The new era of knowledge economic arrived. Knowledge has become the most important strategic asset of the firms. Utilize effective knowledge management to enhance the knowledge in the organization is a key issue for firms to compete in the 21st century. How to share the knowledge among the business units in conglomerate is also the main factor of enterprise¡¦s synergy. To establish a measuring tool for performance of knowledge transfer promotes the competence of the conglomerate richly. The purpose of this study is to explore the relationship between the conglomerate¡¦s diversification strategies , control management system and performance of knowledge transfer. The index of the measuring tool also be established for performance of knowledge transfer in this study. The empirical results are as follows : 1. There is obviously influence between knowledge transfer performance and types of diversification strategy. 2. There is not influence between control management system and types of diversification strategy.

This research is to analyze the growth and evolution process of the Chinese enterprise group in China market place base on longitudinal perspective. In accordance with the finding of this study, we propose an integrated process model to explain the growth path and so does the dynamic mechanism among these dimensions in the model. The findings of this study are stated as below: 1. The integrated model of the evolution process Through the case study of Chai-Tai group in China, we consider the evolution and growth process is part of its internationalization activities. The dynamic interaction among the three dimensions of this model and the path dependence of each stage constitute the characteristics of this model. 2. The meaning of the un-related diversification strategy The growth strategy of the Chinese Business groups is deeply affected by their specific social network or guanxi, entry timing and the industry/business environment situation. Un-related diversification is a common selected strategy of these Chinese business groups. But they are usually suffering from the delusion of business focus and cannot produce synergy from the un-related business units. Consequently, the un-related diversification strategies are without benefits for the enterprises to maintain their market position and develop their core competences.

The research takes depth interview of the case study method. It focuses on the engineering department of the telecommunications industry which is transformed into an independent engineering company by spin-off. It also discusses the motive of diversification and the model of operation. The research expects to understand the interactive relation between successful entrepreneur, management abilities and resource using. The research chooses a successful spin-off company as it's case study. It discusses the strategy phase and implementation phase to find out the key success factors. By analyzing the documents about entrepreneur, the research investigates the managements and strategies of spin-off and integrates the theories and practices into a conclusion: 1. Strategy is the motive power of entrepreneur: The right strategy is "Do the right thing". Whether a start-up can start or not depends on the right combination of core strategies, strategic resources and value net. 2. Implementation is the driving power of entrepreneur: The good implementation is "Do the thing right". Whether a strategy can operate or not depends on the efficient combination of organization structure, human resource, technical R&D, manufacturing, marketing, customer relationship and financial planning. 3. Key success factor (KSF) is the accelerating power of entrepreneur: Only if the strategy phase and implemetation phase operate in coordination, the start-up possesses the condition of success. However, just a fast success is a real success in the speedily changing time. A start-up company cannot shorten the time to success unless it owns some special KSF. 4. The success in the entrepreneurial phase can't ensure that the start-up will also succeed in the future operation. It must transform the success factors in the entrepreneurial phase into the ones in the future operation.

With overview of the diversification theory, we could know the resource-based view theory played a very important role among enterprises¡¦ diversification process. According to our observation, 7-11¡¦s outstanding performance created by itself and its subsidiaries proved that 7-11 did very well on its accumulation and exertion of its resources during its expansion. However, the accumulated resources and exerted resources achieved tremendous performance for 7-11. Moreover, 7-11 had been promoted to be the leader of retail industry successfully. That was why 7-11 was a good case study for understanding the application of the resource-based view theory. Apparently, the theory of resource-based view theory exploited by 7-11 to realize diversification was worth to learn. Therefore, our works employed the resource-based view theory to explore how 7-11 developed their resources and capabilities among its diversification by organizing second-hand data, and obtained the further information by interviewing managers of Cosmed, Starbucks, MUJI, and Dream-mall. Interviews also brought other discoveries; we found out that a shared service creating profound synergies was also the successful application of horizontal strategy, so this theory became another significant issue in our works. Consequently, in the last chapter, we summarize 7-11¡¦s diversification by using three mechanisms, which are reinforcement, supplement, and sharing.

