
M-FormM-Form
Degree ofDegree ofCentralizationCentralization
Centralized atCentralized atCorporateCorporate
OfficeOffice
PartiallyPartiallyCentralizedCentralized
in SBUsin SBUs
DecentralizedDecentralizedto Divisionsto Divisions
Use ofUse ofIntegratingIntegrating
MechanismsMechanismsExtensiveExtensive ModerateModerate NonexistentNonexistent
Type ofType ofStrategyStrategy Related-Related-ConstrainedConstrained Related-Related-LinkedLinked UnrelatedUnrelatedDiversificationDiversification
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Characteristics of VariousCharacteristics of Various
Structural FormsStructural Forms
DivisionalDivisional
IncentiveIncentiveCompensationCompensation
Linked toLinked to
CorporateCorporatePerformancePerformance
Linked toLinked to
CorporateCorporateSBU & DivisionSBU & DivisionPerformancePerformance
Linked toLinked to
DivisionalDivisionalPerformancePerformance
DivisionalDivisional
PerformancePerformanceAppraisalAppraisal
SubjectiveSubjectiveStrategicStrategicCriteriaCriteria
Strategic &Strategic &FinancialFinancialCriteriaCriteria
ObjectiveObjectiveFinancialFinancialCriteriaCriteria
StructuralStructuralCharacteristicsCharacteristics
CooperativeCooperativeM-FormM-Form
SBUSBUM-FormM-Form
CompetitiveCompetitiveM-FormM-Form
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Question 6Question 6
What are the external as well as
the internal incentives (generally
value neutral motives) firms haveto diversify? What resources
foster increased diversification?
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Incentives with NeutralIncentives with Neutral
Effects on StrategicEffects on Strategic
CompetitivenessCompetitiveness Anti-trust regulation
Tax laws
Low performance
Uncertain future cash flows
Firm risk reduction
IncentivesIncentives
ResourcesResources
ManagerialManagerial
MotivesMotives
Reasons for DiversificationReasons for Diversification
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Incentives to DiversifyIncentives to Diversify
External Incentives:External Incentives: Relaxation of anti-trust regulation allows moreRelaxation of anti-trust regulation allows more
related acquisitions than in the pastrelated acquisitions than in the past
Before 1986, higher taxes on dividends favoredBefore 1986, higher taxes on dividends favoredspending retained earnings on acquisitionsspending retained earnings on acquisitions
After 1986, firms made fewer acquisitions withAfter 1986, firms made fewer acquisitions withretained earnings, shifting to the use of debt toretained earnings, shifting to the use of debt totake advantage of tax deductible interesttake advantage of tax deductible interest
paymentspayments
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Incentives to DiversifyIncentives to Diversify
Internal Incentives:Internal Incentives: Poor performance may lead some firms toPoor performance may lead some firms to
diversify an attempt to achieve better returnsdiversify an attempt to achieve better returns Firms may diversify to balance uncertain futureFirms may diversify to balance uncertain future
cash flowscash flows Firms may diversify into different businesses inFirms may diversify into different businesses in
order to reduce riskorder to reduce risk
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Resources and DiversificationResources and Diversification
Besides strong incentives, firms are moreBesides strong incentives, firms are more
likely to diversify if they have thelikely to diversify if they have the
resources to do soresources to do so
Value creation is determined more byValue creation is determined more by
appropriate use of resources thanappropriate use of resources than
incentives to diversifyincentives to diversify
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Question 7Question 7
Are there managerial rationales
that serve as motives to
increase diversification butwhich may deflate the value of
the firm?
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Managerial Motives (ValueManagerial Motives (Value
Reduction)Reduction)
Diversifying managerialemployment risk
Increasing managerial
compensation
IncentivesIncentives
ResourcesResources
ManagerialManagerial
MotivesMotives
Reasons for DiversificationReasons for Diversification
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Managerial Motives to DiversifyManagerial Motives to Diversify
Managers have motives to diversifyManagers have motives to diversify diversification increases size; size isdiversification increases size; size is
associated with executive compensationassociated with executive compensation
diversification reduces employment riskdiversification reduces employment risk effective governance mechanisms may restricteffective governance mechanisms may restrict
such motivessuch motives
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Question 8Question 8
How would you summarize the
relationship between diversificationstrategy and firm performance
outcomes?
R l i hi BR l i hi B
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Relationship BetweenRelationship Between
Diversification and PerformanceDiversification and Performance
Perfor
man
ce
Perfor
man
ce
Level of DiversificationLevel of Diversification
Dominant
Business
Unrelated
Business
Related
Constrained
l i hi iR l i hi B Fi
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Relationship Between FirmRelationship Between Firm
Performance and DiversificationPerformance and Diversification
IncentivesIncentives
ManagerialManagerial
MotivesMotives
ResourcesResourcesDiversificationDiversification
StrategyStrategyFirmFirm
PerformancePerformance
InternalInternal
GovernanceGovernanceStrategyStrategy
ImplementationImplementation
Capital MarketCapital Market
Intervention and theIntervention and the
Market forMarket for
Managerial TalentManagerial Talent