<p>The Nordic media market has since the end of the 1990’s experienced a number of consolidations and the market has become increasingly integrated. Some companies within the market are diversified, meaning they are involved in many different kinds of businesses, while other are focused, which implies that they are focused on one business segment.</p><p>Different research views explain different motives for diversification. The resource view explain diversification by claiming that a company having underused resources needs to profitably employ them elsewhere in order to expand. The agency view explains diversification with the agent’s different incentives compared to the principal. The market power view implies that by having more resources a company can strengthen its competitiveness. Furthermore, there may be financial and synergetic motives behind diversification.</p><p>This thesis investigates the relation diversification has with size, sales growth, financial efficiency ratios, and stability. By doing this we can explain the motives behind diversification in the Nordic media market through using existing theories and hence applying a deductive research approach. The thirty largest media companies in the Nordic media market were analyzed.</p><p>The degree of diversification had a positive relationship with the total revenue of the investigated firms. Furthermore, diversified firms on average had higher revenues than its focused counterparts. The more diversified the firms are the higher sales growth they have and diversified companies had a higher average sales growth than the focused firms. A higher degree of diversification did not increase the firms’ financial efficiency and diversified firms did not have a higher average efficiency. However, one of the measured ratios, ROA, was higher for focused firms. Based on knowledge gained from portfolio theory we believed, before conducting the statistical analyses, that a higher degree of diversification would stabilize the cash flows for the investigated companies. However, no statistical evidence was found supporting that a higher degree of diversification would improve cash flow stability.</p>

Thèse de doctorat : Sciences de gestion : Paris 12 : 2007. / Titre provenant de l'écran-titre. Pagination : 488 p. Bibliogr. : 501 réf.

Corporate diversification has received much attention from academics and management practitioners for over 30 years. Major work has been dedicated to determining if diversification creates or destroys a firm’s value across industries. This study examines the effect of corporate diversification on firm performance using a relatively homogenous sample of 70 publicly listed real estate companies in Hong Kong. Previous studies on the diversification of real estate companies or REITs mainly focused on diversification within real estate holdings across countries or asset types. This study contributes to the literature by examining real estate companies diversifying into other industries and assessing their performance from 2005 through 2010. The empirical findings indicated that Hong Kong real estate firms that chose to diversify into other industries performed better than those solely focused in real estate. Since the decision to diversify may be endogenous, the author used a number of estimation procedures to control for potential endogeneity. The results were robust in that the diversification effect remained positive and significant. Another contribution of this thesis is that it examined the impact of cash holdings on firm value and analyzed the value of cash for real estate companies and how corporate diversification affects the level of cash holdings. The author found that firms with larger cash reserves experienced decreases in their value. This result was consistent with the agency costs of free cash flows in that greater shareholder rights are associated with lower cash holdings. In addition, the author found that diversified firms hold less cash than their focused competitors. The findings supported the prediction of the internal capital market hypothesis that diversified firms are more efficient in allocating resources through internal capital markets and, therefore, reduce their need for large cash holdings. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

Some oil refining companies have recently entered the field of exploration and production (E&P). Both the relatively high financial performances of E&P companies and the shrinking refining margin may motivate refiner’s decision to enter E&P. However, in making this decision, there are other factors to be considered. This study utilizes vertical integration and diversification theories to develop an integrated framework. This framework determines the factors which should be involved in a firm’s decision to enter another business area. In this theoretical approach and its application to Korean refining companies’ decision to enter into E&P, we discuss both the cost benefits and the advantages to acquiring strategic assets of the new business. As sources of short-term cost benefits, the paper discusses site specificity and regional performance. As long-term requirements, the paper explores the need to acquire E&P strategic assets. In early-stage decision making, the best mode may be a small equity investment in regional consortia. As a company acquires more and more strategic assets, it can decide to pursue global opportunities and/or to acquire an E&P company. / text

This thesis answers calls for fine-grained studies of product diversification, in this case, predominantly using the resource based view of the firm. The context is UK providers of banking services. The thesis has developed the concept of resource matching. Resource matching combines levels of: resource heterogeneity, resource similarity and difference, and the external environmental setting of the organisation with the business performance of product diversification. Resource matching significantly increases the limited conceptual underpinning of diversification RBV by adapting and developing concepts from single firm RBV literature. Two new research strategies were developed to gather data on multiple resources and external factors. One was unused due to access issues during the credit crunch. The other, which was used, utilised multiple sources of publicly available information both qualitative and quantitative. These conceptual and methodological developments offer a way to restart the research on the impact of product diversification on business performance. This research has stalled due to conflicting results and methodological issues. Twenty nine providers of banking services in the UK where examined: building societies; other providers of retail banking services; providers of investment banking services; and combined banks which offer both investment and retail banking services. This thesis found: varying amounts of resource heterogeneity, resource bundles can be constructed from publicly available external data, performance in diversification does not adhere to the previously posited curvilinear pattern but to one of the greater the product diversification the greater the business performance risk and reward, with rewards being both positive and negative, and finally the external environment does vary within the industry. The results on product diversification performance suggest of a new way of looking at product diversification which might reconcile the previous conflicting results. A modified version of the conceptual model of resource matching was developed to take account of the results. Opportunities for further work include; studying other industries and providers of banking services in other countries, refining the single industry fine grained research methods and further developing the resource matching model.

Statistically speaking, only between 4% and 6% individuals can afford to retire comfortably. When this fact is combined with changes such as a longer life expectancy, disintegration of family life and increasing pressure on public resources to deal with issues such as aids, the increasing need for personal financial planning for retirement becomes clear. Firstly, a framework was set of requirements which need to be met with regard to financial planning for retirement. This includes the need to diversify the portfolio (as a method to manage the acceptable risk level), as well as principles and techniques relating to diversification. The possibility of using the services of a financial planner to aid with the retirement planning, as well as aspects to be considered in this regard were discussed. It was also demonstrated that a variety of aspects should be considered when deciding on an investment, including market expectations, general economic conditions and the investor's own research, all within a long-term framework. The final aspect considered as part of the framework, was tax. Having set the framework for successful financial retirement planning in Chapter two, a number of pitfalls to be avoided were addressed in Chapter three. These included the investor's planned annual cost of living, since this is the single most important factor which will determine standard of living during retirement. The planned age at which the individual wishes to retire specifically also needs to be taken into account, seeing that this determines the amount of time he has to build up his investment. The planned rate of return on the investment has to be realistic, but also has to at least keep up with inflation. The effect of inflation could also for example mean that adequate present planning may fall short in 20 years' time. A final aspect to be considered is the importance of taking unforeseen events, such as a potential medical disability, into account. Having set the framework of factors to be taken into account, specific investment options were addressed in the main categories of equity, bonds, property and cash, as well as a pension find, provident fund and/or retirement annuity. Less traditional options such as collector's items, financial instruments or the option to start one's own business were also addressed in more detail. Finally, a questionnaire was addressed to professional people, as represented by auditors in the Northwest Province, with the view to determine the current level of retirement planning and whether or not their expectations matched the theoretic framework as discussed in the previous chapters. Suggestions were made as per the results of the questionnaire by linking the results of the questionnaire and the theoretical framework. Gaps were also highlighted, for instance that very few people as per the sample plan to fully retire, and this changing understanding of "retirement" is not fully captured by current literature. It also seems that professional persons, as per the questionnaire, have an over optimistic view regarding their retirement and funds needed during retirement. / Thesis (M.Com. (Business and Management Accounting))--North-West University, Potchefstroom Campus, 2007.